OK, so we had our 341 hearing this morning.
My poor wife was SO nervous.
The first few went very quickly and there was a US Trustee at one of the exams.
We got called up late in the morning and our attorney said not to worry, that it meant nothing.
I was cool with everything and then I notice out of the corner of my eye that UNBELIEVABLY the childhood friend of mine who I am suing because HE defrauded ME out of $200,000 in IRA money in a land deal was there.
Since he is a creditor in a cross complaint against me (when he owes ME money ) he had every right to be there. My attorney said he would shoot himself in the foot for sure since I had not lied on any part of my petition and I had the documents to back things up.
The other lawsuits against him from other investors total about $1,000,000 and he filed BK in October.
We got grilled on every single item on our petition but it went smoothly.
About 30 minutes or so.
We were asked about our income, when we last used cards, how the money was spent, how I received a decrease in pay in 2007 and a loss of income for early 2008, what the value of my home was, the cars, you name it. I told her I had CC statements going back two years and she was welcome to review them if need be but she said no thank you.
The TT wanted more info on my lawsuit which I gladly provided.
She asked about the LLC's that I had closed and why, when etc, etc. Everything smooth as I do not get rattled easily.
OK, so this idiot shows up as a creditor and identifies himself as a party to my lawsuit against his company and he starts asking me about the difference in property value from Zillow and what I put down.
I told him I had a certified appraisal done by a bank that was 45 days old, TT shuts him down. She said that property values are way down and she did not want to hear anything else about my home.
He asked about my interest in an LP that I am a GP for and how I arrived at a value of $1.
I ALMOST said " because unlike you we don't steal money, it belongs to our investors and as GP's we have yet to make money for ourselves and you pocketed the money from me and other people suing you" but I knew my wife would kill me right then and there so I just said that we had no equity as GP's yet.
He then asked about my cars and he did not know that I had surrendered both cars and now drive two older ones.
He asked about some LLC's that I had closed without their permission since they were subsidfiaries of his group and I told him that since they filed the K-1's and did the taxes they were supposed to pay the fees. Since they had not done so the IRS was coming after me so I had to close them with or without their permission. TT shut him down on that as well.
He asked if I was still doing any business under any of the LLC's and I responed no , not since 2005. The idiot was looking for income and hidden assets to which I would have said : Great, if you find any assets please let me know".
He then asked if I had an interest in property in Mexico which is the subject of his cross complaint and he was surprised that I did NOT in fact have any interest in it. Our firm only lent money to the owner but we do not have an equity interest in it. We are owed money.
I explained that his company had breached their contract in 1/07 thereby ending their option to develop the land so even if I did have an interest they were voluntarily precluded from attaching anything. The TT shut him up on this one too.
He asked me how I arrived at an IRA value on my petition I said " well, that's what I gave you and you know that is why we are in litigation" I have all my statements attesting to that as well as wire transfer documentation and reciepts. i.e there's enough here to get him in real trouble if the TT wants to refer anything to the DA. I have yet to because I want to try to recoup the money.
OK, so now the great part......The TT wants to involve the US TT with all my documentation relative to the lawsuits, the characterization of the assets as IRA's, and asked for some supporting documents, statements, copies of lawsuits, etc, etc.
I think that this is good because I have nothing to hide.
Believe me, I am not afraid of the US TT the more light that is shed on him as a criminal the better. If they want to take my IRA money, pursue him and get it from him to pay my debts then I am all for that.
As we were outside speaking with our attorney the idiot opened the door saw us and went back in. I wanted to go in have some choice words but my attorney and wife stopped me.
My business partner said to be satisfied that his trip from up north was a waste of time and he knows it. Now he will spend a month worrying about what I may give the US TT. And mind you, he has to confront a motion for summary judgement by another investor tommorow in Sacramento For over $500,000 that he owes an investor.
They continued our matter until 2/12/09.
Thanks for reading. Now I have seen it all.
My poor wife was SO nervous.
The first few went very quickly and there was a US Trustee at one of the exams.
We got called up late in the morning and our attorney said not to worry, that it meant nothing.
I was cool with everything and then I notice out of the corner of my eye that UNBELIEVABLY the childhood friend of mine who I am suing because HE defrauded ME out of $200,000 in IRA money in a land deal was there.
Since he is a creditor in a cross complaint against me (when he owes ME money ) he had every right to be there. My attorney said he would shoot himself in the foot for sure since I had not lied on any part of my petition and I had the documents to back things up.
The other lawsuits against him from other investors total about $1,000,000 and he filed BK in October.
We got grilled on every single item on our petition but it went smoothly.
About 30 minutes or so.
We were asked about our income, when we last used cards, how the money was spent, how I received a decrease in pay in 2007 and a loss of income for early 2008, what the value of my home was, the cars, you name it. I told her I had CC statements going back two years and she was welcome to review them if need be but she said no thank you.
The TT wanted more info on my lawsuit which I gladly provided.
She asked about the LLC's that I had closed and why, when etc, etc. Everything smooth as I do not get rattled easily.
OK, so this idiot shows up as a creditor and identifies himself as a party to my lawsuit against his company and he starts asking me about the difference in property value from Zillow and what I put down.
I told him I had a certified appraisal done by a bank that was 45 days old, TT shuts him down. She said that property values are way down and she did not want to hear anything else about my home.
He asked about my interest in an LP that I am a GP for and how I arrived at a value of $1.
I ALMOST said " because unlike you we don't steal money, it belongs to our investors and as GP's we have yet to make money for ourselves and you pocketed the money from me and other people suing you" but I knew my wife would kill me right then and there so I just said that we had no equity as GP's yet.
He then asked about my cars and he did not know that I had surrendered both cars and now drive two older ones.
He asked about some LLC's that I had closed without their permission since they were subsidfiaries of his group and I told him that since they filed the K-1's and did the taxes they were supposed to pay the fees. Since they had not done so the IRS was coming after me so I had to close them with or without their permission. TT shut him down on that as well.
He asked if I was still doing any business under any of the LLC's and I responed no , not since 2005. The idiot was looking for income and hidden assets to which I would have said : Great, if you find any assets please let me know".
He then asked if I had an interest in property in Mexico which is the subject of his cross complaint and he was surprised that I did NOT in fact have any interest in it. Our firm only lent money to the owner but we do not have an equity interest in it. We are owed money.
I explained that his company had breached their contract in 1/07 thereby ending their option to develop the land so even if I did have an interest they were voluntarily precluded from attaching anything. The TT shut him up on this one too.
He asked me how I arrived at an IRA value on my petition I said " well, that's what I gave you and you know that is why we are in litigation" I have all my statements attesting to that as well as wire transfer documentation and reciepts. i.e there's enough here to get him in real trouble if the TT wants to refer anything to the DA. I have yet to because I want to try to recoup the money.
OK, so now the great part......The TT wants to involve the US TT with all my documentation relative to the lawsuits, the characterization of the assets as IRA's, and asked for some supporting documents, statements, copies of lawsuits, etc, etc.
I think that this is good because I have nothing to hide.
Believe me, I am not afraid of the US TT the more light that is shed on him as a criminal the better. If they want to take my IRA money, pursue him and get it from him to pay my debts then I am all for that.
As we were outside speaking with our attorney the idiot opened the door saw us and went back in. I wanted to go in have some choice words but my attorney and wife stopped me.
My business partner said to be satisfied that his trip from up north was a waste of time and he knows it. Now he will spend a month worrying about what I may give the US TT. And mind you, he has to confront a motion for summary judgement by another investor tommorow in Sacramento For over $500,000 that he owes an investor.
They continued our matter until 2/12/09.
Thanks for reading. Now I have seen it all.
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