[26-Mar-2020] Philip's 341 Creditor Meeting - When what should be 5 minutes becomes an eternity.

[Salubrious]

Regular debt’s going to go for 4-7 cents, but you have to remember this is debt already under a chapter 7 bankruptcy. They factor in the risk that its real value is 0 if it gets discharged. I can believe 2.

I didn't realize that. I guess I was misinformed because I've never heard of anything less than 20%.

I can only imagine some pinwheel is going to try to buy that American Express debt ($1128.00) for $20-$30 if it's possible just to say that they have a piece of him. Hell I kind of do, but I'm going to stay on the sidelines and laugh; I don't want my name out there attached to the pigroach.

 

[NotoriousD]

Is there a recording of this call anywhere? I think I'm too late to listen to it.

 

[Salubrious]

Is there a recording of this call anywhere? I think I'm too late to listen to it.

Very first post of this thread; it was added.

 

[Iron Hamster]

Yeah, she's not really at fault here and I feel a little bad for her. Very few people would be dumb enough to lie to their own lawyer during their own fucking bankruptcy. Who would sabotage themselves like that? Only exceptional individuals like Phil. I think she's still pretty much in the dark about the magnitude of fuck up that her client is.

She is absolutely at fault.....she's an attorney. Nancy wanted to know exactly what his business expenses were meaning breakdown of exact expenditures. No way an attorney doesn't know what that means but she also tries to help him hand wave it away.

 

[lavrentiyberia]

Very first post of this thread; it was added.

A big section from the beginning of @nohandsboi's part is missing from that recording, I'm wondering if he or anyone else has a better version, because I could certainly hear him on the conference call live, but I guess the stream couldn't hear him, and we're missing some important stuff.

edit: By important stuff I mean, people coming into this thread who didn't hear the call live seem to be making comments like ‘that guy's an obvious troll and he's going to jail’. If they heard the call live they would have heard his introduction and first few questions which were presented with a flawless professionalism that surely must have given Phil a near-stroke. It took a long time in the course of the questioning for Phil to finally whisper to Rochelle ‘this guy's a detractor!’

 

[myone]

She is absolutely at fault.....she's an attorney. Nancy wanted to know exactly what his business expenses were meaning breakdown of exact expenditures. No way an attorney doesn't know what that means but she also tries to help him hand wave it away.

She's not his accountant. Her job is not to assess Phils financials. She has to advise him on the legalities and consequences of filing bankruptcy and explain the forms to him. If he gives her false information it's not her fault.

 

[The Penultimate Warrior]

A big section from the beginning of @nohandsboi's part is missing from that recording, I'm wondering if he or anyone else has a better version, because I could certainly hear him on the conference call live, but I guess the stream couldn't hear him, and we're missing some important stuff.

DSP tries it: Insulting Valve and full audio from 341 meeting(3/26/2020)

Here is the full audio from DSP's 341 meeting which took place today over the phone and I also included a short clip of some major salt towards Valve because...

www.youtube.com

 

[RouterDump]

She is absolutely at fault.....she's an attorney.

Phil is that you?

 

[lavrentiyberia]

DSP tries it: Insulting Valve and full audio from 341 meeting(3/26/2020)

Here is the full audio from DSP's 341 meeting which took place today over the phone and I also included a short clip of some major salt towards Valve because...

www.youtube.com

At 31:15 you can hear it's the same recording, I'm talking about one that includes the first part of @nohandsboi's questioning

 

[ProvenWrong]

We don't know if she applied even more scrutiny to his case because of his no-show, but she definitely spent by far the most time on his case than any of the other ones scheduled that day. The $5k number is tricky because it shows up twice in Phil's documents: the one we're all interested in is on a form called Monthly Income and Expenses Statement, where it breaks down his business's numbers, and is still unexplained. The other $5k is on his main Bankruptcy Petition, and is broken down into various expenses, groceries, mortgage and tax payments, etc. This is the one Phil and his lawyer were pretending the creditor was asking about and that they had ‘already explained’.

I'll just show some screenshots of how those numbers fit together:

From the Monthly Income and Expenses Statement we get an average monthly net income of $3,990.69

View attachment 1205015

That is his average monthly income from the last 6 months ($9,234.53) minus his unexplained average business expenses ($5,243.84).

He takes the average net income and adds it to Kat's ($1,087.23) on the Bankruptcy Petition's Schedule I: Your Income section:

View attachment 1205017View attachment 1205018

So he now has $5,077.92, from which he subtracts another $5k number, in the Schedule J: Your Expenses section:

View attachment 1205020View attachment 1205019

to reach the famous negative 35 dollars per month income.

Thank you so much. I truly appreciate it - I will read it in more detail when I'm home from work. Quick question - if it's answered in the documents you can disregard this question. Didn't Phil say his wife isn't joining him in the bankrupty, so why add Kat's income?

 

[King of Not Playing Games]

Even reading the transcript gives me second-hand sweats. I hope I never have to deal with someone probing my finances with the skill of an expert proctologist.

 

[lavrentiyberia]

Thank you so much. I truly appreciate it - I will read it in more detail when I'm home from work. Quick question - if it's answered in the documents you can disregard this question. Didn't Phil say his wife isn't joining him in the bankrupty, so why add Kat's income?

In the preceding sections he states that Kat is living with him but not filing with him, so her information is in there as a ‘non-filing spouse’

 

[Comma]

At 31:15 you can hear it's the same recording, I'm talking about one that includes the first part of @nohandsboi's questioning

Currently the only version out there is the one that was streamed on Twitch, so if that one is missing stuff, you'll have to wait for the official recording from the court to be released.

 

[dsflfdsl23012]

The detractors know more about Phil's finances than he does.

Edit: Anyone else agree about how unprofessional Phil sounded throughout the whole call? "Uhmm", "off the top of my head", "oh boy"

"Charitable contribution" And the restaurant analogy was just fucking gold dust

Edit #2: He doesn't even know if his business is a corporation or a sole proprietorship, "I guess it's a proprietorship".

Dude is dumb as fuck but very crafty. He knows what he's doing. Which is why he's playing the "golly gee whiz let's see umm" game. He knows he fucked himself. He knew has soon as his documents got released and everyone started punking on him. This is him trying to damage control as much as possible. The next time he ends up in court, chances are he gets grilled and hopes he gets off on a technicality. "I'm not a lawyer! Look at the TRANSCRIPT! I said phrases like 'off the top of my head', ' APPROXIMATELY', I wasn't intending to commit perjury. I'm just an average joe gamer dude trying to run my own business. I don't know all the legal terms and stuff. I just added everything up and let my lawyer handle it. I'm being honest and transparent "

 

[lavrentiyberia]

Currently the only version out there is the one that was streamed on Twitch, so if that one is missing stuff, you'll have to wait for the official recording from the court to be released.

Totally forgot about that, yeah I'll be looking forward to that

 

[Pepper Jack]

Also, he does grocery shopping once a week, is it possible he racks up $300+ bills because he is dropping hundreds on itunes gift cards to try and hide his addiction? At the end of the day he is going to have show where the bulk of his money goes (Scopely's pocket) and he may have no way too which is only going to screw him more.

The problem I have with the giftcard theory is that Khet goes with him (pre-Wuflu) every week to the store. I would suspect that Kathy would not approve of him buying hundreds of dollars of iTunes giftcards a week.

Pigroach's Razor - Never attribute to effort that which is adequately explained by total laziness.

He uses his PayPal debit card to buy his sweaty oily virtual men and Nancy will see this when she gets those statements.

 

[dsflfdsl23012]

WHOW guys. Even in my most optimistic thinking, I did not expect this 341 meeting to go so poorly for Phil. This was unbelievably bad on so many levels. More on that later.



Yes, and Phil screwed himself over here. Later on when the "Citibank guy" asked him about it, he said "middle of 2019" he doubly screwed himself. I think Nancy has a case that anything he spent on CC after April 2019 is going to be non-dischargeable.

Nancy clearly doesn't buy Phil's own assessment of his property. "your testimony then that the business machines that we went through that you indicated were all business assets, such as your-your various Playstation machines, if you were to liquidate those the value would be $1,500 ". In other words, "do you really expect me to believe that?". And Phil didn't help himself when he kept saying things were "old" because it just reinforces the fact that he knows they are worth more than $1,500. And he really didn't help himself when he said he uses it all exclusively for business, and has no personal property whatsoever. Like, could you be any more full of shit, Phil?

And for the business expenses. Nancy received some kind of worksheet from Phil with "various columns" that she couldn't make heads or tails of. Phil has the burden of proof to show his business expenses really are for the business. If she doesn't understand the accounting of it all, she isn't going to just take his word for it. She's going to look for real, specific, costs of things. And since Phil doesn't even have a separate business bank account, Nancy can just assume everything that isn't obviously a business expense (like Business Class internet) is personal. Microtransactions aren't going to fly, Phil, especially if they are purchased using a personal checking account/debit card.

Oh, and notice how he preemptively threw his tax attorney under the bus here... just in case things go south, his tax attorney said it was okay to write off those things as business expenses.

This whole meeting was an absolute goldmine of Phil's flailing bullshit. "Around" this much, "about" that time. No specificity. This is Phil's M.O. He doesn't give details because its "none of your business", but in reality, its because he's lying. If Phil wanted any chance to get this bankruptcy through, he should have been very clear and concise with Nancy and known all the answers to the questions. He did the exact opposite. Sorry Phil, but confusing the hell out of your Trustee isn't going to make your case any better. She's not a wheelchair, like most of your fans.

But why would Phil lie when he's a positive, true and honest mature intelligent adult human being with a business degree who understands how the real world works?

 

[the khat quaffer]

There's something so innately hilarious whenever our boy Philbert has to go outside his manchild mansion bubbled lifestyle. Every single time he does, he's emasculated and looked down on.

Remember when trolls called in to some radio station, requesting the song Baby Come Back by Player? Timestamp is 18:59. The radio DJ was reading the request as it came in, then paused when he read the requestor's name. 'Darksydephil.' He muttered something about how fucking stupid kids are.

Remember when he got swatted? One of the cops could be heard asking what this was all about, to which another cop said, 'fucking gamer shit.' (Allegedly. Don't have the clip.)

This 341 meeting. Every other person that had a meeting that day had actual big boy problems in their life. One has a fucking yacht. Another has a $1.5 million house in latin america. And Phil? When it comes to Phil, the trustee is asking about a fucking xbox. His Wii U. His playstation pro(s). Playstation Vitas. His TVs. Again, kiddy shit. It's like a grownup telling a child 'no xbox until you clean up your room.'

Everywhere Phil goes outside his bubble he's just seen for what he is: a manchild. It's hilarious. He has literally no clout or respect in this world.

 

[dsflfdsl23012]

There's no legal obligation but it makes your book keeping hellish and expensive because now either you or a book keeper have to record every transaction in your account. A second account costs a few bucks a month and banks will usually let you make sub accounts. Literally just something to sort one kind of money from another. If you run any kind of business without its own account you're either naive or exceptional.

Or just roll the dice like DSP and claim everything is a business expense.

 

[Third_World_Detractor]

Everywhere Phil goes outside his bubble he's just seen for what he is: a manchild. It's hilarious. He has literally no clout or respect in this world.

Are you saying Phil is too exceptional for this world?