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There is a scene in the movie "Queen of Versailles" (at about the 75 minute mark) were David Siegel claims to have indirectly done just that. He said that he s
by xefer 13y ago
There is a scene in the movie "Queen of Versailles" (at about the 75 minute mark) were David Siegel claims to have indirectly done just that.
He said that he sent a 3rd party into a bank and they sold an 18 million dollar loan he was defaulting on to them for 3.2 million. The bank didn't know about the relationship Siegel had with the 3rd party.
So I get the sense that if you know what you're doing and know the right people you can pull it off.
- wil421 13y agoI guess you couldnt buy your "own" debt but you could get someone to buy it on your behalf.
- Zigurd 13y agoThis is what captures the essence of the proposal that debtors should have right of first refusal: If you are in Big Debt, you can hire a lawyer or ibanker as a stalking horse, and there is enough money in the deal to make it worth their while. Right of first refusal just reduces friction to where consumer debtors get access to the same kinds of deals. You could probably achieve the same result if the creditor has to "mark to market."