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[Alex Balashov]

Steve Totaro wrote:

> It is a legitimate real estate company renting you a place to live.
> This asset protection tactic has been around for a very long time and
> is legit.  Totally separate entities.

Well, certainly, and some of the time this asset protection tactic works 
-- somewhat, but not exclusively covariantly with the degree to which 
the real estate company is truly legitimate (i.e. operates in that 
business), and not just an obvious asset shell.

However, as with all shell games and formal gimmicks, they sometimes 
don't work.  If it can be shown that the other company's basis of 
existence lies materially in securing your assets and little more, the 
assets it is meant to protect can lose their shielding.

If I own a big house and a nice yacht and various other accoutrements of 
high executive life and move them into an asset shell company and then 
bankrupt my primary company, or the company becomes liable for damages 
(due, in substance, to my actions) that cannot be collected without 
liquidating it, and the financial picture is bleak, people are getting 
laid off, foreclosures and garnishments and liens are being opened, and 
the court finds that I'm sitting on an enourmous pile of lavish personal 
assets owned by another company for the explicitly identifiable purpose 
of insulating them from the consequences of the aforementioned 
situation, there is the very real risk that they court will expose those 
assets to liquidation as well.  It can and does happen.


-- 
Alex Balashov
Evariste Systems
Web    : http://www.evaristesys.com/
Tel    : (+1) (678) 954-0670
Direct : (+1) (678) 954-0671
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