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

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Sir Wesley Tailpipe said:
Phil was already in trouble, made clear by being held to go last and grilled like he was, but he put his own head though the noose with that shit. Bankruptcy hearings are about answering to the trustee and any creditors who decide to attend, to account for how the debt became unmanageable. Phil offering to answer the question only off the official record like that is borderline contempt of court and really makes it look like he’s being totally dishonest.
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I agree. I don't understand how he's not succumbed to full panic about his situation. The poor man must be delusional or not realise how bad things are because I think if the reality had hit him he wouldn't be able to hide it on his stream, and would be in hardcore begging mode.

Part of me hopes that when things don't go his way, he will end up ranting about the court or the process (as he has for others who have/had power and won't bend to his will, like youtube or machinima) which would be contempt of court or defamation territory (lawyers are the last people you should defame, particularly while he still has his WAkhando). He's a weak, self-indulgent coward who briefly feels big and bold when he has a few viewers watching him play video games, so there's a high likelihood that will happen.
 
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Coldbeyond said:
View attachment 1211510














Here is the courtroom's audio copy of the hearing.
Now with 100% more note-taking.
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file won’t play for me, anyone got a YT link?

also, mark me late but I think I know how Nancy, the Hero of this Quest might have been tipped off about the Kahnsoles.


Reporting Debtor Fraud

If you believe that a debtor is being untruthful in a bankruptcy case in this district, call or write the United States Trustee's Office at (206) 553-2000. You can also send an email to the U.S. Trustee's Fraud Hotline at USTP.Bankruptcy.Fraud@usdoj.gov. For more information, visit the U.S. Trustee's website.
 
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What strikes me in this situation, is that with his monthly income, is that it was not completely unsalvageable for Phil.

If he could somehow downsize from his primary residence, short sell the Condo and consolidate his unsecured loans he could probably bring his monthly interest down to something a lot more manageable.

If he then over pays on the debts each month he can start seriously eating into reducing them over time.

But no I gotta keep the house dood
 
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behind_the_scenes_begging said:
I agree. I don't understand how he's not succumbed to full panic about his situation. The poor man must be delusional or not realise how bad things are because I think if the reality had hit him he wouldn't be able to hide it on his stream, and would be in hardcore begging mode.

Part of me hopes that when things don't go his way, he will end up ranting about the court or the process (as he has for others who have/had power and won't bend to his will, like youtube or machinima) which would be contempt of court or defamation territory (lawyers are the last people you should defame, particularly while he still has his WAkhando). He's a weak, self-indulgent coward who briefly feels big and bold when he has a few viewers watching him play video games, so there's a high likelihood that will happen.
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He’s been in contact with Jeff behind the scenes who will swoop in at the last minute and be supreme sugar daddy and save Phil.
 
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Mr E. Grifter said:
What strikes me in this situation, is that with his monthly income, is that it was not completely unsalvageable for Phil.

If he could somehow downsize from his primary residence, short sell the Condo and consolidate his unsecured loans he could probably bring his monthly interest down to something a lot more manageable.

If he then over pays on the debts each month he can start seriously eating into reducing them over time.

But no I gotta keep the house dood
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That’s why any form of bankruptcy was unlikely to begin with, even before his behaviour has triggered the mandatory investigation that will end in his claim being rejected. There was simply no reason for his debt load to be so high, and less reason for him to default with his current income, let alone his income prior to it declining.

He never tried to pay his debts. He fucked up on taxes so bad that it doesn’t pass a cursory look when coupled with the bankruptcy, and his expenses are not just high, but ridiculous given his actual output. It isn’t like he’s flying in A-list actors to be on his streams, and he didn’t exactly build a state-of-the-art home studio, so where, precisely, the fuck did all that money go? He may have a lot of junk that cost a lot of money, but not nearly enough to explain away his spending.

Phil thought he’d outsmarted the system, and that bankruptcy was instant and painless.

It’s always fun when the guy who thinks he’s the baddest on the block gets beaten within an inch of his life, and the court is about to kick Phil so hard his great grandpa’s balls will be bruised.
 
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BallBuster said:
A thought: he claims he realized he was insolvent in October, but he flat stopped/refused to pay his CT Mortgage in April. That’s 5+ months prior. Soooooo doesn’t that kind of directly contradict his answer of October?
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If someone sends the link to the first video of him saying he’s defaulting to the trustee via that tip line email, he’s fucked. But even without that, I really don’t see how he can manage to qualify for even Chapter 13. Between his record-keeping deficiencies(to be VERY kind), and his attitude, he pretty much blew his gout-riddled foot off already.
 
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BallBuster said:
A thought: he claims he realized he was insolvent in October, but he flat stopped/refused to pay his CT Mortgage in April. That’s 5+ months prior. Soooooo doesn’t that kind of directly contradict his answer of October?
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The moment this is brought up is probably the moment Phil tries to IRL lean-in manual ban someone.
 
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BallBuster said:
A thought: he claims he realized he was insolvent in October, but he flat stopped/refused to pay his CT Mortgage in April. That’s 5+ months prior. Soooooo doesn’t that kind of directly contradict his answer of October?
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That was the period Phil and his mom came to the brilliant conclusion that he should just stop paying the mortage and let them foreclose, as if it was still 2008 and a bank like Midfirst wouldn't come after him for the deficiency.
 
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Mr E. Grifter said:
What strikes me in this situation, is that with his monthly income, is that it was not completely unsalvageable for Phil.

If he could somehow downsize from his primary residence, short sell the Condo and consolidate his unsecured loans he could probably bring his monthly interest down to something a lot more manageable.

If he then over pays on the debts each month he can start seriously eating into reducing them over time.

But no I gotta keep the house dood
Click to expand...
If Phil had the financial sense and personal responsibility to do this, he wouldnt have gotten into this situation in the first place. Responsible people dont have 14 loaded credit cards, 2 mortgages; one of which is an empty condo that has had no rent income for almost a decade, or spend $4K a month on sweaty muscle men JPEGs.

More to the point, a responsible creator would not only be far more successful with Phil's happenings then phil himself, they never would have moved to WA and bought a condo in the first place.
 
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coffeepencil said:
Apologies if someone already pointed this out up above and I'm not a lawyer so whoops if I'm wrong, but the absurd amount of money Phil is claiming in business expenses isn't on the Bankruptcy Petition like they were talking about in this meeting, but on his Monthly Income and Expenses Statement (the Official Form 122A-1 under Part 1, #5). Unless I'm misunderstanding what it means, he's saying $5,243.84 is the "ordinary and necessary operating expenses" per month.

He weaseled out of it this time, but it'd still be pretty funny to see him to trying to justify that.
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That was the preliminary hearing, so he didn’t have to go into full detail unless specifically asked to.

If, and that’s a huge fucking “if” at this point, he manages not to just have his claim rejected for failing to meet the criteria for bankruptcy, he will have to provide detail to the last penny for EVERYTHING, and be facing criminal charges if he omits anything. He is past the point of being able to hide anything, but his case fails every criteria for any form of bankruptcy. He clearly had the means to pay his debts and chose not to, and has been caught reporting inaccurate numbers and categorizing and claiming his expenses inappropriately.

These falsified claims are legally required to be investigated by the IRS because padded expenses indicate tax fraud at the least and tax evasion at the worst. Phil has outsmarted only himself, and courts don’t take kindly to “smart guys” like Phil.

Accounting is brutal honesty, the law is uncaring. Bankruptcy brings the two together in a Reese’s cup of suck for anyone going through it co-operatively, and it’s immeasurably worse for people who try to game the system, as they always get caught, and the process is almost as painful for a cheat as their inevitable punishments.

behind_the_scenes_begging said:
I agree. I don't understand how he's not succumbed to full panic about his situation.
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The combo of ego and ignorance, coupled with narcissism, can seriously turn people into the “This is fine” dog.


Come to think of it, someone needs to shop ol’ Phil’s head into that comic
 
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Sir Wesley Tailpipe said:
If someone sends the link to the first video of him saying he’s defaulting to the trustee via that tip line email, he’s fucked. But even without that, I really don’t see how he can manage to qualify for even Chapter 13. Between his record-keeping deficiencies(to be VERY kind), and his attitude, he pretty much blew his gout-riddled foot off already.
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I guess I posted in another thread but I will roar if Midfirst has a copy of that video and uses it as evidence in court. PPHead will finally be famous for realz.
 
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