Quote:
Originally Posted by taxbuster
Holy tamales! This is unbelievable...don't think I've ever read about a corporation kiting to the extent that Sunterra was found to have been doing.
Yah...we've all done that somewhere in our history, but usually for a couple of hundred bucks. Doing it so that it costs someone $35 MILLION (I assume in interest cost or lost) is ...just...wow.
https://calgaryherald.com/news/sunte...le-judge-rules |
35 million was just the penalty or something. The actual kited amount was 6.3 billion in 2024.
https://www.cbc.ca/news/canada/calga...rice-9.7072579
I was blown away kiting to this level done in this day and age and the massive volume. Usually you learn about kiting in classes and that's about it. Silly amounts to edge over a debt to equity ratio and whatnot nothing seemingly logical to do otherwise. Truth is stranger than fiction. I don't get what reason you'd kite stupid numbers in the billions, which probably means an average of 500 million per month in kiting transactions? Why?