Yup. The justification is that you have an unfair advantage against other parties in the bankruptcy. It was a big thing in the Bernie Madoff situation. Even if you didn't have early knowledge, you are still screwed. You can sue and maybe win, but it will cost a fortune and take years. They know this.
Yeah. The difference was, with Madoff, it was pretty much big players. With this, there are smaller individuals involved. They likely wont have many resources to toss at it.
I know right, makes no sense. I don't even know how that is legal. Jebus, lets all start companies and 90 days later claim bankruptsy then sue everyone who got cash out
growing up as a homeless youth went through family violence etc. I got involved in politics. Yes my wife made it and got elected 4 yrs ago. But from being friends with actual real gangsters when I was a kid to politicians, there is no difference. Politics is worse. I just copped 3 yrs of sustained systemic abuse. I am lucky as I work in Law and studied. I write legislation these days. So I am launching legal action. But I have had to defend 3 yrs. IT is insane what politicians get away with.
So you are forced to lose? Withdraw your money to save loss, get sued so you have to pay for protecting yourself?
Nice.
Yup. The justification is that you have an unfair advantage against other parties in the bankruptcy. It was a big thing in the Bernie Madoff situation. Even if you didn't have early knowledge, you are still screwed. You can sue and maybe win, but it will cost a fortune and take years. They know this.
Yeah. The difference was, with Madoff, it was pretty much big players. With this, there are smaller individuals involved. They likely wont have many resources to toss at it.
And as always, the lawyers make money.
I know right, makes no sense. I don't even know how that is legal. Jebus, lets all start companies and 90 days later claim bankruptsy then sue everyone who got cash out
Yep. Well as we are seeing, US law is a sliding scale. The rule of law is meaning little.
growing up as a homeless youth went through family violence etc. I got involved in politics. Yes my wife made it and got elected 4 yrs ago. But from being friends with actual real gangsters when I was a kid to politicians, there is no difference. Politics is worse. I just copped 3 yrs of sustained systemic abuse. I am lucky as I work in Law and studied. I write legislation these days. So I am launching legal action. But I have had to defend 3 yrs. IT is insane what politicians get away with.
wait what? how is this a thing?
It's a law to make it fair to everyone who got screwed.
That's cooked. Good luck if they live in another country