Evan Knoll's assets may be sold off. (1 Viewer)
- Thread starter ProStockJunkie
- Start date
Not good enough, his ass needs to spend years behind bars AND pay restitution to EVERYONE he owes. Unfortunately, I doubt anyone, other than the IRS, will ever see a dime of the money owed to them. A$$holes like him are the reason this great country is in the financial shape it is.
JL
Nitro Member
"However, in a deposition of William G. Wright, a Kalamazoo-area auto dealer who is described in court records as a business associate to Knoll, Wright says he witnessed Knoll signing the papers. The deposition was filed by Chase on Sept. 11."
Looks like the people from Seely Wright aren't too happy.
I wonder if Cannon's were unpaid on anything?
I see that Peanut's car was still running the Torco logo. Does that mean they were paid in full or just appreciated the long time support?
Best of luck to Foley and the team. Hope they get some and EK gets what is coming to him, and I dont mean an addition $9.6M rebate!
Looks like the people from Seely Wright aren't too happy.
I wonder if Cannon's were unpaid on anything?
I see that Peanut's car was still running the Torco logo. Does that mean they were paid in full or just appreciated the long time support?
Best of luck to Foley and the team. Hope they get some and EK gets what is coming to him, and I dont mean an addition $9.6M rebate!
clwill
Nitro Member
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.
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.
Don-mon
Nitro Member
Christopher, I dont doubt your senario, you surley sound well educated on this topic, but I do not believe he has filed bankruptcy. How does that play into this situation?
This joker is emailing people telling them "i'll be back" wtf?
This joker is emailing people telling them "i'll be back" wtf?
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.
clwill
Nitro Member
He doesn't have to file, the company can be forced into it. In fact, that's what happened in the case I mentioned.
All it takes is three creditors to petition the court (sign a one page document) and it gets forced into bankruptcy. And it's the scenario the IRS and others prefer -- as I noted, in a bankruptcy the money gets distributed in a very careful way (and the IRS is near the top), not just handed out in some random way.
So even if he isn't in it now, the second the IRS's $9m+ lien gets filed, or three creditors petition the court, it's over. I'd bet anything that it'll be there by year end.
By the looks of that office, I don't think Torco's assets are worth much. If they had any supply left, that has dramatically loss value over the past 2 months. I only hope those who are due money will get their what they deserve, but unfortunately I don't think there will be anything left in the end for those people. I wonder if the NHRA has received payment for Joliet race yet?
Jer
Nitro Member
Great i need some torco octane booster,do they still sell it? If so im afraid to give themn my credit card #
I think Lucas sells a comparable product. I would feel more comfortable shopping with an established and reputable business vs. Torco.
Lucas Octane Booster : Lucas Oil
rollingthunder
Nitro Member
Lucas is alot better. I use it all the time.
Raconteur
Nitro Member
Billions with a B, son! <lol>
mike
Nitro Member
not meeeeeeeeeeeeeee!!!!!
