Posted on 05/30/2018 8:32:46 PM PDT by yesthatjallen
Chapter 7 is liquidation. Chapter 13 is reorganization, typically over a 60 month period. He’s not walking away, but restructuring, although he can convert to liquidation during the process.
I hope he gets his act together.
I think Paul Sr. Actually started as Orange County Steel Fabrications. He always rode bikes but didn’t start building them till the 90s and as a side hustle. Paul jr seems to be the one with all the talent. One non family member that had more talent than either Tuttle left and started his own biz.
Unfortuantely, that is true.
that law applies only to total idiots
They focused on this relationship with his son and custom builds for individuals and companies.
He seemed successful (big buck clients) and I don't recall them focusing on his cash flow.
I’m just saying he’s building them up again. One time, he claimed his company had no value in an attempt to keep Jr. from getting a percentage when they had a falling out.
It doesn’t mean you can’t save some, invest, or be prudent.
He did that in the past. I haven’t seen the new show yet, but he says he and Junior are reconciled. They keep their separate shops and work together on projects for the show.
Americans today, many of them, don’t even know what the word “prudent” means, especially when money is involved.
Counsel Paul Sr?
LOL
I saw an ad where the show was coming back.
I don't think that's what happened with Paul Sr.
He built and owned a very successful steel fabricating business long before he started Orange County Choppers, which began life as a side hobby..
I don't know if he just got carried away with the glitz and celebrity of it all, but he didn't just 'come into money' when OCC took off.
He’s reorganizing debt so he can pay lower interest on it using Chapter 13. He has over a million in the bank. This is nothing more than a marginally wealthy person using the system as it’s written to insure he doesn’t have to pay the full rate back to his creditors.
Like I said, Paul Sr is no dummy who fell into a pile of money.
His acumen with business and finance goes way back.
Hillary would call that “Dead Broke!”
Nancy would say it was “Crumbs”.
May I remind you of the story of John Whittaker, who won the largest individual prize Powerball, at the time. He also had a successful business and was a millionaire outright. He now has nothing.
This tendency, if you don’t hedge against it, is in everybody.
If Paul Teutul could swallow his pride a little bit more, there may be a lucrative way out of this Bankrupt status.
He needs to do another Reality Show with a Financial Planner.
It may be helpful to other people his age who have made poor decisions, but still have to finance the rest of their lives.
We could all learn something. It will be similar to an extremely overweight person who finally admits that he has a problem and is ready to accept help, even Tough Love.
This time, Paul could yell at his Money Man instead of his oldest son.
I'm not sure what that's supposed to prove. It certainly doesn't prove that self-made, successful people always fail when lucking into some unexpected windfall.
Obviously it can happen, but per my experience in life, that sort of thing is far less likely to happen to a self-made person.
American Dad had a nice little spoof on them.
And a lot of people run thru good money they have made.
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