[16-Jan-2020] DarksydePhil is filing for bankruptcy (general thread) - and has officially done so on January 31 2020, meaning a lot of his finances have become public

[AnOminous]

Hypothetically speaking since the US economy is ready to go tits up thanks to the beer virus pandemic/Saudi-Russia oil war wombo combo, wouldn't it be in Phil's best interest to sell the WAcondo ASAP before it decreases in value along with the rest of the housing market in order to quash as much debt as possible?

It would have been in his best interest not to just let a $60,000 condo rot and decay while the debt ramped up to almost twice what it's worth but DSP is a stupid fucker. It would be in his best interest not to do most of the dumb shit he does, but he does anyway.

 

[King Daddy Telomerase]

Phil is in the midst of bankruptcy and is still spending hundreds per week on WWE Champions. Let's not think he gives a damn about his finances.

 

[Chad Nasty]

What did he expect to happen with the CT condo?

 

[LyteSydeByll]

No more in person court appearance. It looks like other matters will be held via telephone.

 

[wahkando]

What did he expect to happen with the CT condo?

Few years ago he wanted to refinance, then he wanted permission to short sell it but since about 12 months ago he has been resigned to losing it.

 

[PutridElephant]

Bankruptcy court is here: https://www.wawb.uscourts.gov/COVID-19-Page

 

[actually]

What did he expect to happen with the CT condo?

Few years ago he wanted to refinance, then he wanted permission to short sell it but since about 12 months ago he has been resigned to losing it.

Just to add--he wanted to refinance, tried to short sell (but the bank didn't go with it), and then he decided to just stop paying on it because he thought the bank would just accept the condo and not come for the difference, even though it was literally tens of thousands of dollars.

Bankruptcy court is here: https://www.wawb.uscourts.gov/COVID-19-Page

View attachment 1191404

I wonder if the motion from Lance will lead to his meeting being done via the phone. He doesn't need to be physically present. Even if it is continued, that's just more money he's going to owe

 

[wahkando]

Just to add--he wanted to refinance, tried to short sell (but the bank didn't go with it), and then he decided to just stop paying on it because he thought the bank would just accept the condo and not come for the difference, even though it was literally tens of thousands of dollars.



I wonder if the motion from Lance will lead to his meeting being done via the phone. He doesn't need to be physically present. Even if it is continued, that's just more money he's going to owe

We all know he will never attend a phone meeting. He has a severe phobia of speaking with anyone on the phone.
I wonder if they could email him or perhaps do it r through his twitch chat?

 

[Forbidden Math]

View attachment 1191402
No more in person court appearance. It looks like other matters will be held via telephone.

What are the chances of a public transcript of the call? Isn't part of these hearings that they have to be public? Probably just wishful thinking on my part but it would be great to read a court reporter's report filled with "*snort*" and "*sound of swaying back and fourth*".

 

[Maldron the Assassin]

That doesn't sound good. This seems like the kind of thing you'd want a lawyer to assist you with. Perhaps another retrospective is on the horizon?

 

[AnOminous]

What are the chances of a public transcript of the call? Isn't part of these hearings that they have to be public? Probably just wishful thinking on my part but it would be great to read a court reporter's report filled with "*snort*" and "*sound of swaying back and fourth*".

The audio will be just as available as it would be if they had a physical hearing. They won't transcribe gout snorts.

 

[PutridElephant]

That doesn't sound good. This seems like the kind of thing you'd want a lawyer to assist you with. Perhaps another retrospective is on the horizon?

He should just livestream it.

 

[James Smith]

Please use RECAP for this shit so people (me) don't have to rack up fees when people have already downloaded the documents.

 

[Beetus Knuckles]

@AnOminous, @Beetus Knuckles, and @SoapQueen1, could we get a quick summary of what this means for the laypeople (myself included)? It sounds like, based on what's been posted that:

1) MidFirst didn't take kindly to Phil's skipping the meeting and is trying to get their money.
2) MidFirst is pursuing this action specifically to try and file a deficiency for ~$50,000, based on the difference between the current loan balance and their appraised value of the CT Condo.
3) This action is what may have caused Phil to ramp up the begging hard in recent days.

Now, what would you think is the most likely outcome of the motion that MidFirst has filed? Will it be ruled on before the next creditor meeting, or will Lance (or an associate) roll into the meeting (over the phone or whatever) and verbally cut Phil's nutritionally-deficient chicken legs out from under him? If the judge allows the motion, how does it affect the rest of the bankruptcy?

Edit for more questions: 1) Think we'll get a REEEEEEmergency fundraiser? 2) Will MidFirst get to subpoena Phil's spending records for the time since he filed for bankruptcy to try and show that he's got plenty of income that he's still pissing away?

MidFirst wants to lift the automatic stay pausing the foreclosure process so it can obtain title to and dispose of the Conndo. The most likely explanation (which is both boring and benign) is that since it’s a forgone conclusion that he losing the property, MidFirst can go ahead and make that happen. The motion is pretty much boilerplate stating “altruistic“ methods like loss mitigation, but nothing precludes MidFirst from pursuing a deficiency suit either. What’s interesting is that MidFirst has a picture of Phil’s finances from when he pursued the short sale. So I’d like to think option 2 is that MidFirst knows there’s no way in hell that he qualifies for Chapter 7, and will lift the stay and eventually obtain a deficiency judgement. Like @AnOminous said, MidFirst wants every shekel they can squeeze out of Piggy.
It would be awesome if MidFirst motioned for his petition to be dismissed (less likely), but it could motion to convert to Chap. 13 so at least a part of the judgment is collected.

 

[Salubrious]

Just to add--he wanted to refinance, tried to short sell (but the bank didn't go with it), and then he decided to just stop paying on it because he thought the bank would just accept the condo and not come for the difference, even though it was literally tens of thousands of dollars.

April 14, 2019 - DSP's Wedding Reveal/Debunking Podcast

46:47

"I'm going to contact my mortgage company for that condo in Connecticut, and tell them that's it. You know, two years ago I tried to short sell my condo in Connecticut and they denied me, so it's YOUR [the bank's] fault, I gave YOU a chance two years ago I told you I was serious that I didn't have money for this stuff, YOU denied me and now here we are two years later and I owe $17,000 in back taxes that I didn't pay, so YOU'RE [the bank] fucked. You're not getting any more money from me. So you can either just foreclose now and get the property immediately so YOU can sell it again and make money or you can take two years and waste YOUR time, but either way I'm not paying you any more money." ::Shrugs shoulders::


Yes, DSP thought that somehow his failure to pay federal taxes was MidFirst Bank's problem, and since they didn't let him sell the CT condo in 2017 that THEY were the ones fucked. DSP thought he could just stop paying and they would take the condo and DSP could wash his hands of everything. Maybe ding his already low credit score that he didn't give a fuck about.

Because he's a fucking idiot, he didn't think the bank would want the difference between what the bank sold it for in the foreclosure sale and what DSP actually owed the bank.

 

[kiwirevolving]

April 14, 2019 - DSP's Wedding Reveal/Debunking Podcast

46:47

"I'm going to contact my mortgage company for that condo in Connecticut, and tell them that's it. You know, two years ago I tried to short sell my condo in Connecticut and they denied me, so it's YOUR [the bank's] fault, I gave YOU a chance two years ago I told you I was serious that I didn't have money for this stuff, YOU denied me and now here we are two years later and I owe $17,000 in back taxes that I didn't pay, so YOU'RE [the bank] fucked. You're not getting any more money from me. So you can either just foreclose now and get the property immediately so YOU can sell it again and make money or you can take two years and waste YOUR time, but either way I'm not paying you any more money." ::Shrugs shoulders::


Yes, DSP thought that somehow his failure to pay federal taxes was MidFirst Bank's problem, and since they didn't let him sell the CT condo in 2017 that THEY were the ones fucked. DSP thought he could just stop paying and they would take the condo and DSP could wash his hands of everything. Maybe ding his already low credit score that he didn't give a fuck about.

Because he's a fucking idiot, he didn't think the bank would want the difference between what the bank sold it for in the foreclosure sale and what DSP actually owed the bank.

JI wonder if he'd still have the same "tough guy" attitude if he was in front of someone representing the bank

I know he considered himself as some hot shit at SF tournaments, and Phil doesn't strike me as someone who respects someone else's authority

 

[Mr.PiggyOinkOinkOink]

I’m literally horny at the club right now over this new development

 

[Salubrious]

I’m literally horny at the club right now over this new development

You post on Kiwi Farms; you don't go to clubs.

 

[Freshtodeath]

Seattle specifically was due for a housing bubble for some time now.

 

[James Smith]

It would have been in his best interest not to just let a $60,000 condo rot and decay while the debt ramped up to almost twice what it's worth but DSP is a stupid fucker. It would be in his best interest not to do most of the dumb shit he does, but he does anyway.

I mean if he'd made more than the bare minimum of payments on it he might not have ended up underwater, needing credit cards to satisfy his lifestyle, being sued, or needing to declare bankruptcy.