Comments Thread For: Mayweather Seeking $61 Million From Bankrupt Casino

[Enzo Mc is SHIT]

Another great investment.

[hillbilly]

he'll get paid what he loaned plus what the agreed upon penalty was.

No he won't. Even if the company wasn't bankrupt, a 2.5 percent per day interest rate is illegal as usury. The contract would be void. You probably gave his legal advice which was clearly worthless.

[hillbilly]

he'll get the principal back eventually.

the crazy interest he'll likely never see paid back.

All depends on how much the casino has in assets and how high floyd is amongst creditors. Just a guess, but he's almost certainly an unsecured creditor and i'd bet the casino was a scam and has little money. Floyd probablyvwill lose his shirt is my guess.

[jbpanama]

he'll get the principal back eventually.

the crazy interest he'll likely never see paid back.

Wonder Who got the finders Fee, on the DEAL???
Word is 4 BITS, Has Walkin Around Money thesr Days, HMM!!!

[Simply Zyzz]

filing a lawsuit against someone going bankrupt is pointless.... wont even go into it because its just ******

[FeFist]

Why did he lend the Casino money? They only signed that agreement because they knew they would not pay him a dime. The Casino more than likely shifted all of the assets over to another subsidiary before they were forced into liquidation. The scraps that remain will go to the banks first.

[FeFist]

if that Casino actually signed an agreement for that Loan they are ****in SCREWED why in the hell would anybody sign off and agree to such a loan

Let's say you own 3 companies, we will call them A, B and C. Each of those companies have their own separate legal identity.

Lets say that A is financially sound, B is in the middle and C has reached a dead end.

Now with company C you've ran up a lot of debts, it is not profitable yada yada yada. It has reached the stage where the company is now a liability.

If you're smart what you'd do is take out any loan you can get with the pretense that you're rebuilding the company, you'd then say that because of restructuring you're going to move the valuable assets in C to B. You could also purchase assets from A with the money loaned as part of the 'restructuring' scheme.

^ Something along those lines.

When company C goes bankrupt, companies A and B would be protected because of their own separate legal identity.
______
Based on the above the company taking out a loan under those conditions doesn't work against them as they won't have to pay it back. They'll still make good use of the money either through another subsidiary or maybe as individuals.

Floyd essentially tried behaving a loan shark and got played. ****** on his part, when you lend people money you have them put assets up as collateral. Demanding ridiculous fees when they have nothing to pay you with is ******.

[Furn]

They've gone bankrupt Floyd your not gonna get a cent.

[Ravens Fan]

Floyd must be using Mike Tyson's old investment team. And they can pay him by giving him as many unused bingo cards that he can carry to add to his portfolio.

[edgarg]

You mean to say that if you had 100 million dollars in the bank you wouldn't be investing it into propping up failing Las Vegas Bingo Halls? Seems like the type of investment that Warran Buffett would jump at!

No, he might sloooowly move towards it in a very zig-zag pattern, shaking his head all the way, and stop before he was half-way there, then turn back. That's if he moved in that direction at all. I think he wouldn't.