BoxRec

Jeff_lacy_ko wrote: ↑04 Jun 2021, 22:36 Its not uncommon for someone like roy to have corporation assets and not have individual collateral up on corporate loans

So when he is short of cash he can still have illiquid personal assets like his home property go relatively untouched by corporate bankruptcy.

Like i said rich guy broke - he has stuff but is short cash

Begs the question: did go individual? or corporate bankruptcy? I would think individual, especially considering the sale of the his house that his father lived in. At first I though maybe chapter 11, but maybe not.

oogiebe wrote: ↑04 Jun 2021, 22:31

Enlightened-One wrote: ↑04 Jun 2021, 22:18

oogiebe wrote: ↑04 Jun 2021, 22:11
So you don't understand the process or why it's on the books as law in the US. Fair enough. You don't know.
Jones made over $50 million in the ring plus endorsements; acting and other endeavors. The fact that he still has several million isn't a shock. Bankruptcy is a 'protection' against debtors. A process to assist the individual to overcome their financial difficulties and turn their fiscal lives around. The bankruptcy court deems certain assets as in play or not for debtors to receive. Sometimes debtors get nothing at all. In the US, retirement funds are 'hands off' to debtors, so just that alone protects large swaths of wealth for an individual. So yeah, millionaires can retain millions.

In addition to auctioning off his assets, Roy Jones Jr. even had to evict his own father from one of his homes to partially repay his debts.

It was worth less than $100K.

So why would a (post bankrupt) individual (still considered a multi-millionaire) have to stoop so low to scrape the pennies together?

Simple, he wasn’t wealthy at all!

Jones Sr.’s family, confirmed they even had to resort to creating a GoFundMe page to try to retain family ownership of the property.

Do you honestly think bankruptcy is a magic wand? A get out of jail card employed by wealthy multi-millionaires to allow them to keep spending without fear of consequence (i.e. no need to pay the bills)?

You don’t do any research? Wikipedia isn’t the answer to everything!

You’re not aware of the financial plight that Roy Jones Jr. went through, BECAUSE YOU DIDN’T EVEN CHECK!

Maybe Wiki is your source, but it's not mine. EO, the complexities of what can or can't be used to settle debt is too much to much to detail here. To put it simply, assets in the individuals name other than retirement monies and certain 'exceptions' are the limit. Had he put the house in his father's name than they wouldn't have needed to sell it. That sort of thing is ordered by the court. Sorry you don't understand and like to put words in other posters mouths, but bottom line is that RJJ retaining several million isn't unusual.

So in other words, you don’t acknowledge the heavily-publicised financial plight that Roy Jones Jr. endured, and the consequences it had on his family, because you believe he’s always been a multi-millionaire?

Give me some financial details, rather than citing Wikipedia text, to justify your assertion of Jones Jr’s continuous multi-millionaire status?

Just looked it up. It was Chapter 11. The house his father lived in was owned by one of RJJ"s corporations. So it's even more viable for RJJ to have retained millions of personal assets.

He filed chapter 11 which is typically corporate restructuring. You could pull court docs if you really want to know.

Cash flow issues

Enlightened-One wrote: ↑04 Jun 2021, 22:40

oogiebe wrote: ↑04 Jun 2021, 22:31

Enlightened-One wrote: ↑04 Jun 2021, 22:18
In addition to auctioning off his assets, Roy Jones Jr. even had to evict his own father from one of his homes to partially repay his debts.

It was worth less than $100K.

So why would a (post bankrupt) individual (still considered a multi-millionaire) have to stoop so low to scrape the pennies together?

Simple, he wasn’t wealthy at all!

Jones Sr.’s family, confirmed they even had to resort to creating a GoFundMe page to try to retain family ownership of the property.

Do you honestly think bankruptcy is a magic wand? A get out of jail card employed by wealthy multi-millionaires to allow them to keep spending without fear of consequence (i.e. no need to pay the bills)?

You don’t do any research? Wikipedia isn’t the answer to everything!

You’re not aware of the financial plight that Roy Jones Jr. went through, BECAUSE YOU DIDN’T EVEN CHECK!

Maybe Wiki is your source, but it's not mine. EO, the complexities of what can or can't be used to settle debt is too much to much to detail here. To put it simply, assets in the individuals name other than retirement monies and certain 'exceptions' are the limit. Had he put the house in his father's name than they wouldn't have needed to sell it. That sort of thing is ordered by the court. Sorry you don't understand and like to put words in other posters mouths, but bottom line is that RJJ retaining several million isn't unusual.

So in other words, you don’t acknowledge the heavily-publicised financial plight that Roy Jones Jr. endured, and the consequences it had on his family, because you believe he’s always been a multi-millionaire?

Not in any words, EO. Not sure what you're getting at here. We're only talking about the ability to retain millions even going through a bankruptcy. LMFAO! Are you on drugs?

oogiebe wrote: ↑04 Jun 2021, 22:41 Just looked it up. It was Chapter 11. The house his father lived in was owned by one of RJJ"s corporations. So it's even more viable for RJJ to have retained millions of personal assets.

Pull the court documents!

I need something better than someone citing a generic Wikipedia explanation.

I need you to prove that Roy Jones Jr. was never broke!

Was all the media reports lies?

Jeff_lacy_ko wrote: ↑04 Jun 2021, 22:42 He filed chapter 11 which is typically corporate restructuring. You could pull court docs if you really want to know.

Yeah, saw that. Not interested enough to do any research here. EO is doing his usual twisting and turning which is enough for me.

You are both right

Having a house and property that has equity is an asset but can cause cash flow issues

Roy definitely has cash flow problems.

Enlightened-One wrote: ↑04 Jun 2021, 22:44

oogiebe wrote: ↑04 Jun 2021, 22:41 Just looked it up. It was Chapter 11. The house his father lived in was owned by one of RJJ"s corporations. So it's even more viable for RJJ to have retained millions of personal assets.

Pull the court documents!

I need something better than someone citing a generic Wikipedia explanation.

I need you to prove that Roy Jones Jr. was never broke!

Was all the media reports lies?

LMFAO!!! Yeah, I'll get right on that. Sorry old boy, all my posts are from my own knowledge. It's my field. Flattered that my words sound like polished Wiki info.

Jeff_lacy_ko wrote: ↑04 Jun 2021, 22:45 You are both right

Having a house and property that has equity is an asset but can cause cash flow issues

Roy definitely has cash flow problems.

Bankruptcy is liabilities vs assets, not free cash flow. He may have had both, but cash flow alone won't get you bankruptcy protection.

oogiebe wrote: ↑04 Jun 2021, 22:43

Enlightened-One wrote: ↑04 Jun 2021, 22:40

oogiebe wrote: ↑04 Jun 2021, 22:31
Maybe Wiki is your source, but it's not mine. EO, the complexities of what can or can't be used to settle debt is too much to much to detail here. To put it simply, assets in the individuals name other than retirement monies and certain 'exceptions' are the limit. Had he put the house in his father's name than they wouldn't have needed to sell it. That sort of thing is ordered by the court. Sorry you don't understand and like to put words in other posters mouths, but bottom line is that RJJ retaining several million isn't unusual.

So in other words, you don’t acknowledge the heavily-publicised financial plight that Roy Jones Jr. endured, and the consequences it had on his family, because you believe he’s always been a multi-millionaire?

Not in any words, EO. Not sure what you're getting at here. We're only talking about the ability to retain millions even going through a bankruptcy. LMFAO! Are you on drugs?

No we’re not.

I originally asserted that Jones Jr. went broke around 2015 and took the Tyson fight, because he needed the money.

I also claimed that the vast majority of his current wealth was due to Tyson exhibition.

You then decided to pretend that Jone Jr. was never broke and has always been a multi-millionaire.

And when I asked you to prove your claim, you lazily cited a generic wikipedia Chapter 11 bankruptcy quote.

I’m still waiting for you to backup your claims of the media lying about Jones Jr’s heavily-publicised financial woes.

You can’t provide any information that directly relates to Roy Jones Jr.

oogiebe wrote: ↑04 Jun 2021, 22:48

Jeff_lacy_ko wrote: ↑04 Jun 2021, 22:45 You are both right

Having a house and property that has equity is an asset but can cause cash flow issues

Roy definitely has cash flow problems.

Bankruptcy is liabilities vs assets, not free cash flow. He may have had both, but cash flow alone won't get you bankruptcy protection.

Correct im talking about his personal life only.
So he has his pensacola property in his name (i assume) which he probably mortgaged to help make payments on his irs debts causing a personal cash flow problem

His corporation restructuring is separate but obviously an issue too

Afain thats all assumptions so take it with a grain of salt

Jeff_lacy_ko wrote: ↑04 Jun 2021, 22:52

oogiebe wrote: ↑04 Jun 2021, 22:48

Jeff_lacy_ko wrote: ↑04 Jun 2021, 22:45 You are both right

Having a house and property that has equity is an asset but can cause cash flow issues

Roy definitely has cash flow problems.

Bankruptcy is liabilities vs assets, not free cash flow. He may have had both, but cash flow alone won't get you bankruptcy protection.

Correct im talking about his personal life only.
So he has his pensacola property in his name (i assume) which he probably mortgaged to help make payments on his irs debts causing a personal cash flow problem

His corporation restructuring is separate but obviously an issue too

Afain thats all assumptions so take it with a grain of salt

I can agree with that. Wouldn't be uncommon.

Enlightened-One wrote: ↑04 Jun 2021, 22:50

oogiebe wrote: ↑04 Jun 2021, 22:43

Enlightened-One wrote: ↑04 Jun 2021, 22:40
So in other words, you don’t acknowledge the heavily-publicised financial plight that Roy Jones Jr. endured, and the consequences it had on his family, because you believe he’s always been a multi-millionaire?

Not in any words, EO. Not sure what you're getting at here. We're only talking about the ability to retain millions even going through a bankruptcy. LMFAO! Are you on drugs?

No we’re not.

I originally asserted that Jones Jr. went broke around 2015 and took the Tyson fight, because he needed the money.

I also claimed that the vast majority of his current wealth was due to Tyson exhibition.

You then decided to pretend that Jone Jr. was never broke and has always been a multi-millionaire.

And when I asked you to prove your claim, you lazily cited a generic wikipedia Chapter 11 bankruptcy quote.

I’m still waiting for you to backup your claims of the media lying about Jones Jr’s heavily-publicised financial woes.

Sorry EO. No citing of Wiki and if you'd do some of your own research, you'd better understand bankruptcy. I've taken both business and people through the process. Never claimed RJJ didn't have financial troubles.

EDIT: Wait...I said the media lied about RJJ's reported financial woes? LMFAO!! You're a sick puppy, EO.

EO do you work in IT?

oogiebe wrote: ↑04 Jun 2021, 22:59

Enlightened-One wrote: ↑04 Jun 2021, 22:50

oogiebe wrote: ↑04 Jun 2021, 22:43
Not in any words, EO. Not sure what you're getting at here. We're only talking about the ability to retain millions even going through a bankruptcy. LMFAO! Are you on drugs?

No we’re not.

I originally asserted that Jones Jr. went broke around 2015 and took the Tyson fight, because he needed the money.

I also claimed that the vast majority of his current wealth was due to Tyson exhibition.

You then decided to pretend that Jone Jr. was never broke and has always been a multi-millionaire.

And when I asked you to prove your claim, you lazily cited a generic wikipedia Chapter 11 bankruptcy quote.

I’m still waiting for you to backup your claims of the media lying about Jones Jr’s heavily-publicised financial woes.

Sorry EO. No citing of Wiki and if you'd do some of your own research, you'd better understand bankruptcy. I've taken both business and people through the process. Never claimed RJJ didn't have financial troubles.

EDIT: Wait...I said the media lied about RJJ's reported financial woes? LMFAO!! You're a sick puppy, EO.

The debate was never about the legal technicalities of bankruptcy.

It was about Jones Jr’s heavily-publicised financial troubles.

You tried to change the topic of conversation, because you refused to concede that Roy went broke around 2015.

And instead of researching Jones Jr’s personal financial plight, you lazily cited a generic Chapter 11 bankruptcy rule... and you even claimed he would have been allowed to retain ownership of several million dollars worth of assets.

I’m still waiting for you to provide proof of how this “Chapter 11” bankruptcy rule was directly applied to Jones Jr’s debt.

You keep barking “Chapter 11” as if it’s the "Answer to the Ultimate Question of Life, the Universe, and Everything," but you haven’t provided any justification as to how it directly relates to Roy Jones Jr’s actual real world financial situation (i.e. providing numbers).

Enlightened-One wrote: ↑04 Jun 2021, 23:17

oogiebe wrote: ↑04 Jun 2021, 22:59

Enlightened-One wrote: ↑04 Jun 2021, 22:50
No we’re not.

I originally asserted that Jones Jr. went broke around 2015 and took the Tyson fight, because he needed the money.

I also claimed that the vast majority of his current wealth was due to Tyson exhibition.

You then decided to pretend that Jone Jr. was never broke and has always been a multi-millionaire.

And when I asked you to prove your claim, you lazily cited a generic wikipedia Chapter 11 bankruptcy quote.

I’m still waiting for you to backup your claims of the media lying about Jones Jr’s heavily-publicised financial woes.

Sorry EO. No citing of Wiki and if you'd do some of your own research, you'd better understand bankruptcy. I've taken both business and people through the process. Never claimed RJJ didn't have financial troubles.

EDIT: Wait...I said the media lied about RJJ's reported financial woes? LMFAO!! You're a sick puppy, EO.

The debate was never about the legal technicalities of bankruptcy.

It was about Jones Jr’s heavily-publicised financial troubles.

You tried to change the topic of conversation, because you refused to concede that Roy went broke around 2015.

And instead of researching Jones Jr’s personal financial plight, you lazily cited a generic Chapter 11 bankruptcy rule... and you even claimed he would have been allowed to retain ownership of several million dollars worth of assets.

I’m still waiting for you to provide proof of how this “Chapter 11” bankruptcy rule was directly applied to Jones Jr’s debt.

The technical legalities of bankruptcy was brought up in order to attempt to explain to you how one could retain a portion of one's wealth, even several million dollars (and in some cases much more).
To say my post was 'lazy' and 'cited' is gas lighting and nothing more.
Yes he would've been allowed to keep personal assets in a Chapter 11 bankruptcy as it is a corporate financial restructuring and not a personal bankruptcy.
If you don't understand any of this to this point, it's your problem and not mine. I tried, but my patience is at an end.

Roy owns a big estate in Florida and has for years. That alone is valued in millions

Jeff_lacy_ko wrote: ↑04 Jun 2021, 23:32 Roy owns a big estate in Florida and has for years. That alone is valued in millions

Plus he has all sorts of other income streams.

I cannot believe I tried to explain something to EO in earnest. WTF was I thinking!? LMFAO!

oogiebe wrote: ↑04 Jun 2021, 23:36

Jeff_lacy_ko wrote: ↑04 Jun 2021, 23:32 Roy owns a big estate in Florida and has for years. That alone is valued in millions

Plus he has all sorts of other income streams.

I cannot believe I tried to explain something to EO in earnest. WTF was I thinking!? LMFAO!

Lol. It's normal to try to educate ignorant people. It failed because EO is unable to listen and unable to concede. That my friends is the recipe for an perpetual ignoramus.

oogiebe wrote: ↑04 Jun 2021, 23:36

Jeff_lacy_ko wrote: ↑04 Jun 2021, 23:32 Roy owns a big estate in Florida and has for years. That alone is valued in millions

Plus he has all sorts of other income streams.

I cannot believe I tried to explain something to EO in earnest. WTF was I thinking!? LMFAO!

He isnt dumb but he has trouble with abstract thinking and doesnt understand business whatsoever. He thinks hes brilliant though because i bet hes got an IQ of 110 and hes decent at his work (id guess IT but thats stereotyping on my part)

Jeff_lacy_ko wrote: ↑04 Jun 2021, 23:43

oogiebe wrote: ↑04 Jun 2021, 23:36

Jeff_lacy_ko wrote: ↑04 Jun 2021, 23:32 Roy owns a big estate in Florida and has for years. That alone is valued in millions

Plus he has all sorts of other income streams.

I cannot believe I tried to explain something to EO in earnest. WTF was I thinking!? LMFAO!

He isnt dumb but he has trouble with abstract thinking and doesnt understand business whatsoever. He thinks hes brilliant though because i bet hes got an IQ of 110 and hes decent at his work (id guess IT but thats stereotyping on my part)

I'm guessing the explanation is more like deeply insecure and using the keyboard as a crutch to a very unhappy life.

Jeff_lacy_ko wrote: ↑04 Jun 2021, 23:43

oogiebe wrote: ↑04 Jun 2021, 23:36

Jeff_lacy_ko wrote: ↑04 Jun 2021, 23:32 Roy owns a big estate in Florida and has for years. That alone is valued in millions

Plus he has all sorts of other income streams.

I cannot believe I tried to explain something to EO in earnest. WTF was I thinking!? LMFAO!

He isnt dumb but he has trouble with abstract thinking and doesnt understand business whatsoever. He thinks hes brilliant though because i bet hes got an IQ of 110 and hes decent at his work (id guess IT but thats stereotyping on my part)

If he was decent at his work You’d think he’d have some self esteem but he constantly trys to be the smartest poster in the room, which in my opinion shows a distinct lack of self esteem.

lazboy wrote: ↑04 Jun 2021, 23:50

Jeff_lacy_ko wrote: ↑04 Jun 2021, 23:43

oogiebe wrote: ↑04 Jun 2021, 23:36
Plus he has all sorts of other income streams.

I cannot believe I tried to explain something to EO in earnest. WTF was I thinking!? LMFAO!

He isnt dumb but he has trouble with abstract thinking and doesnt understand business whatsoever. He thinks hes brilliant though because i bet hes got an IQ of 110 and hes decent at his work (id guess IT but thats stereotyping on my part)

If he was decent at his work You’d think he’d have some self esteem but he constantly trys to be the smartest poster in the room, which in my opinion shows a distinct lack of self esteem.

A lot of IT people have a god complex.

A lot of slightly above average IQ people think they are superior and are knobs when actual experts put them in their place.