Anyone ever been taken for all theyre worth?

[want2bewealthy]

Just asking,

I was thinking that it would be quite easy for an x partner to take half of your portfolio, would be a bit of paperwork but its do-able. . it might even be good because then you'd have more cashflow!. . jokes ofcourse.

 

[BayView]

Just asking,

I was thinking that it would be quite easy for an x partner to take half of your portfolio, would be a bit of paperwork but its do-able. . it might even be good because then you'd have more cashflow!. . jokes ofcourse.

Not by an ex-wife but...

My first proshop job - after 2 years the Club went broke. Banks sold the property to a new owner, so my contract with the Club to run the business in the proshop was void.

The new owners lease the proshop to a third party - I'm out of a job, but they agree to buy all my stock and employ me as a shop scumbag on minimum wage. Gee thanks.

They re-neg on the stock purchase (about $36k worth). Gee thanks again.

So I do a runner with all my stock and leave them an empty shop for their kind efforts. Their turn to say gee thanks. I care.

Then, not long after, a colleague starts at a new job not far from home; no credit and no stock. I have a garage full of stock, so we do a deal - he takes it all, and pays me a grand per month until paid up. Written contract and all. All happy.

A coupla years later, payments slow down. I go away on hols for 2 weeks, come back and give him a call to hopefully get a payment. He's a friend as well, so the pressure is very light.

Someone else answers the phone at the shop, and informs me the colleague has done a midnight runner - with every company's stock as well as mine. Declares bankrupt a week later.

I've done $9k cold.

 

[ianvestor]

I've done $9k cold.

Probably a decent price for finding out a friend isn't really a friend.

 

[BayView]

Probably a decent price for finding out a friend isn't really a friend.

Not from where I sit.

 

[james_w]

yep was taken for alot worked with a partner for several years developed a conference system and the partner locked me out took all the profits and kept the software.

 

[boomtown]

Learnt never to let an auto saleman convince you to declare that the vehicle is for business purposes. This means the consumer credit code does not apply to the finance contract. As a result they loaded the contract so that interest was prepaid and principal was not paid down so when I terminated early almost none of the principal was paid off and my effective rate of interest was almost double the contract rate (rule of 72).

Thanks to getting screwed out of 4k this way ill never use buy another Audi. Screw you Audi.

 

[fokas]

Screw you Audi.

Hehe. I'm glad I get the oppurtunities to learn from other peoples' mistakes.


The only money I've lost is by lending it to 'friends' that never pay it back. But they don't stay friends so it's all good.

 

[grossreal]

hi all
the best way of learning is by doing it yourself and that goes with business
been to the bottom and have risen again and have a very good team behind me.
you never work out how to structure a business until you have had one taken away from you.
my little group has 5 guys in the inner circle I am happily married and hopefully for a long time to come
the other 4 are all single and all ex this and ex that.
make for very interesting conversation
all have been to the bottom and back up again
must be a requirement to work with me I think.
were are old old school so easy to do business but most laugh about losing your shirt.
as we all have
we have a very different out look on business as we secure positions before moving forward
and we mitigate risk.
when you take risks you also but in place fall back positions to secure your position
and most funder and clients understand that
when you have been around the traps your understand how to dodge the falling brick
and for me you can't be in business unless you have been to the bottom and back.
when you have gone from roster to feather duster you get a very quick reality check and you under stand very quickly what to do next time
now some people may say that you are some one that they would not deal with for me its the opposite.
you know what happens and you also now what to do so it does not happen again
and you do one thing you dont get from any book you learn and you learn very quickly
and next time you are comming at the same issue but this time with understanding and you dodge the brick and move on.
oh and in this market there are hell of alot of bricks to avoid
miss one and you to could be hit to the bottom.
so to the bottom yes
back yes and alot better

 

[Nathan]

Does the ASX count as theft?

 

[grossreal]

hi Nathan
not sure but it does if the broker charge you 5%
and then gives you advice that he is a unit holder in the company and the sky the limit
and the day after he sells out
the share drops 50% and he rings you from a beach some where then yes.
and might sound far fetched but there are a couple of investigations going on still where this was the case so then yes the asx does count
partners come in lots of different forms and get a bad one and they can do alot of damage

 

[lizzie]

got screwed by an ex. we were married for 10 years during which period we both worked fulltime. he was an accountant, so i trusted him with the finance side of the relationship.

when we split, after we sold had our house, there was no money to be found. he had done a complete skase with trusts and companies and what not! to top it off, he had been a big spender during our marriage.

it would've cost a small fortune to try and recover anything (if there was anything to be found), so i walked away with a pittance in comparison to what i believed was hiding.

ah well - the pittance was enough to buy a 10yr old car and for a deposit on my own house so it was enough.

the bit that really made me laugh is that he was bitching and complaining about the stress he was under due to me trying to get some of the money back - he even turned up at a mediation session with a doctors letter advising he suffering from enormous stress. well, considering he was the one that had the affair, and hid the money before i threw him out, i gave a rats behind about that - laughed in his face actually.

needless to say, when i entered the next relationship we had full documentation of what each of us bought into the relationship, and what we were entitled to take out if we split, signed and witnessed by a solicitor. that was 10 years ago so i don't think the document is really relevent now ...

 

[Perchy]

Lent a 'friend' money, got some back, still awaiting for my court warrant to be done by bailiff - its been months.. Anyone knows the time limit on warrants to be executed? *light bulb moment* gonna go annoy legal aid now..

 

[Petal]

How much money Perchy??

I watch enough of Judge Judy to determine NEVER to lend money to anyone. If I can afford to, I will give them money but I will never lend it.

I have a little theory...

You lend someone money.
They spend the money on whatever
The INCENTIVE to pay you back disappears
The JUSTIFICATION to NOT pay you back kicks in.

I really believe this is what happens. The money is gone.

"Oh bugger now I have to pay it back. But bloody hell Joe Bloggs (who lent me the money) is being really annoying asking me for it back all the time. He is just hassleing me. Now he is being really indimidating always asking for his money back, he knows I'm good for it. That's it I have had enough, he doesn't deserve this money back the way he has treated me".

And this is what I truly believe happens in many cases when you lend someone money.

Don't lend money to friends or relatives!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[quoll]

all have been to the bottom and back up again

Gross

I think it is just that some fail and then dwell on it and don't do anything else but those that have guts / stubbon / persistant just pick themselves up and have another shot at it.

Bit like learning to walk but more expensive. And you dont want to fall down that often.

Seems like most successful business people or investors have almost gone bankrupt at some point. I think the worst part is the time it takes, I reckon in a couple of years we will be back to the position we where in 3 years ago, so all up about 5 years or learning with losses equally gains.

If you can get through it with your life partner intact / sanity / friendships / family you grow and learn a lot.

Next time dodge that truck!

Cheers
Graeme

 

[handyandy]

Our business was 'lost' when the firm for whom we operated the business decided that they would do it themselves. I offered to sell them my business but we couldn't come to terms. They thought I should just give it to them.

Its not all bad as it made me a lot of money over the 12 years that we were operating but does leave a bad taste every time I look at the bank statements


In some ways its was a messy divorce with very little communication over about 3 years.

Cheers

 

[DavidMc]

Sorry to hear about that Lizzie. Good to hear things are much better now!

needless to say, when i entered the next relationship we had full documentation of what each of us bought into the relationship, and what we were entitled to take out if we split, signed and witnessed by a solicitor. that was 10 years ago so i don't think the document is really relevent now ...

Was this a prenup? What's involved in all that / arranging one of those?

 

[want2bewealthy]

I was kinda expecting to hear more stories of ex lovers actually rather than buisness deals, suprising.

Do you think that the situation just has'nt arisen or that in these sorts of circumstances, if the ex is one of those people to feel like they have a right to take all your hard work that its all just too hard? or that its too expensive? they know they have to pay half of the holdings? cant be done because the titles are in one persons name?

 

[lizzie]

Was this a prenup? What's involved in all that / arranging one of those?

prenups weren't legal at that time - it was simply a notice of intention, that really couldn't have stood up in a court of law if challenged, but we were both honest people who had been stung by ex's and wanted to make it clear between ourselves, and undisputable, of what we had bought in and would take out, financially, if we split.

don't know how you go about getting a prenup now that they are legal.

 

[Piston Broke]

Our business was 'lost' when the firm for whom we operated the business decided that they would do it themselves. I offered to sell them my business but we couldn't come to terms. They thought I should just give it to them.

Cheers

Maybe I'm missing something, but if your operating a business for a firm, then the firm owns the business and not you.

 

[grossreal]

hi all
the saying goes
it not how many times you get knockdown that shows a true man
its how many times you get back up and continue.
we all take on advercity the real show of strenght is the abiilty to look it in the eye and take it head on adn have the knowledge of how to avoid that truck.
one thing in life is you only take a backward step to avoid the side swipe truck and there are alot of thoe
even in this current market there is alot of move forward stop recompose and step again and you can arrange via trust and companies to avoid spouses causing problems
its alot harder with partners in business and partners in firms.