Evan Knoll's assets may be sold off.

#31 10-28-2008, 03:00 PM

one former sponsored team was sent an invoice from the bank that is in control now for a couple of jackets. the said team owner sent the bank an invoice for the unpaid sponsorship.

#32 10-28-2008, 04:09 PM

Quote:

Originally Posted by

Thanks Mike.......I was beginning to think I may have had a senior moment

What's a "senior moment"? I used to know, but I forgot.

Jay

#33 10-29-2008, 07:35 AM

Why isn't this man in jail yet? His actions have cost a lot of good honest hard working people a lot of money.

#34 10-29-2008, 09:09 AM

I thought that this Knoll Gas company you saw every where was a big propane or natural gas distributer since he was a billion dollar company. Well, Knoll gas according to the article is a freaking gas station and store in PAW PAW Michigan! What a hoot. He had everyone hoodwinked!

#35 10-29-2008, 12:10 PM

Quote:

Originally Posted by

I've posted this before, but it's worth a reminder. Here's how these things work:

1) After all the court arguments are complete, judgments get entered and they are posted as "unsecured debt" to the company. This takes a year or so.

2) The bankruptcy assigned attorney then sells whatever assets there are and socks the money in the bank. This is usually done by auction, quick and dirty, like 90 days.

3) They then hunt down the "preference payments" (all outflows from the company within the last 90 days before the end) and gets that money back. This can take years, a lot of these folks fight the return.

4) Then they pay out dough in this order:
- The court appointed attorney
- Federal tax liens (IRS, etc.)
- State and local tax liens
- Secured creditors (they may already have taken their collateral)
- Unsecured creditors (almost everyone, like AMEX, Foley, etc.)
In this last group, they add up all the remaining money, add up all the money owed, and divide it up. You get paid in proportion to what you're owed. If what they owe you is 10% of all that is owed, you get 10% of what's left. If what's left is 10% of what's owed, you get a penny on the dollar.

I know this in detail because one such case (in which I'm the largest creditor) just passed its four year anniversary. We're at phase 3...

This will not be settled for years. And the people on the bottom of the pile are likely to see maybe pennies on the dollar. In cases like this where the IRS is owed a huge amount, they'll likely see nothing.

As usual the ones who have nothing invested (the government) get all the money. And is it just me, or does the world wide headquarters of Torco pictured in the newspaper article referenced in the first post look like the world wide headquarters of a multi million dollar company?

#36 10-29-2008, 12:15 PM

Quote:

Originally Posted by

I thought that this Knoll Gas company you saw every where was a big propane or natural gas distributer since he was a billion dollar company. Well, Knoll gas according to the article is a freaking gas station and store in PAW PAW Michigan! What a hoot. He had everyone hoodwinked!

When I used to have to borrow money to buy cars for my business, I was constantly amazed that our local bank would have somebody waltz in with nothing and smooth talk their way out with the keys to the vault. Meanwhile, the rest of us debtors ( most like me who owned local property, been here all my life, and were not about to go anywhere ) would undergo a short arm inspection every time we needed a loan. I always knew when the bank had gotten screwed by a car dealer, because there would be a whole new set of rules and regulations for the rest of us. A line of bullsh*t seems to get them every time.

#37 10-29-2008, 01:33 PM

Quote:

Originally Posted by

Why isn't this man in jail yet? His actions have cost a lot of good honest hard working people a lot of money.

There's a reason the feds convict at like 95% +. They know where he is and they'll come and get him when every single pinhole in their case is filled.

Mike Walker, if things play out like the news stories have eluded to, the government is the biggest investor. It is alleged that he made off with 30+ million dollars of underserved fuel tax rebates.

Brian

#38 10-29-2008, 02:22 PM

Which is worse? owing the mafia or owing the IRS?
They'll both come find you.

Lee
Nitroclovers

#39 10-29-2008, 02:41 PM

Quote:

Originally Posted by

As usual the ones who have nothing invested (the government) get all the money. And is it just me, or does the world wide headquarters of Torco pictured in the newspaper article referenced in the first post look like the world wide headquarters of a multi million dollar company?

It kinda looks like a 2 story shed to me!

#40 10-30-2008, 12:42 PM

Quote:

Originally Posted by

Which is worse? owing the mafia or owing the IRS?
They'll both come find you.

Lee
Nitroclovers

At least the mafia will just put you out of your misery if you cant pay.

#41 10-30-2008, 12:45 PM

Quote:

Originally Posted by

It kinda looks like a 2 story shed to me!

Its probably just a disguise--there is probably a 1,000,000 square foot facility underground fully fortified in case of nuclear attack or invasion by government agents in black helicopters

#42 10-30-2008, 12:47 PM

Quote:

Originally Posted by

There's a reason the feds convict at like 95% +. They know where he is and they'll come and get him when every single pinhole in their case is filled.

Mike Walker, if things play out like the news stories have eluded to, the government is the biggest investor. It is alleged that he made off with 30+ million dollars of underserved fuel tax rebates.

Brian

And what exactly did they "invest"? Just peanuts--add it to the $850 billion dollar bail out bill.

#43 10-30-2008, 04:02 PM

Gentlemen, and you fine Ladies too. I think the GOVERNMENT has discovered racing.

Helio Castroneves indicted on tax evasion charges - Los Angeles Times

Longtime owner Larry McClure indicted on federal fraud, tax charges

None of these people have been tried in court and are presumed to be innocent, well, you know the rest.
Dan

#44 10-31-2008, 01:55 AM

Quote:

Originally Posted by

Gentlemen, and you fine Ladies too. I think the GOVERNMENT has discovered racing.

Helio Castroneves indicted on tax evasion charges - Los Angeles Times

Longtime owner Larry McClure indicted on federal fraud, tax charges

None of these people have been tried in court and are presumed to be innocent, well, you know the rest.
Dan

Helio was just in Australia for the Indy race on the Gold Coast last weekend, he put up US$10m for bail and was warned by the judge not to be silly and try flee.

#45 10-31-2008, 07:01 AM

Quote:

Originally Posted by

Which is worse? owing the mafia or owing the IRS?
They'll both come find you.

Lee
Nitroclovers

Quote:

Originally Posted by

At least the mafia will just put you out of your misery if you cant pay.

Don't know if you knew this or not, but I understand that IRS agents are authorized to carry guns. In other situations it might sound kinda like the government condones armed robbery...

Evan Knoll's assets may be sold off.

Evan Knoll's assets may be sold off.

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