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tboll

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Reply with quote  #1 
I was just describing my take on what happened with BD to my wife-- that perhaps they were never really profitable because as of the last year they filed taxes (2010) they had racked up $17mil worth of LOSSES over PROFIT and that CM should have called it quits then.  Instead, though, he continued to pull metal out of the vault and spend it.  Then in 2012 he secured a bankruptcy lawyer and for some reason still continued to pull assets until he finally got himself so buried he had no more assets to take/use.  I have no idea what he used the money for (most likely to fund his other business ventures that ultimately worked out equally poorly), but doesn't this sound like the profile of a compulsive gambler?  (Whether he's high-stakes gambling in Vegas, betting on horses, or burning through tons of cash to fund business ventures -- it sounds like he just didn't know when to stop and was convinced if he spent just one more dollar, he would make it all back.  This is what scares me about the estimate of the worth of the patent and nucleoware-- it's like the card hand that he feels is for-sure a winner.)
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ChevyRacer

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Reply with quote  #2 
As plausible as anything else...I would also be interested in finding out how much real estate he and/or his wife have purchased over the last decade, and what kinds of gains and/or losses they've realized on that...
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au

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Reply with quote  #3 
And to add to this, he was paying himself $22K per month!  And of course the $35K severance pay just before filing chapter 11.  Those are damn good wages for a man who's business has been insolvent for many years.  It's not he took a pay cut during that last year or anything to help his business matters out.  -au
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shooter magaven

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Reply with quote  #4 
Quote:
Originally Posted by au
And to add to this, he was paying himself $22K per month!  And of course the $35K severance pay just before filing chapter 11.  Those are damn good wages for a man who's business has been insolvent for many years.  It's not he took a pay cut during that last year or anything to help his business matters out.  -au


22k monthly for "keeping up appearances" keeping his situation from family and friends.
Classic addiction behavior.

Of course it is inevitable and I would ALMOSTconsider giving up my share to be a fly on the wall when this current situation he finds himself in, is explained to them.
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tboll

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Reply with quote  #5 
Good point Au.  Let's hope he did better with his non-business ventures so that there is something to go after if the corporate veil is pierced in these proceedings.
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