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One of our consulting clients, his name
was Paul, came to us with a horror story of government
abuse. He was running a thriving package delivery service.
His workman's comp. for his employees was based upon
his packages being under a certain size (smaller vs.
larger). The State Workman's Comp. authority came in
out of the blue and made the assertion that they had
checked the wrong box on the application form. Without
any inquiry or investigation to confirm their facts,
they assessed his company over $80,000 in back premiums
for his W.C. He was told ultimately that there was no
room for argument or appeal and that he had until a
certain date to make payment in full or they would shut
down his business and throw everybody into the street.
We could
have saved Paul's business had he gotten to us sooner...
So much for due process and the government
doing its duty to protect our rights and liberties!
Paul came to me for help. He had just
begun feeling comfortable with his business (which was
a corporation by the way and subject to numerous red
tape requirements which got him into this mess). He
had just purchased his dream home and had his family
situated very nicely. Of course being a small corporation
he had to make commitments with his personal guarantee
and he knew that the corporate veil could be easily
pierced. He was ultimately concerned that the state
would not only shut down his business but would also
look to the equity in his home to collect.
After several consultations we decided
on a course of action to protect his home. Having waited
so long to plan ahead, the loss of his business was
a foregone conclusion.
Paul had refused to participate or comply
with such incompetence and |
tyranny. He decided that his best course
was to retreat with as much as possible and live to
fight another day.
It just so happened that an investment
company was being created at about that same time that
would be friendly to Paul's plight. Paul decided that
he wanted to invest in that company in good faith but
he didn't have any liquidity to put cash into the company.
What he did was to invest in that company with a promissory
note backed up with the equity in his house.
The investment company secured its interest
in the note with a lien on Paul's home which effectively
eliminated any equity that remained. The lien was filed
like any other in public records, which made it fruitless
for anyone else to attach equity that was no longer
there. It was conceivable that the government could
kick and scream and jump up and down and claim `fraudulent
conveyance' and strike down the initial conveyance of
the equity to grab it. Fortunately, as chance would
have it, the investment company had in turn reinvested
its interest in Paul's home in good faith to a third
party which in effect `immunized' the asset from any
collateral attack based on alleged fraudulent conveyance.
Paul milked what he could out of his
business during its remaining days and sold his house.
The investment company received its portion of the proceeds
of the house at closing and Paul's family moved out
of state to start over knowing that the `friendly' investment
company would be happy to loan them some money tax free
whenever they needed it!
We could have saved Paul's business
had he gotten to us sooner, but since the plane was
already going down, it was nice to be able to provide
a parachute!
The details of this `Property Protection'
program are currently being outlined in a new `Report'
which is not yet available. If you feel the need for
personal attention with a consultation, please write
to us at our American mailing location or fax us at
(888) 691-0998. |
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