New legal news on ex Olde Main owner

Discussion in 'Off-Topic' started by JP4CY, Dec 5, 2019.

  1. JP4CY

    JP4CY Well-Known Member
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  2. JM4CY

    JM4CY Well-Known Member

    Aug 23, 2012
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    Bold strategy there, Cotton...
     
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  3. ISUAgronomist

    ISUAgronomist Well-Known Member

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    Wow. Wonder how well the family members covered their asses to avoid getting stuck with the bill.
     
  4. KennyPratt42

    KennyPratt42 Active Member

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    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.
     
  5. CYdTracked

    CYdTracked Well-Known Member

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    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.
     
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  6. SCNCY

    SCNCY Well-Known Member

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    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.
     
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  7. VeloClone

    VeloClone Well-Known Member

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

    BoxsterCy Well-Known Member
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    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!"

    :rolleyes:
     
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  9. Cycsk

    Cycsk Well-Known Member
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    Drove down Main Street in Ames today. Sure enough, same truck as in the article was parked in front of the old DG's.
     
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  10. JP4CY

    JP4CY Well-Known Member
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    Should have said you're from Sysco
     
  11. Cycsk

    Cycsk Well-Known Member
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    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.
     
  12. BillBrasky4Cy

    BillBrasky4Cy Well-Known Member

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    When Dahl's was folding in the DSM metro, you can't believe the money they owed their vendors/suppliers...
     
  13. JP4CY

    JP4CY Well-Known Member
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    I think when that all happened they screwed their employees retirement accounts too.
     
  14. JP4CY

    JP4CY Well-Known Member
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  15. simply1

    simply1 Well-Known Member

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  16. Drew0311

    Drew0311 Active Member

    Nov 7, 2019
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    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.
     
  17. CascadeClone

    CascadeClone Well-Known Member

    Oct 24, 2009
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    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.
     
  18. ArgentCy

    ArgentCy Well-Known Member

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    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.
     
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  19. CascadeClone

    CascadeClone Well-Known Member

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    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.
     
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  20. IcSyU

    IcSyU Well-Known Member

    Nov 27, 2007
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    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.
     

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