New legal news on ex Olde Main owner

[JP4CY]

Whoa, this guy is spiraling more than I thought:
http://iowainformer.com/ames/2019/12/court-rules-scott-griffen-olde-main-owe-sysco-more-than-200k/

 

[JM4CY]

Bold strategy there, Cotton...

 

[ISUAgronomist]

Wow. Wonder how well the family members covered their asses to avoid getting stuck with the bill.

 

[KennyPratt42]

Met Judge Moore at the capitol this last session. Came away very impressed with her and am glad to have her on the bench in Story County.

 

[CYdTracked]

We have another Marty Tirrell situation unfolding here? Amazes me how some guys can get away with screwing over people for so long before things finally come back to bite them.

 

[SCNCY]

We have another Marty Tirrell situation unfolding here? Amazes me how some guys can get away with screwing over people for so long before things finally come back to bite them.

It doesn't seem like all his legal troubles are biting him yet. He didn't care enough to show up to a court hearing with him being a defendant. He knew it was today, he just ignored it.

I see this story ending in two ways. 1) He sell what ever he has of value (assuming he doesn't have liens placed on his stuff yet) and running to another state or country. 2) He lives life up now and declares bankruptcy later.

 

[VeloClone]

Wow. Wonder how well the family members covered their asses to avoid getting stuck with the bill.

Yeah, that $1.5 million they sold the property for will start to look pretty tempting to his creditors.

 

[BoxsterCy]

We have another Marty Tirrell situation unfolding here? Amazes me how some guys can get away with screwing over people for so long before things finally come back to bite them.

What amazes me is the companies/businesses that allow customers to get that far into debt to them, especially in the go out of business regularly restaurants trade.

"Yeah, I know Acme Cafe owes us $50K but they say they will pay us back the sixth Tuesday of December if we just extend them another $150K. Lets do it, I don't wanta lose that $50K!"

 

[Cycsk]

Drove down Main Street in Ames today. Sure enough, same truck as in the article was parked in front of the old DG's.

 

[JP4CY]

Drove down Main Street in Ames today. Sure enough, same truck as in the article was parked in front of the old DG's.

Should have said you're from Sysco

 

[Cycsk]

Should have said you're from Sysco

From what I hear, he is there every day. Seems like creditors that want to find him would be able to do so, but apart from mob tactics, it doesn't seem like there is much they can do.

 

[BillBrasky4Cy]

What amazes me is the companies/businesses that allow customers to get that far into debt to them, especially in the go out of business regularly restaurants trade.

"Yeah, I know Acme Cafe owes us $50K but they say they will pay us back the sixth Tuesday of December if we just extend them another $150K. Lets do it, I don't wanta lose that $50K!"

When Dahl's was folding in the DSM metro, you can't believe the money they owed their vendors/suppliers...

 

[JP4CY]

When Dahl's was folding in the DSM metro, you can't believe the money they owed their vendors/suppliers...

I think when that all happened they screwed their employees retirement accounts too.

 

[JP4CY]

Defending himself
https://www.kcci.com/article/former-olde-main-owner-charged-with-three-felonies/30635351

 

[simply1]

Defending himself
https://www.kcci.com/article/former-olde-main-owner-charged-with-three-felonies/30635351

Gotta pay that sales tax

 

[Drew0311]

Honestly every pic I see of him he looks like a homeless guy. Also, said he is representing himself in court. That's good for the folks he screwed over. Def Jail time.

 

[CascadeClone]

"Yeah, I know Acme Cafe owes us $50K but they say they will pay us back the sixth Tuesday of December if we just extend them another $150K. Lets do it, I don't wanta lose that $50K!"

That's true, but if you cut them off, then they very likely WILL go down, and you are never getting paid back. They can't make any money to pay you back, without food to sell. Really tough situation.

 

[ArgentCy]

That's true, but if you cut them off, then they very likely WILL go down, and you are never getting paid back. They can't make any money to pay you back, without food to sell. Really tough situation.

No, as a small business owner that is not a tough decision. Cut your losses as SOON as you know there is a problem. 99% chance your only going to dig a deeper hole.

 

[CascadeClone]

No, as a small business owner that is not a tough decision. Cut your losses as SOON as you know there is a problem. 99% chance your only going to dig a deeper hole.

Once you've decided they are going under, yes, its easy, cut your losses.

But the calculus on 100% chance to lose $50k, versus a ??% chance to lose $100k if you allow credit... that's more guess work and gut feel.

 

[IcSyU]

Once you've decided they are going under, yes, its easy, cut your losses.

But the calculus on 100% chance to lose $50k, versus a ??% chance to lose $100k if you allow credit... that's more guess work and gut feel.

And your "true" cash loss isn't the $50k...it's your cost. I'm guessing everything is at least 100% markup so you're truly losing $25k and not $50k.