Quote:
Originally Posted by nik-
I'm pretty sure that's what happens in bankruptcies for normal people, not the super rich.
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Exactly. I'm not saying 50 gets to write off the lawsuit and not pay anything. This is chapter 11 not chapter 7, so all it effectively does is protect assets and investments and buys his gang some time to try to work some magic to reduce the judgement and, as aforementioned, avoid further punitive damage. I reckon the root cause is that acquiring $5M in liquid is not ideal given how much is tied in the aforementioned investments/assets.