Conrad Black - Going broke?

[james t kirk]

Seems Conrad may be out of dough.

He's sold his place in New York City, Palm Beach, London.

Tried to sell his mansion in Toronto on the Bridal Path and then last minute, pulled the sale in order to sell it to some guy (for less) who was going to lease it back to him. (This after saying he wanted to sell because "it's a big house for 2 people".) Turns out, the place was going to sell for 14 million, but has over 13 million in mortgage attached to it. That leaves Conrad with a million in equity in the house, but still owing 30 million plus in taxes.

Now it seems the tax man has something to say to Conrad.

He owes the IRS in the USA 19 million and the CRA 13 million (or so they claim).

Interesting scenario. His house in the bridal path has a 13 million dollar lien against it by the mortgage bank. The taxman has another 30 million of liens against the house. If he were to sell it, who gets their money first? The bank, or the taxman? There isn't enough there to pay both.

Interesting too that Conrad inherited that house from his parents. (His father built that house.) So it most likely was debt free when Conrad walked into it.

http://www.theglobeandmail.com/news...earing-flight-from-tax-debts/article30462150/

https://www.thestar.com/news/queenspark/2016/06/15/tax-agency-fears-conrad-black-wont-pay-up.html

 

[Insidious Von]

Awful news Tiberius.

Tubby is a Canadian icon. He gained his Order of Canada from leveraged takeovers in the 1980's. We should start a fund to help him out, let's take care of our own.

 

[Ceiling Cat]

I heard he is down to his last 10 or 15 million.



( From the other riches to rags thread )

Being extremely wealthy and then all of the sudden not wealthy is a punishment in itself.

 

[wazup]

Is he Conrad Red now?

 

[Frankfooter]

Awful news Tiberius.

Tubby is a Canadian icon. He gained his Order of Canada from leveraged takeovers in the 1980's. We should start a fund to help him out, let's take care of our own.

No loss.

He had his order of canada stripped for fraud, didn't he?
Was that before or after he renounced his citizenship to try and become British royalty?

 

[mandrill]

Seems Conrad may be out of dough.

He's sold his place in New York City, Palm Beach, London.

Tried to sell his mansion in Toronto on the Bridal Path and then last minute, pulled the sale in order to sell it to some guy (for less) who was going to lease it back to him. (This after saying he wanted to sell because "it's a big house for 2 people".) Turns out, the place was going to sell for 14 million, but has over 13 million in mortgage attached to it. That leaves Conrad with a million in equity in the house, but still owing 30 million plus in taxes.

Now it seems the tax man has something to say to Conrad.

He owes the IRS in the USA 19 million and the CRA 13 million (or so they claim).

Interesting scenario. His house in the bridal path has a 13 million dollar lien against it by the mortgage bank. The taxman has another 30 million of liens against the house. If he were to sell it, who gets their money first? The bank, or the taxman? There isn't enough there to pay both.

Interesting too that Conrad inherited that house from his parents. (His father built that house.) So it most likely was debt free when Conrad walked into it.

http://www.theglobeandmail.com/news...earing-flight-from-tax-debts/article30462150/

https://www.thestar.com/news/queenspark/2016/06/15/tax-agency-fears-conrad-black-wont-pay-up.html

Mortgagee takes first. Taxman second. Ordinary Joes last, as always.

Articled at an insolvency firm.

 

[FAST]

One can only hope !

FAST

 

[maverick]

he probably has money stashed in swiss banks or the Caribbean/cayman banks. he won't be starving nor will he end up in a soup kitchen or a food bank. he just cant bring it back otherwise it would tip off the tax man and his creditors.

 

[Occasionally]

he probably has money stashed in swiss banks or the Caribbean/cayman banks. he won't be starving nor will he end up in a soup kitchen or a food bank. he just cant bring it back otherwise it would tip off the tax man and his creditors.

For sure. Rich guys like this always have secret assets stashed somewhere offshore.

People just have to look at his situation to know something fishy is going on. He's made tons of money, has a huge home, has accrued taxes in the 10s of million (which proves he's had huge income).

So either he's stashed excess money somewhere, or he's one of those rich guys who truly spends all his money on expensive stuff right to the last dime.

When you think of rich guys, it's always amazing when you hear about guys with little left. Even if someone blew the money on mansions, fancy cars or jewelry, those are still assets and can be worth a lot, especially real estate which actually appreciates most of the time. It's not like this stuff goes down to $0 value.

So it means, they just go out and gamble, or buy $1,000 dinners every day, or expensive trips, etc.... Shit, if I'm a super millionaire, how much $$$ can I really spend every day? Unless I go totally out of my way to blow it all, it seems impossible to spend it all.

 

[spankingman]

Is he still married to that gold digger
Barbra Amiel

 

[Celticman]

Is he still married to that gold digger
Barbra Amiel

That is where the gold went to

 

[Insidious Von]

Considering what he's gone through this century I'm not sure how much of that stash he has left? Lawyers have eaten away a large chunk of that, Eddie Greenspan doesn't work on the cheap.

He came through the 1987 stock market correction with nary a scratch, hubris took him in. He took a major ass whoopin with the junk bond collapse, he looted Dominion Groceries Pension Fund to cut his losses and it's been downhill ever since.

When he went Cardinal Richelieu his foie gras was cooked.

 

[wazup]

I wonder how many people have money in these foreign bank accounts or is it something us common folk like to talk about?

 

[Ceiling Cat]

I wonder how many people have money in these foreign bank accounts or is it something us common folk like to talk about?

Probably trillions of dollars. I think that is why Switzerland is not a full member of the European Union. If they were they would have to adhere to banking regulations set out for the Union and have to disclose the amounts on deposit to the other Union members.

 

[danmand]

Probably trillions of dollars. I think that is why Switzerland is not a full member of the European Union. If they were they would have to adhere to banking regulations set out for the Union and have to disclose the amounts on deposit to the other Union members.

You not know facts. Switzerland disclose banking data to all other countries.

 

[Ceiling Cat]

You not know facts. Switzerland disclose banking data to all other countries.

I checked :

Switzerland is ranked in first position in the 2015 Financial
Secrecy Index, based on a high secrecy score of 73 and a large
global scale weight for the size of offshore financial services,
at around five percent of the world total. Its secrecy score has
improved somewhat since the 2013 Financial Secrecy Index,
largely because of Switzerland’s decision to participate in
emerging global transparency initiatives
1
. Yet its famed banking
secrecy laws remain firmly in place, though with some exceptions
permitted for some countries to obtain necessary information.

Switzerland is the grandfather of the world’s tax havens, one of the
world’s biggest financial centres, and one of the world’s biggest
secrecy jurisdictions or tax havens. In September 2015 the Swiss
Bankers’ Association
reporte
d
that banks in Switzerland held CHF
6.65 trillion ($6.5 trillion) in assets under management, of which
it said 51 percent originated from abroad:

http://www.financialsecrecyindex.com/PDF/Switzerland.pdf

http://www.financialsecrecyindex.com/introduction/fsi-2015-results

I also checked if Bin Laden is alive or not : ................................no, still dead!

 

[wazup]

Probably trillions of dollars. I think that is why Switzerland is not a full member of the European Union. If they were they would have to adhere to banking regulations set out for the Union and have to disclose the amounts on deposit to the other Union members.

Everytime a rich person goes broke there's always a reference to offshore money somewhere, I wonder how much is actually true. Do wealthy people even think of going broke when things are good?

 

[fuji]

Everytime a rich person goes broke there's always a reference to offshore money somewhere, I wonder how much is actually true. Do wealthy people even think of going broke when things are good?

No, but they think of evading taxes, and in the case of a felon like Black who has had many run ins with the law it's not surprising if he hid cash somewhere.