[ale] It might be too late to sell your SCOX stock

[Jeff Lightner]

Here the person is going to jail for not listing assets rather than
non-payment of debt.   Debtor's prisons don't exist in America and this
is a clever dodge around that - you can always go to jail for contempt
of court (without trial I might add).

I also didn't use the word "never".  I said it was "rare".  One anecdote
doesn't prove your point.  

Funny that you mention hotels - I worked in several over many years and
except for one they were all seen as "deadbeat" because of the way they
paid (or didn't pay) bills.   Despite that I never saw anyone go to jail
or seizure of a building such as you describe.  I'm guessing your
friend's case dealt with something that allowed him to put a lien
against the building which is something completely different.   If he
had the ability to put a lien then his debt was considered "secured" by
the property itself and the lien was an assertion of that right.

-----Original Message-----
From: ale-bounces at ale.org [mailto:ale-bounces at ale.org] On Behalf Of Bob
Toxen
Sent: Tuesday, September 18, 2007 2:40 PM
To: Atlanta Linux Enthusiasts
Subject: Re: [ale] It might be too late to sell your SCOX stock

On Tue, Sep 18, 2007 at 08:35:00AM -0400, Jeff Lightner wrote:
...
> You're also incorrect about judge's order to pay up trumping all other
> debts.  More than one person in America has had judgments against them
> in court of law for unpaid bills without ever having paid the bill.
I must beg to differ.

In Georgia, once one obtains a judgment (against a company or
individual), he or she merely fills out a form at the courthouse,
attaches a $10 check, and files it with the Clerk.  The Court sends that
form to the debtor.

The debtor has 30 days to fill out and return that form that requires
that he list all of his assets in full detail with location, e.g.,
2005 Ford Bronco paid off parked at 1234 Main St., $10,900 at B of A,
Decatur Branch, account 4321.  Failure to do so and he is sent to jail
until the form is provided.  Lying is perjury.

The creditor then has the Sheriff seize sufficient assets to pay the
debt.  A friend of mine tells that he was owed money by the Suisse Hotel
downtown who refused to pay 'cause they were deadbeats.  For his debt of
perhaps $20,000 he seized the entire hotel, having the Sheriff's
deputies
preventing guests and employees from entering until the debt was paid.
Many other states have similar provisions.

> While a judge could theoretically order assets of the corporation be
> seized in order to satisfy the debt in practice it almost never
happens
> and such an order would immediately be challenged in the bankruptcy
> court which again would likely overturn it or put it on hold.   

...

Bob

> -----Original Message-----
...
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