Official Lance Armstrong Thread: Part 3 (Post-Confession)

[Fortyninefourteen]

Please explain this "strategy."

Irony.....

 

[blackcat]

He will sell his art collection next. It is probably already being shopped around to private parties before he has to resort to selling it at auction. The funny thing is the art market is abysmal right now. Unless he astutely chose what he bought then he will get reamed.

a yellow rose thong is not something damien hirst monetised

 

[BroDeal]

Good, I hope he loses his other nut on all that art.

It depends on what he bought. The really high end market is okay. The super rich just get richer and richer. The market for people who fill their various homes with $10-20K paintings currently sucks.

 

[DirtyWorks]

My guess is his net worth is way less that what has been reported and he owed money on the home. Looking to the future he did not want to be saddled with several million dollars in loan repayments when his only income is returns on investments with his principal likely to be considerably reduced by settlements.

He's got to make it look good when he asks the courts for bankruptcy the day after he settles a number of legal claims. 1% of a $20 million in legal settlements is a good discount! That's how that should play out if he's listening to anyone on the financial/legal side.

Still not a criminal prosecution anywhere.

 

[blackcat]

It depends on what he bought. The really high end market is okay. The super rich just get richer and richer. The market for people who fill their various homes with $10-20K paintings currently sucks.

nouveau riche from epoSino is filling the gap in the middle-top.

like win, they buy up all the corktaint Petrus and chateau d'yquem at 10k per and skull it like a shot of tequilla

 

[ebandit]

art

He will sell his art collection next.

has lance recovered his artworks loaned to the livestrong hq?

has lance not sold his house due to negative publicity towards his excessive
water consumption?

Mark L

 

[Race Radio]

What in the world is happening with this House selling.

Suprised no one jumped in to tell RaceRadio that Texas has homestead laws that does not allow for anyone to take his PRIMARY residence.

It could be that there is another residence out somewhere down in Texas?

That is because I said it myself

To be fair I doubt it is an attempt to hide assets Texas is a homestead state. He would have been able to keep his house in most events. More likely he needs funds and found a bottom feeder who gave him a low ball price

 

[mewmewmew13]

that is because i said it myself

:d
:d
.......

 

[ChewbaccaD]

His kids. I buy into the idea that he very much does not want to do his kids as Gunderson did him. That house was for him and his kids.

That house is also a very personal trophy, and now he's letting it go--in a buyer's market.

Sociopaths are not emotionless robots.

This seems to be more than just a cold business exchange.

You don't appear to know anything about sociopaths. The "robot"thing I'll grant you as I think we can all agree that Lance isn't a machine controlled by a central computer that looks like a human...

But sociopaths approximate emotion at best. Watching Wonderboy throughout the years, it is clear that he only approximates emotion. I still remember thinking when Casartelli died that Lance was playing the part of someone who actually cared. The whole pointing to the sky thing (he's an atheist and was then, so I am not sure what he was pointing at) was all to draw attention to "Lance the guy who cares about his teammate who died" than it was about any real care he had for Casartelli.

That he would attach more significance to a palatial estate than he does people is however indicative of who he is, so no argument there...

 

[mewmewmew13]

His kids. I buy into the idea that he very much does not want to do his kids as Gunderson did him. That house was for him and his kids.

That house is also a very personal trophy, and now he's letting it go--in a buyer's market.

Sociopaths are not emotionless robots.

This seems to be more than just a cold business exchange.

We're not supposed to bring his kids into discussion here.
If you're feeling a little sorry for him think about this ---he should have thought of the consequences of his multiple sh!tty actions w/r to them and how it would affect their future...

 

[D-Queued]

The sale of this house indicates to me that money concerns are hitting him very hard now.

Yet this is not a financial strategy....

Please explain this "strategy."

Irony.....

Irony indeed.

Situation: Need cash
Strategic options: Borrow, earn, sell assets
Selected strategy: Sell assets
Tactic: Start with Austin House

Ok?

Perhaps he was working on a strategy to earn money through competing in Master's swimming. That didn't work out.

Dave.

 

[thirteen]

Irony indeed.

Situation: Need cash
Strategic options: Borrow, earn, sell assets
Selected strategy: Sell assets
Tactic: Start with Austin House

Ok?

Perhaps he was working on a strategy to earn money through competing in Master's swimming. That didn't work out.

Dave.

where is the Like button when you need it?

 

[Dr. Maserati]

This is what LAs house might look like soon.

 

[mewmewmew13]

LOL
excellent dr mas

 

[MarkvW]

He's got to make it look good when he asks the courts for bankruptcy the day after he settles a number of legal claims. 1% of a $20 million in legal settlements is a good discount! That's how that should play out if he's listening to anyone on the financial/legal side.

Still not a criminal prosecution anywhere.

It won't play like that.

For bankruptcy purposes, Lance would want to shelter as much of his money in exempt assets as he possibly could. Texas has a huge homestead exemption that would absorb a lot of that money, and can keep it safe from creditors. One idea is that Lance can't take advantage of that because he can't afford the upkeep on the home.

Another thing is that Lance has big problems with debt dischargeability in bankruptcy. Debt dischargeability is the holy grail of bankruptcy--and you can't get it for fraud. (Section 523(a)(2)). All the Lance cases that I'm aware of are fraud cases. Lance won't be able to avoid that kind of debt in bankruptcy.

Things must be pretty grim.

 

[DirtyWorks]

Things must be pretty grim.

All good news then!!!

 

[Huckleberry]

Lance is going back to his roots........a moble home!

 

[sittingbison]

Lances post bankruptcy hacienda....protected by Texas "Homestead" laws:

 

[Steve H.]

It won't play like that.

For bankruptcy purposes, Lance would want to shelter as much of his money in exempt assets as he possibly could. Texas has a huge homestead exemption that would absorb a lot of that money, and can keep it safe from creditors. One idea is that Lance can't take advantage of that because he can't afford the upkeep on the home.

Another thing is that Lance has big problems with debt dischargeability in bankruptcy. Debt dischargeability is the holy grail of bankruptcy--and you can't get it for fraud. (Section 523(a)(2)). All the Lance cases that I'm aware of are fraud cases. Lance won't be able to avoid that kind of debt in bankruptcy.

Things must be pretty grim.

What about any offshore assets? Might he leave the country, for good?

 

[BroDeal]

What about any offshore assets? Might he leave the country, for good?

Replace the Lone Star with a Union Jack and send him to England. They don't mind dopers. He just needs to tell them the Oprah interview was all a misunderstanding and his success was due to marginal gains.

 

[MarkvW]

What about any offshore assets? Might he leave the country, for good?

He could still be thrown into involuntary bankruptcy and ordered to produce his assets. Failure to obey would be contempt and maybe bankruptcy fraud. If he's got substantial assets he can be hunted down. The Mastro case is a good example of how much power a bankruptcy trustee/bankruptcy court has.

 

[gjdavis60]

He just couldn't wait for that cozy 48 square foot apartment the government has prepared for him.

 

[sartain]

I wonder what Tim Herman's house looks like?



.........Billable hours

I have often wondered what TH's toilet looks like, and more importantly, how he and BS have not been disbarred for the stuff they did! For me the worst was suing Emmy . . . I mean on the best financial day in her life, if she rubbed two rocks together I doubt seriously she would have been able to produce a net worth of 25K . . . and LA sues her, for telling the truth!!! TH, BS and BK all signed off on it . . . f*****g AMAZING!

 

[gooner]

To defend himself from several recent lawsuits, Lance Armstrong has employed a small army of attorneys in three U.S. time zones, plus one of the top law firms in Great Britain.

It's not cheap. At least one lawyer charges more than $800 an hour, helping driving up Armstrong's expenses at the same time his income has slowed to a trickle.

A person familiar with the situation confirmed to USA TODAY Sports that Armstrong is downscaling as his legal costs rise and his income has declined. The person spoke on condition of anonymity because of the sensitivity of the situation.

http://www.usatoday.com/story/sports/cycling/2013/04/11/lance-armstrong-downsizes/2075907/

 

[ebandit]

you sure?

Replace the Lone Star with a Union Jack and send him to England. They don't mind dopers. He just needs to tell them the Oprah interview was all a misunderstanding and his success was due to marginal gains.

visit england and you will find that there is little tolerance to dopers

lance has had no sympathy from the british press / public and is NOT
wanted over here

Mark L