Re: KB files Chapter 11
[Re: kwikblownhemi]
#2513982
06/27/18 03:46 PM
06/27/18 03:46 PM
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Joined: Dec 2005
Posts: 11,769 Fulton County, PA
CMcAllister
Mr. Helpful
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Mr. Helpful
Joined: Dec 2005
Posts: 11,769
Fulton County, PA
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This is the kind of foolishness that causes the purest of the purist to question continuing to bang their head against the wall and re-examine their options. The iron block situation is even worse for guys who need and want one. Are you listening Dart?
Last edited by CMcAllister; 06/27/18 03:47 PM.
If the results don't match the theory, change the theory.
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Re: KB files Chapter 11
[Re: 340Cuda]
#2513990
06/27/18 04:11 PM
06/27/18 04:11 PM
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Joined: Dec 2003
Posts: 22,783 Bitopia
jcc
If you can't dazzle em with diamonds..
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If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,783
Bitopia
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Also why checks no longer have a time limit as to when they can be returned, and why you no longer get your original "paid" check back in your monthly statement. I was a banker most of my life, albeit most of it on the technical side and I don't agree with this. In almost all circumstances banks have very tight deadlines for returning checks. Anymore almost all checks are held at the point of deposit or even by the depositor. Very few checks make it to the bank on which it is drawn, everything is imaged based. So it is practically impossible to return checks with a statement even if the bank wanted to do so. Also remember this is a Chapter 11 Bankruptcy (Reorganization), not a Chapter 7 (Liquidation) They changed the rules years ago, again why you don't get your checks back, and why banks now require so much info on an account holder ( under the cover of fighting terrorism?), because if a claw back occurs, the bank does not want to left with no recourse. You probably have many current banking friends that can verify this, don't think I favor it one bit. I think the general public confuses bank "holds" with checks clearing. Also if fraud is part of the bankruptcy, the 180 day limit is waived till whatever the statue of limitations are for the alleged crime.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
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Re: KB files Chapter 11
[Re: DoubleD]
#2514010
06/27/18 05:02 PM
06/27/18 05:02 PM
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Joined: Aug 2006
Posts: 290 Cincinnati, Ohio
d7cook
enthusiast
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enthusiast
Joined: Aug 2006
Posts: 290
Cincinnati, Ohio
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This kind of filing occurs all the time - it work like this - Form NewCo with different shareholder structure - contribute non pledged assets to NewCo from OldCo - begin operation of NewCo. All debt and liabilities remain with Oldco - wait 6+ months file Chapter 11 on OldCo and force creditors to the table to either accept a debt cram down or force a chapter 7 liquidation of all the remaining listed assets. Worst case scenario the bankruptcy judge throws out the bankruptcy plan and off to court everybody goes – and I will tell you it’s a long way from the courts to the Bank when there are no assets remaining to cover a judgement. In the end nobody is made whole and in 8 years all is forgotten. Bankruptcy is nothing more than a tool of business survival. In this case you had owner A who took deposits and didn't deliver any product for many years. Then owners B, C, D, and E buy into the company. Owner A then files bankruptcy. Owners B, C, D, and E then sue owner A. IMHO owners B, C, D, and E are glad to be rid of owner A and want nothing more than the name.
1967 Coronet, 1989 Daytona tube chassis.
Former cars, 66 Charger, 67 R/T, 69 Coronet, 67 Dart GT.
-Banned for life from V8Buick.com-
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Re: KB files Chapter 11
[Re: kwikblownhemi]
#2514028
06/27/18 05:29 PM
06/27/18 05:29 PM
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Joined: Oct 2007
Posts: 4,213 New York
polyspheric
master
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master
Joined: Oct 2007
Posts: 4,213
New York
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Today's fun errand: write to any company "promising" to supply a new Whatzit in (whatever time span) whether the deposit, pre-pay, discount rate for early buyers, etc. is in escrow. Probable response: [dial tone]. Possible responses: "what? (Buffy the-phone-girl isn't a lawyer)", "we don't release that information", "it's in the prospectus (500 pages of legalese)". Doesn't mean they're not honest - IMHO very few mfg. begin by saying "how can we cheat our customers?". But when faced with a choice of using your deposit to pay rent, operating expenses, their own salary, employee withholding they tend to exhibit "situational morality". I don't know of any way to tell if the money is escrowed, and what the release terms are (judicial order? your signature?), unless they tell you. Be warned.
Boffin Emeritus
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Re: KB files Chapter 11
[Re: camastomcat]
#2514098
06/27/18 07:51 PM
06/27/18 07:51 PM
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Joined: Sep 2003
Posts: 2,175 Duloc
The Shadow
top fuel
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top fuel
Joined: Sep 2003
Posts: 2,175
Duloc
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Ken is a thief, pure and simple. No excuses for his actions. Nuff said. Fixed
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Re: KB files Chapter 11
[Re: camastomcat]
#2514119
06/27/18 08:57 PM
06/27/18 08:57 PM
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Joined: Dec 2003
Posts: 22,783 Bitopia
jcc
If you can't dazzle em with diamonds..
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If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,783
Bitopia
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Ken was a thief, pure and simple. No excuses for his actions. Nuff said. Be aware li·bel ˈlībəl/Submit noun 1. LAW a published false statement that is damaging to a person's reputation; a written defamation If you edit the above, I will also. I am not speaking to the truth, but in court you would need to be able to prove the above as a defense.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
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Re: KB files Chapter 11
[Re: kwikblownhemi]
#2514182
06/27/18 11:14 PM
06/27/18 11:14 PM
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Joined: Oct 2007
Posts: 4,213 New York
polyspheric
master
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master
Joined: Oct 2007
Posts: 4,213
New York
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If the courts were really interested in that sort of thing, almost the entire mainstream media (and most of Congress) would be in jail now.
Boffin Emeritus
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Re: KB files Chapter 11
[Re: polyspheric]
#2514242
06/28/18 12:55 AM
06/28/18 12:55 AM
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Joined: Apr 2005
Posts: 2,128 Salt Lake City
camastomcat
top fuel
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top fuel
Joined: Apr 2005
Posts: 2,128
Salt Lake City
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If the courts were really interested in that sort of thing, almost the entire mainstream media (and most of Congress) would be in jail now. Absolutely!
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Re: KB files Chapter 11
[Re: kwikblownhemi]
#2514246
06/28/18 01:08 AM
06/28/18 01:08 AM
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Superfreak
Unregistered
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Superfreak
Unregistered
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and completely idiotic how fast a thread gets derailed.
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Re: KB files Chapter 11
[Re: jcc]
#2514340
06/28/18 11:16 AM
06/28/18 11:16 AM
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Joined: Apr 2003
Posts: 3,529 Tulsa, Oklahoma
340Cuda
master
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master
Joined: Apr 2003
Posts: 3,529
Tulsa, Oklahoma
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Also why checks no longer have a time limit as to when they can be returned, and why you no longer get your original "paid" check back in your monthly statement. I was a banker most of my life, albeit most of it on the technical side and I don't agree with this. In almost all circumstances banks have very tight deadlines for returning checks. Anymore almost all checks are held at the point of deposit or even by the depositor. Very few checks make it to the bank on which it is drawn, everything is imaged based. So it is practically impossible to return checks with a statement even if the bank wanted to do so. Also remember this is a Chapter 11 Bankruptcy (Reorganization), not a Chapter 7 (Liquidation) They changed the rules years ago, again why you don't get your checks back, and why banks now require so much info on an account holder ( under the cover of fighting terrorism?), because if a claw back occurs, the bank does not want to left with no recourse. You probably have many current banking friends that can verify this, don't think I favor it one bit. I think the general public confuses bank "holds" with checks clearing. Also if fraud is part of the bankruptcy, the 180 day limit is waived till whatever the statue of limitations are for the alleged crime. I have only been retired two years, but I am going to spare the others all the dead horse beating. In my opinion you don't have all your facts straight. Your opinion of my view is probably the same so let's just leave it there.
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Re: KB files Chapter 11
[Re: camastomcat]
#2514363
06/28/18 11:47 AM
06/28/18 11:47 AM
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Joined: Dec 2003
Posts: 22,783 Bitopia
jcc
If you can't dazzle em with diamonds..
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If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,783
Bitopia
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I didn't say Ken who, just said I know a Ken who is/was. BTW, who the hell are you? Doesn't matter who I am, I am not the one risking making libel statements. I might also reconsider editing your quote, Glad to help.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
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Re: KB files Chapter 11
[Re: 340Cuda]
#2514367
06/28/18 11:54 AM
06/28/18 11:54 AM
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Joined: Dec 2003
Posts: 22,783 Bitopia
jcc
If you can't dazzle em with diamonds..
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If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,783
Bitopia
|
Also why checks no longer have a time limit as to when they can be returned, and why you no longer get your original "paid" check back in your monthly statement. I was a banker most of my life, albeit most of it on the technical side and I don't agree with this. In almost all circumstances banks have very tight deadlines for returning checks. Anymore almost all checks are held at the point of deposit or even by the depositor. Very few checks make it to the bank on which it is drawn, everything is imaged based. So it is practically impossible to return checks with a statement even if the bank wanted to do so. Also remember this is a Chapter 11 Bankruptcy (Reorganization), not a Chapter 7 (Liquidation) They changed the rules years ago, again why you don't get your checks back, and why banks now require so much info on an account holder ( under the cover of fighting terrorism?), because if a claw back occurs, the bank does not want to left with no recourse. You probably have many current banking friends that can verify this, don't think I favor it one bit. I think the general public confuses bank "holds" with checks clearing. Also if fraud is part of the bankruptcy, the 180 day limit is waived till whatever the statue of limitations are for the alleged crime. I have only been retired two years, but I am going to spare the others all the dead horse beating. In my opinion you don't have all your facts straight. Your opinion of my view is probably the same so let's just leave it there. We could, but somebody is mistaken, and if it's me, I want to know. You sound like you have a better/faster back channel to get to the facts. That option being declined, I will dig further. My difficulty, when I submit this question, my gut feeling is those who really know, prefer not to have full disclosure, as keeping the public selectively uninformed is to the banking worlds advantage, Just to be clear, the issue is, as I see it here, "is there a time limit as to how long a deposited check can be returned to the originator?". I'll get right on it. 1st discovery subject to 60+15 day limits What is the Purpose of Rule 9?Forged and counterfeit items are sometimes recognized by bank customers after the midnight return deadline. Rule 9 allows the Paying bank to file a claim to recover from a fraudulent item after the UCC midnight return deadline. Rule 9 shifts responsibility, in some cases, from the Paying bank (as assigned in UCC Article 4 (4-407 & 4-408) to the depositor when there are sufficient funds in the depositor’s account. Why Shift Responsibility? Checks are no longer processed as in the past: Financial institutions (FIs) no longer verify signatures on all checks. Checks are collected using digital images so the Paying bank never sees the paper check. Items can be remotely deposited so even the Depositary bank does not see the physical item.
Last edited by jcc; 06/28/18 12:29 PM.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
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Re: KB files Chapter 11
[Re: jcc]
#2514371
06/28/18 12:08 PM
06/28/18 12:08 PM
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Joined: Apr 2003
Posts: 3,529 Tulsa, Oklahoma
340Cuda
master
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master
Joined: Apr 2003
Posts: 3,529
Tulsa, Oklahoma
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Just to be clear, the issue is, as I see it here, "is there a time limit as to how long a deposited check can be returned to the originator?". I really don't have much input on that, it was some of the other statements I questioned. Reg CC has to do with funds availability and could be of some interest. I think you are correct in that there are instances where a check can be returned past the normal deadlines. This has gotten off topic from the original post and I accept some of the credit for that. You might want to start another thread if you want to post your findings.
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Re: KB files Chapter 11
[Re: kwikblownhemi]
#2514417
06/28/18 01:24 PM
06/28/18 01:24 PM
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Joined: May 2015
Posts: 1,134 Lost in Time
Iowan
super stock
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super stock
Joined: May 2015
Posts: 1,134
Lost in Time
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And all this has what to do with KB and chapter 11?
Have a great day Iowan
"obsolete is neat"
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Re: KB files Chapter 11
[Re: kwikblownhemi]
#2514467
06/28/18 02:30 PM
06/28/18 02:30 PM
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Joined: Dec 2005
Posts: 11,769 Fulton County, PA
CMcAllister
Mr. Helpful
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Mr. Helpful
Joined: Dec 2005
Posts: 11,769
Fulton County, PA
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All I want is to be able to make a phone call, give someone a card number, tell them what I want and how I want it and have it delivered to me in a reasonable amount of time (days or maybe a few weeks, not months or years) without having to worry about getting ripped off, BSed, being involved in legal proceedings, having oil and/or water squirt out of it like a lawn sprinkler, having to fix pxxxpoor machining screw ups and on and on. I don't want to have to be educated on the finer points of bankruptcy law. I'm too old, and I have about zero tolerance for such bullxxxx, which happens when you get old.
If the results don't match the theory, change the theory.
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