Steve Totaro wrote: > It is a legitimate real estate company renting you a place to live. > This asset protection tactic has been around for a very long time and > is legit. Totally separate entities.
Well, certainly, and some of the time this asset protection tactic works -- somewhat, but not exclusively covariantly with the degree to which the real estate company is truly legitimate (i.e. operates in that business), and not just an obvious asset shell. However, as with all shell games and formal gimmicks, they sometimes don't work. If it can be shown that the other company's basis of existence lies materially in securing your assets and little more, the assets it is meant to protect can lose their shielding. If I own a big house and a nice yacht and various other accoutrements of high executive life and move them into an asset shell company and then bankrupt my primary company, or the company becomes liable for damages (due, in substance, to my actions) that cannot be collected without liquidating it, and the financial picture is bleak, people are getting laid off, foreclosures and garnishments and liens are being opened, and the court finds that I'm sitting on an enourmous pile of lavish personal assets owned by another company for the explicitly identifiable purpose of insulating them from the consequences of the aforementioned situation, there is the very real risk that they court will expose those assets to liquidation as well. It can and does happen. -- Alex Balashov Evariste Systems Web : http://www.evaristesys.com/ Tel : (+1) (678) 954-0670 Direct : (+1) (678) 954-0671 Mobile : (+1) (706) 338-8599 _______________________________________________ -- Bandwidth and Colocation Provided by http://www.api-digital.com -- asterisk-users mailing list To UNSUBSCRIBE or update options visit: http://lists.digium.com/mailman/listinfo/asterisk-users
