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

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You're forgetting there's a non-zero chance the number means nothing and he's making stuff up.
Phil seems to understand the actual process of bankruptcy about as well as Michael Scott did on The Office.

I’m amazed at how he seems totally caught off-guard by having any questions asked about his numbers, as if he expected a rubber stamp immediately instead of having to prove concretely that he is really insolvent according to law.
 
Two, he has two of these internet lines, because he can't possibly stream on one while someone in the house is watching netflix.
I think the other internet line is regular.

It's so stupid for Phil to have a business line, btw. The only benefits are that the line stays up with backup in emergencies like when you lose power, and I guess better customer service. Phil can't stream if he loses power and he's terrified of calling anyone. Along with only needing one line, streaming isn't that intensive and it's not 2006 DSL anymore.
 
You're forgetting there's a non-zero chance the number means nothing and he's making stuff up.

Oh, for sure the $9000 number was bullshit. I'm just amazed at how bullshit. It's not like he fudged an extra $1000 or $2000. It seriously looks like he added about $6000-$8000 on to it. And that strongly suggests that even his lower numbers (like the month that was around $3000) are also over-exaggerated, which is nuts too.
 
I think the other internet line is regular.

It's so stupid for Phil to have a business line, btw. The only benefits are that the line stays up with backup in emergencies like when you lose power, and I guess better customer service. Phil can't stream if he loses power and he's terrified of calling anyone. Along with only needing one line, streaming isn't that intensive and it's not 2006 DSL anymore.

Ahh you're right
 
Did Phil submit 1 months of paypal records for 1 or 2 accounts?

Did she ask for 6 months for 1 or 2 accounts?

These two things bug me. 1 month of 1 account (twitch, youtube, patreon, teespring etc) means hes hiding things. 1 month of 2 accounts means he may have done some financial finagling to make the second account look 'ok' (made legitimate expenses, no sweaty pixels) but Phil is not disciplined, at all, to not splurge on sweaty pixels FOR 6 MONTHS.

To tie into this, he had that initial meeting in October, roughly 6 months. If the trustee asked for 12 months both accounts and last years and this years taxes then he is 100% fucked. Anything short of that he has a chance, albeit very slim, to pigroach his way out.
 
I should probably clarify that I'm not mocking you. I just tallied up how much he spent in July on games (when his "expenses" were just over $9000), and it was $170.

Edit: Fuck it, I'll just go ahead and put up the numbers I've come up with.

These are the business expenses I've come up with for Phil during July 2019. He claimed total expenses of $9,086.95 for the month on his Income and Expenses form.

Games Purchased:

Wolfenstein: Youngblood ($30)
Marvel Ultimate Alliance 3 ($60)
Dragon Quest Builders 2 ($60)
Stranger Things 3: The Game ($20)

Total = $170

Equipment:

Hori gamepad (gifted by grazydream)

Total = $0

State B&O (assuming $1800 a year = $120,000 gross income): $150
2019 Federal Tax Payment (assume he's saving monthly for the quarterly payments): $1500
Internet Line: $200 (one is for personal and should not be claimed)
Equipment Maintenance: $0
XBox Live Membership (annual divided by 12): $5
PSN Membership (annual divided by 12): $5
Nintendo Switch Online (annual divided by 12): $1.67

Total = $1861.67

THINGS LISTED IN PERSONAL EXPENSES:

WA mortgage (in full)
Utilities (probably in full)

Total = $2,037.67

So here's the thing. He can't claim the entirety of the federal tax he has to pay. He can only claim the "employer" portion of it. I have no idea how to calculate that (and neither does he), so I just listed the whole amount. In addition, he listed the entirety of his mortgage payment in the personal expenses, so unless he's stupid enough to be double-dipping on it, he isn't claiming that. Similarly, his electricity/water/sewer amounts seems to be roughly the full amount. He hasn't bought any equipment since early 2019 (the PS4 Pro and TV). He only "premiered" the 4 games listed during the month of July. He potentially purchased Mario 64 on WiiU, but he also received at least $55 in Nintendo store credit during July 2019 as well (the 12th and 18th, according to the wishlist). He was also gifted a Hori controller by grazydream to play Mario Maker 2. This was the controller he immediately bitched about.

So my question to anyone reading this: what am I forgetting? I'm $7000 off from what he claimed. Obviously, he's probably trying to claim the WWE Champions microtransactions (@BT9494 and @tzgnilki, were there any big events going on then?), but I feel safe saying he didn't drop $7000 on it. Someone tell me what I'm getting wrong on this, because I honestly expected to get a little higher.

I think you could be missing HOA fees for both properties, it doesn't look like his HOA fees for CT were left unpaid, I can't remember exactly how much it is but he has spoken about it in the past, maybe $3-400

and maybe he was severely behind on his WAkahndo mortgage at that time, and has since caught up, his dumbass being behind on WA mortgage payments could explain the missing $7,000, need to remember it was only 3 months after he decided to stop paying the CT mortgage

even though he shouldn't be claiming them 100% as a business expense, I believe he's stupid enough to tell his tax guy that he "runs his business from home", and the tax guy believes it's more than just one small bedroom/office



now about WWE champions in July 2019, he wasn't in the Uselessness guild at that time so there's no discord flexing, he joined August 2019, which is suspicious timing, cause to get into that guild, you need to be fully whaled

events in July 2019, 7 events with 15+ unique NEW wrestlers

C78767A5-F0F8-4A4F-A945-3C3A0980C386.jpeg
 
he listed the entirety of his mortgage payment in the personal expenses, so unless he's stupid enough to be double-dipping on it, he isn't claiming that. Similarly, his electricity/water/sewer amounts seems to be roughly the full amount.

He told the trustee that he doesn't have a personal cell phone. On his schedule J he listed $160 for a cell phone. So yes, he's double-dipping, on the mortgage, utilities, and cell phone at a minimum.

No mention of an Internet connection, so he forgot to double-dip that one.

Did Phil submit 1 months of paypal records for 1 or 2 accounts?

Did she ask for 6 months for 1 or 2 accounts?

From the testimony, it was 1 month of 1 account (quote from Nancy: You've provided me an copy of your PayPal account for one month, I would like to see the last six months of both of your Paypal statements).

She saw Twitch and YouTube deposits on there, and previously Phil said he set up a separate account just for tips. Nancy hasn't seen the one with all his tips and WWE Champions purchases. Yes, he tried to hide that. With 6 months of history going back to July, there's no way he's finagled those numbers in his favor. He probably only provided January 2020 expecting only to need 1 month of statements.
 
I should probably clarify that I'm not mocking you. I just tallied up how much he spent in July on games (when his "expenses" were just over $9000), and it was $170.

Edit: Fuck it, I'll just go ahead and put up the numbers I've come up with.

These are the business expenses I've come up with for Phil during July 2019. He claimed total expenses of $9,086.95 for the month on his Income and Expenses form.

Games Purchased:

Wolfenstein: Youngblood ($30)
Marvel Ultimate Alliance 3 ($60)
Dragon Quest Builders 2 ($60)
Stranger Things 3: The Game ($20)

Total = $170

Equipment:

Hori gamepad (gifted by grazydream)

Total = $0

State B&O (assuming $1800 a year = $120,000 gross income): $150
2019 Federal Tax Payment (assume he's saving monthly for the quarterly payments): $1500
Internet Line: $200 (one is for personal and should not be claimed)
Equipment Maintenance: $0
XBox Live Membership (annual divided by 12): $5
PSN Membership (annual divided by 12): $5
Nintendo Switch Online (annual divided by 12): $1.67

Total = $1861.67

THINGS LISTED IN PERSONAL EXPENSES:

WA mortgage (in full)
Utilities (probably in full)

Total = $2,037.67

So here's the thing. He can't claim the entirety of the federal tax he has to pay. He can only claim the "employer" portion of it. I have no idea how to calculate that (and neither does he), so I just listed the whole amount. In addition, he listed the entirety of his mortgage payment in the personal expenses, so unless he's stupid enough to be double-dipping on it, he isn't claiming that. Similarly, his electricity/water/sewer amounts seems to be roughly the full amount. He hasn't bought any equipment since early 2019 (the PS4 Pro and TV). He only "premiered" the 4 games listed during the month of July. He potentially purchased Mario 64 on WiiU, but he also received at least $55 in Nintendo store credit during July 2019 as well (the 12th and 18th, according to the wishlist). He was also gifted a Hori controller by grazydream to play Mario Maker 2. This was the controller he immediately bitched about.

So my question to anyone reading this: what am I forgetting? I'm $7000 off from what he claimed. Obviously, he's probably trying to claim the WWE Champions microtransactions (@BT9494 and @tzgnilki, were there any big events going on then?), but I feel safe saying he didn't drop $7000 on it. Someone tell me what I'm getting wrong on this, because I honestly expected to get a little higher.
2019 FICA is 7.65% of his income for the portion his business pays, Phil is personally paying 15.3% as he has to pay both the employee's and employer's portion due to being self-employed. That is if he was actually making his Estimated Income Tax payments monthly, and it doesn't sound like he's been paying them this year either.
 
From the testimony, it was 1 month of 1 account (quote from Nancy: You've provided me an copy of your PayPal account for one month, I would like to see the last six months of both of your Paypal statements).

She saw Twitch and YouTube deposits on there, and previously Phil said he set up a separate account just for tips. Nancy hasn't seen the one with all his tips and WWE Champions purchases. Yes, he tried to hide that. With 6 months of history going back to July, there's no way he's finagled those numbers in his favor. He probably only provided January 2020 expecting only to need 1 month of statements.

Thanks for that clarificarion. In my opinion that puts chapter 7 at a 0% chance of succeeding. Chapter 13 is much more likely but throwing it out would be quute likely at this stage

Could we have a poll?
Q. What do you think will happen?
A. Chapter 7
B. Chapter 13
C. Dismissal
Or even
D. Suicide
 
Ok I am watching Ozarks Season 3 and it made me think that Paul is nowhere smart enough to hide money, trick the government, or even photoshop numbers the right way. I think Paul thought he was like that guy with the yacht in the 341 meeting, and thought it was "fucking easy" to trick the courts. I feel like Paul is done for with the paypal statements and the fact the trustee smelled BS all the way from Connecticut makes me believe the pig is about to be roasted.
 
So my question to anyone reading this: what am I forgetting? I'm $7000 off from what he claimed. Obviously, he's probably trying to claim the WWE Champions microtransactions (@BT9494 and @tzgnilki, were there any big events going on then?), but I feel safe saying he didn't drop $7000 on it. Someone tell me what I'm getting wrong on this, because I honestly expected to get a little higher.


I havent seen anyone mention the possibility that he is claiming at least some of his credit line payments as busienss expenses. He at least once described one or more line of credit as business loans. Could he be saying $X of business loans is a monthly business expense? Like if he says $3k of monthly loan/credit payments are business expenses that would get him to that number. The thing is, he is trying to discharge these same loans/lines of credits in is personal bankrupcy so that wont fly if she digs into it. Everything phil buys / puts on credit is a business expense so wouldnt it just make sense his payments for them is a business expense too (in his head). Of course this is like triple dipping but its phil.

i think its more likely the gacha is what the expenses are, he was so relieved when he realized the lady said network after wwe, he did the whole can you repeat the question thing because he was so nervous and freaking out. I am concerned nancy will see the itunes payments or whatever its going to look like on his bill, say ok that is gaming purchase and just over look it. She is a boomer who has no idea how much it costs to do "on demand content production" and its why phil made it sound so autistic, because he wanted to make it sound like its expensive(expenses) to do.

One good thing is that when citiguy pressed the last time on the business expenses nancy said something like "i understand waht you mean do you have an explanation mr burnell " like maybe she really got it at that point, and phil just did his repeat thing he does.

this is too much fun. i was like done with phil since the summer but the writers never rest, big ups.
 
Just got around to watching the Rekieta stream, he has some good facial reactions. That aside, Phil really doesn't know what the fuck he's getting himself into. I mean sure, it's obvious he doesn't know how shit works (Paypal isn't a bank, etc). He isn't going to get one over on them and he should fucking know this. Yeah, all the people before him had real life adult situations, meanwhile he has half a dozen income avenues and plays videogames; but he's not going to be able to millenial his way through the courts. Even if the court is full of boomers who don't know where the internet is stored, he fucking lives in Seattle. It's a fucking tech hub with a shit-ton of streamers and shit. All one of these people need to do is go to the bar after court, complain about this dumb-fucking deadbeat talking all this shit they don't understand, and their buddy will say "Oh yeah? My kid/friend/etc streams and shit, let's ask him." You don't even need 5 ways to Kevin Bacon your way to info. Or, they can just go the source; say they're the law and get whatever the fuck they want.
 
I think you could be missing HOA fees for both properties, it doesn't look like his HOA fees for CT were left unpaid, I can't remember exactly how much it is but he has spoken about it in the past, maybe $3-400

and maybe he was severely behind on his WAkahndo mortgage at that time, and has since caught up, his dumbass being behind on WA mortgage payments could explain the missing $7,000, need to remember it was only 3 months after he decided to stop paying the CT mortgage

even though he shouldn't be claiming them 100% as a business expense, I believe he's stupid enough to tell his tax guy that he "runs his business from home", and the tax guy believes it's more than just one small bedroom/office



now about WWE champions in July 2019, he wasn't in the Uselessness guild at that time so there's no discord flexing, he joined August 2019, which is suspicious timing, cause to get into that guild, you need to be fully whaled

events in July 2019, 7 events with 15+ unique NEW wrestlers

View attachment 1208163

DX nd nWo event?

He 1000% whaled on some crotch chop rasslers and some Hulk Hogan and friends.

He really needed that DX Triple H dood.
 
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