2022-2023 Regular Season II: Cardiac Cavs

[2 For The Brew]

So, dont take this the wrong way, but a Chapter 13 is a personal reorganization for personal BK, so a chapter 11 and 13 are the same, just one is corperate. A wipeout of debt is a Chapter 7.

There is no Chapter 7 for a business because if you cant pay any debts, the courts would make you close your doors. 100% of the time when a business goes through a bankruptcy, the hope is they continue to keep the doors open.

I am in finance, and just couldnt let it go, sorry, like you, great poster, just what i know, lol

Google “Bernie Kosar” and “Ronco”. Both individuals and businesses can file Chapter 7. Businesses often file Chapter 11 for a reorganization and then either the business or the Court moves it to Chapter 7 because there is no viable reorganization plan.

My ex worked for an accounting firm in Cleveland that did a lot of bankruptcy work. That’s excellent work to get because the receiver gets paid first ahead of employees, the taxman, vendors, debt and equity holders etc. One day around 1997 seven figures in settlement checks for a bankruptcy were printed out on our home printer in suburban Cincinnati and then overnighted to the law firm for distribution. That’s uncommon today as electronic payments would be preferred.

 

[Lee]

Google “Bernie Kosar” and “Ronco”. Both individuals and businesses can file Chapter 7. Businesses often file Chapter 11 for a reorganization and then either the business or the Court moves it to Chapter 7 because there is no viable reorganization plan.

My ex worked for an accounting firm in Cleveland that did a lot of bankruptcy work. That’s excellent work to get because the receiver gets paid first ahead of employees, the taxman, vendors, debt and equity holders etc. One day around 1997 seven figures in settlement checks for a bankruptcy were printed out on our home printer in suburban Cincinnati and then overnighted to the law firm for distribution. That’s uncommon today as electronic payments would be preferred.

If it moves to chapter 7, then the business must shut down. The chapter 7 is done to protect the personal assets of the business owner.

Not something that can be done with Balley's, too large of a corporation. Think more like GNAC that started as an 11, but eventually had to shut its doors and sell off everything.

From uscourts.gov : One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations.

Chapter 7 is for individual only, chapter 11 is for corporations, re-orginization, in the case of Bernie, he filed chapter 7 personally to protect himself against the business creditors going after him personally. Its a big difference.

 

[Futuredome]

Tech/Media is in a full scale depression. This is a reversal of the 2000-2001 tech downturn which killed the real economy at the expense of the working class. This one is hurting the rich elite and their play toys while the real economy grows. NBA is heading to lower media revenues and players will have to take a pay cut.

 

[2 For The Brew]

If it moves to chapter 7, then the business must shut down. The chapter 7 is done to protect the personal assets of the business owner.

Not something that can be done with Balley's, too large of a corporation. Think more like GNAC that started as an 11, but eventually had to shut its doors and sell off everything.

From uscourts.gov : One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations.

Chapter 7 is for individual only, chapter 11 is for corporations, re-orginization, in the case of Bernie, he filed chapter 7 personally to protect himself against the business creditors going after him personally. Its a big difference.

Chapter 7 doesn’t allow businesses to discharge debts. Chapter 7 overall absolutely applies to businesses and becomes a liquidation of assets.

You took a specific feature of Chapter 7 law and stretched it to try and prove Chapter 7 is not applicable to partnerships or corporations.

See Ronco or Midway Airlines or Steak & Ale. They were all liquidated via Chapter 7.

From IRS.gov:

“Businesses choosing to terminate their enterprises may also file Chapter 7”.

Chapter 7 Bankruptcy – Liquidation Under the Bankruptcy Code | Internal Revenue Service

Liquidation under Chapter 7 is a common form of bankruptcy available to individuals who cannot make regular, monthly, payments toward their debts.

www.irs.gov

The reason businesses cannot discharge their debt under Chapter 7 is that the business is liquidated and terminated. Individuals are not terminated and they are permitted to keep some of their assets but the debt is discharged.

 

[foucault87]

I think this has now started to stray into the geekiest thread in RCF territory. Tax law so exciting

 

[Lee]

I think this has now started to stray into the geekiest thread in RCF territory. Tax law so exciting

Some of the threads on economics are just as geeky, but i get the point.

 

[jjvors]

I think this has now started to stray into the geekiest thread in RCF territory. Tax law so exciting

I can now participate. My accounting teacher spent the first semester teaching us basic accounting and the second semester he taught tax accounting. He began the second semester by saying, "Remember all I taught you in the first semester? Forget it all. None of it applies to tax law, which doesn't follow accounting principles."

 

[foucault87]

Some of the threads on economics are just as geeky, but i get the point.

we have economics threads??

 

[letgocavs]

Once you trade Allen for wing we’ll be ready next year.

 

[foucault87]

Once you trade Allen for wing we’ll be ready next year.

Clearly our best defender against Embiid who did not play tonight was why we lost

 

[letgocavs]

Clearly our best defender against Embiid who did not play tonight was why we lost

We would’ve lost by more with Allen.

 

[FrontPageNews]

Clearly our best defender against Embiid who did not play tonight was why we lost

Allen gets assaulted by embiid every time they play

 

[Kepler]

Once you trade Allen for wing we’ll be ready next year.

lmao everyday you wanna trade allen. did jarett allen beat you in pokemon?

 

[letgocavs]

lmao everyday you wanna trade allen. did jarett allen beat you in pokemon?

I just don’t understand how no one else sees he’s in the way. He’sa great guy though.

 

[foucault87]

I dont get the Allen hate at all. This has been rehashed all over the forum. I made a long post looking at the reasons why he is extremely valuable in the current NBA and especially on our team. Trading him for peanuts is only slightly worse than whatever Cha is planning to do next. Unless Luka Doncic or Jayson Tatum is coming back, I don't trade JA for a wing.