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He apparently filed for bankruptcy because he "owes" $179 million to Google? My question is, how is he paying his (presumably very expensive) lawyers?
by joncrane 6y ago
He apparently filed for bankruptcy because he "owes" $179 million to Google?
My question is, how is he paying his (presumably very expensive) lawyers?
- ilikehurdles 6y agoIf he's any smarter than me (and he clearly seems a lot smarter than me), he probably keeps many of his assets in bankruptcy-protected accounts/LLCs.
- alistairSH 6y agoWell, he did steal a bunch of stuff and get caught. That's not particularly smart.
- toomuchtodo 6y agoIt’s okay to get caught (from a risk, not a moral perspective), it’s whether it was worth it after the costs (time and money) are tallied. Doesn’t make you dumb, it’s always a calculated risk if you’re considering a crime.
- monadic2 6y agoSeems like a low-quality signal.
- IfOnlyYouKnew 6y agoLLCs aren't protected against bankruptcies. The protection they offer only goes the other way: if someone gets a $170 million judgement against an LLC you own, that liability (usually) does not extend to assets you personally own. In this case, any (share in) LLCs he may own would be part of the assets, together with shares/cars/cash/etc., subject to be auctioned off with the proceeds being divided among his creditors.
- ensignavenger 6y agoActually, it depends on your state. https://www.limitedliabilitycompanycenter.com/llc/charging-order-protection-and-llcs/ https://www.limitedliabilitycompanycenter.com/llc/charging-o...
- FBISurveillance 6y agoI'd bet he used some mechanism, e.g. Cook Islands Trust or similar in a defendant-friendly jurisdiction. If you do shady business, you have to have plan B.
- kanobo 6y agoUber was gonna cover the cost but only right before judgement did they renege. I'm guessing he still has enough for the bankruptcy court to disperse.
- jocker12 6y agohttps://news.ycombinator.com/item?id=23877872 https://news.ycombinator.com/item?id=23877872