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> Additionally, the recovery of approximately $40 million through the auctioning of Crundwell’s assets and lawsuit settlements Wow, how did she manage to incin
by loeg 3y ago
> Additionally, the recovery of approximately $40 million through the auctioning of Crundwell’s assets and lawsuit settlements
Wow, how did she manage to incinerate $14M in value? Oh, it's worse than that:
> The U.S. Marshals auctioned off Crundwell’s assets, which were really Dixon’s — including five properties, dozens of cowboy hats, $250,000 worth of jewelry, 400 horses and a large quantity of horse semen that fetched $98,500 — clawing back about $10 million for the city. The city got roughly a further $30 million in lawsuit settlements from the auditors and bank involved, neither of which had caught on to the theft.
She incinerated $44M in value but the town got a huge windfall from its auditors because they didn't notice.
- yieldcrv 3y agothese were illiquid assets being sold at once in a firesale. the US Marshalls flooded the market and got bad prices. routinely check government auctions for these bad trades, lots of deals to be had
- sgtpepper1235 3y ago[flagged]