States that personal lawsuits continue to accumulate and he's financially broken for all intents and purposes.
States that personal lawsuits continue to accumulate and he's financially broken for all intents and purposes.
Good news.
unsurprising, this is how it should be
What he really means is that he has now safely protected the majority of his wealth in complicated financial vehicles that cannot be touched by personal lawsuits. He can now lose all his impeding court cases it won't hurt him too much.
I find this very hard to believe. Even if he is in need of money he could easily rake in thousands on the after dinner circuit.
Ageas wrote:
What he really means is that he has now safely protected the majority of his wealth in complicated financial vehicles that cannot be touched by personal lawsuits. He can now lose all his impeding court cases it won't hurt him too much.
Bingo! Stop suing, you can't recover.
Dude isn't going to be hitting up any food pantries.
Ageas wrote:
What he really means is that he has now safely protected the majority of his wealth in complicated financial vehicles
It may not be that complicated. He is not married to Anna Hanson, mother of two of his children and current girlfriend. I would imagine that there are many million $ on her bank accounts.
The only question is: will she stay by his side?
A couple ex-wives, alimony and child support. That stuff, plus the lawsuits add up. Karma is a bitch, eh Lance?
Armstrong has done more good for society than all of you LRs combined.
dartmoth graduate wrote:
Armstrong has done more good for society than all of you LRs combined.
You'll have to troll a bit better than that
Many wealthy file bankruptcy to avoid the IRS and plaintiffs to obtain what is rightfully theirs.
I would bet any sum that Lance is living well in Austin, and smiling
Ageas wrote:
What he really means is that he has now safely protected the majority of his wealth in complicated financial vehicles that cannot be touched by personal lawsuits. He can now lose all his impeding court cases it won't hurt him too much.
Normally, this is the case when a very wealthy person chooses bankruptcy. Their business dealings go south and they come out of bankruptcy with plenty of assets that were strategically placed beyond the reach of the bankruptcy court.
However, you cannot discharge a fraud judgment in bankruptcy. Those claims/judgments will survive and not receive the benefit of bankruptcy.
My guess is that Lance tried to continue to live the lifestyle and has run out of cash and liquid assets. He has also wasted millions on lawyers fighting fights he cannot win (mostly because he confessed to everything after he got sued).
Ageas wrote: He can now lose all his impeding court cases it won't hurt him too much.
The lawyers on both sides will make money. That is the only reason any of the suits exist. Starving lawyers are not a pretty sight.
Is there homestead exemption in TX? I hope not.
Burger King?
when he saw the lawsuits coming.. he probably just took out $10M+ and put it in a safe and had it burried in someones backyard.
How could anyone stop him from doing this? and how will they ever find the money?
Lance should be good as long as he owns less than 10 acres.http://www.nolo.com/legal-encyclopedia/texas-bankruptcy-homestead-exemption.html
Taco Truck wrote:
Is there homestead exemption in TX? I hope not.
No link?
DW wrote:
when he saw the lawsuits coming.. he probably just took out $10M+ and put it in a safe and had it burried in someones backyard.
How could anyone stop him from doing this? and how will they ever find the money?
Well they could look at his bank records, or the judge could decide he's lying and just hold him in contempt until he produce the money.
All of this could have been avoided, but Lance chose this shit storm.