ohgodwhat posted:

That loving idiot needs to make 6% a month just to cover his expenses. I don't think I'm going out on a limb here to say someone with such unrealistic expectations is probably not trader material.

Nitrox posted:

What do you mean 6%?

pig slut lisa posted:

The guy claims living expenses of $7,000/month and assets of $112,000.

7/112=.0625

So the guy would need to pull a >6% gain on his trades every month just to cover his monthly living expenses.

H110Hawk posted:

Don't forget short term capital gains. He has to net 6%.

BadSamaritan posted:

me and my husband lived in Manhattan for a few years there on <$40k a year (no kids). We just had to make very careful choices in order to live within our means, but we were still able to do some fun stuff and eat out occasionally.

FrozenVent posted:

Living anywhere but Desmoine is irrational and bad with money.

Vahakyla posted:

Superbike lol. You can do wicked acceleration on a NINJA 250 and get killed just as easy and still not spend more than like 1500$ from craigslist.

Dik Hz posted:

I know I'm late to this one, but the same NINJA 250 sent 4 different dudes to the hospital in my highschool. One guy bought it, crashed, then sold it to the next guy. Wash rinse repeat x4 until the last guy totaled it.

Nitrox posted:

How many of them had actual rider training and a motorcycle license?

Professor Shark posted:

Subjunctive posted:

Click through this bad boy for a long form defeat-from-the-jaws-of-victory BWM tale. With a kicker.

quote:

For Ballard, he's considering hiring a lawyer to sort out his retirement income. He'd rather not be working nearly full-time hours so that he can spend time with his wife and his horses.

Subjunctive posted:

Click through this bad boy for a long form defeat-from-the-jaws-of-victory BWM tale. With a kicker.

quote:

The backstory: In early 2013, I spent over 600 hours researching a high-flying public biotech company; I concluded from the thousands of pages of SEC filings, 100s of research papers, originally-discovered primary source material, and more than a dozen interviews with industry leaders, that the story spun by this company was so ungrounded from reality that it posed an opportunity to publish a report on the company as well as short its equity. Since then the share price of the company has dropped by more than 70%.

I published 2 reports within 1 month of each other; the reports received moderate media coverage. Several weeks later, my LLC was sued for libel by the company. After spending 2 months attempting to determine my options, I concluded that even though the case was spurious and my claims were backed up by legal and financial filings, I did not have the financial ability to defend myself versus a corporation that was spending shareholder money for a large law firm (I was quoted figures in the $100k-$200k range, including the retainer).

I decided to drop my life in America and flew to Europe, leaving the case to unfold as it may. I learned from a family member that a default judgement had been made, requiring me to remove both reports from the internet. I did this.

Following this case, which I did not contest and reached default judgement, the law firm representing the company filed a lawsuit in the same state as my LLC (but not the state in which I resided), against me for libel. That suit required my presence in court, which I stated I could not fulfill given my residence in Europe. That suit concluded in default judgement again in February; after the plaintiff's attorney asked for damages ranging in the tens of millions of dollars, the judge commented that he would have to actually review the report because it had footnotes citing evidenciary support for the claims and because he did not feel comfortable awarding such an amount of damages without having looked at the merits of the claims.

I am currently uncertain as to the status of the case, and am trying to gain access to all available court documents (I do not have an address in the United States and have received no information whatsoever regarding this second trial; I found out about it through an article online after searching my former company's name and the suing company through a search engine).

I had told myself this case would eventually disappear, folding under the weight of its own nonsense, but the legal team of the company has persisted in attempting to receive a verdict for damages that are not even remotely payable by me. I am unsure as to their motives.

I know that I have made a complete mess of the situation for the past 2 years. I'd like to think that being fresh out of university was an excuse for my poor handling and fear of the situation, but it is not.

I want to take the best possible action now, but I fear that it may be too late. I have limited funds to receive legal defense, but I believe in the veracity of the claims I made in my reports. They were like my children. This company will most likely be bankrupt or virtually nonexistant in 3-5 years, but I want to do what I can now to improve the shithole I have dug for myself.

Thank you for taking the time to read this and I am sorry for the length, but it seems to be quite a story to me. Any advice on what I should do would be worth its weight in gold.

quote:

It just sounds so bankrupt that my only option is to plow tens of thousands of dollars into a case that I think was brought solely to silence me. My contentions were true, and the market has borne this out in the past 2 years.

Haifisch posted:

If only there was some way to have dealt with this before it was a multi-million dollar affair. Using some sort of person who specializes in legal proceedings of this nature, maybe. Along with skipping the 'making yourself look bad by fleeing the country' part, if you want to get really crazy.

froglet posted:

To be fair - fighting something out in court is difficult to being with. If its just you fighting a huge corporation with millions at their disposal, what are your chances of winning? After a certain dollar amount, there's no real difference between a huge legal bill and a multi-million dollar judgement, and a very real risk you'll lose anyway.

Yet I still agree - not hiring a lawyer was dumb.

Guest2553 posted:

Also there's no federal anti slapp law.

Guest2553 posted:

Pretty sure it wouldnt matter since justice is an afterthought in the american legal system

kaishek posted:

Also what the gently caress is the point of an LLC if you can't just fold the company and start another one? It's "limited liability"?

Suspicious Lump posted:

I really wanted to ask this question. It sounded like he posted his report under his LLC. So why not fold?

Subjunctive posted:

Click through this bad boy for a long form defeat-from-the-jaws-of-victory BWM tale. With a kicker.

quote:

"Would I do it all again? Oh, in a minute. It's what had to be done," Ballard said. "You gotta be where you were to be where you are."

quote:

Taking a big chunk in cash from the pension meant a hefty income tax bill. He took out a $49,000 line of credit to pay the tax man. Seven years later, the balance owed has budged only $155, though he's never missed a payment.

kaishek posted:

Also what the gently caress is the point of an LLC if you can't just fold the company and start another one? It's "limited liability"?

Series DD Funding posted:

It's limited liability that doesn't apply to torts personally committed by you.

HelloIAmYourHeart posted:

I don't have a link because I'm on my phone but there's a guy on Reddit right now who wants to buy a sailboat with his friends in Seattle and rent it out on AirBnB.

quote:

I'm thinking of buying a sailboat with some friends and listing it on AirBnB. I'm compiling a checklist of considerations before embarking. Am I missing anything? (self.personalfinance)

submitted 4 hours ago by stalefries

Local legal environment for AirBnB (Seattle)
Cost and profit sharing
Cost estimates and income modeling/projection
Competitive research/comparables in the area
Contracts and structure. Should we form a company to manage this? (LLC?)
Time/labor managing this
Anything else?

I have a specific boat in mind that I'm seeing today (coworker owns it, has lived on it, and wants to sell).

https://www.reddit.com/r/personalfinance/comments/3mv7me/living_aboard_a_sailboat_as_an_investment/ posted:

Living aboard a sailboat as an investment? (self.personalfinance)

I've always dreamed of living aboard a sailboat and taking several years to sail around the world. I had always hoped to achieve this goal later in life, but the more I'm considering it I think it may be feasible now. I'm curious as to PF's thoughts on buying a boat to live aboard and the financial implications in my current situation, which is as follows:

I'm 27 years old with approximately $100k in the bank (various investments). I own a duplex, where I live in one unit and rent the other. My rental income of $1,500/month covers the mortgage, taxes, and insurance. I project that I can earn an additional $1,400/month if I move out of my unit and rent it. Would it be a smart move financially to buy a boat for say $75k, and live aboard? I'm thinking of this scenario as buying another house for $75k which earns a rental income of $1,400/month! I have been wanting to buy an investment property for the last few years but the market is insane in New Orleans right now and everything is way out of my budget.

As far as the cost of living on the boat, the only expense that I don't already incur is a $200/month slip fee and boat insurance ($100/month max). Even if I somehow have to spend an extra $500/month, which is extremely high, I still feel that I would be coming out on top.

Am I overlooking anything with this assessment? Yes, I know a boat is a depreciating asset.

Forceholy posted:

So my roommate is going to get us kicked out of the apartment.

I live in a two bedroom that is a five minute walk from CSUN, a four year college we all attend with three other people. Two of my roommates share a bedroom. One roommate, which I will refer to as O, gets his own room and I sleep in the living room with deeply discounted rent. We just moved in last year and it was a pretty sweet deal. A five-minute walk to class as well as to my On-Campus job? Sign me up.

Recently, O got this idea into his head that he could build a new room in the living room as he paid enough rent and lived there long enough (since 2013). We all thought he was joking until I woke up this morning to find half the living room converted into a single bedroom (I slept in the other room since one of the roommates isn't home much due to his job). The room is so large, it eats up half the space of the living room and even cuts into the kitchen. When the two roommates and myself complained to O, he told us to gently caress off and to look for a new place to live. Apparently, he claims to know enough lawyer friends and building inspectors that it is within his right to modify the apartment however he wants. He claims that if something does happen, he'll be blamed since the apartment is under his name (Nevermind that all of our names are on our lease). I've decided to talk to my manager about this and to look for a new place.

So my question is how hosed am I when I talk to my manager about what my roommate did?

pig slut lisa posted:

lmao some goon's roommate decided to build a new room () in the middle of their rental house