Hi Jeff,
A default judgment... So, basically plaintiffs get whatever they asked for, presuming their legal team filed proper paperwork backing up the dollar amount of their claim(s). Since no one from the other side contested the lawsuit or any aspect of the case, the plaintiffs win by default. However, the defendants can appeal (presuming they have good reasons to do so) and the judgement could be set aside, or reduced, or overturned or eventually upheld.
Presuming that the defendants don't appeal, plaintiffs still have to collect on the judgement, and I doubt that any of the defendants has anywhere near a 9-figure net worth. I note that the court makes mention of some possible assets in southern California and the state of New York. Defendants like this group generally don't keep assets in their own name(s), specifically so that the assets cannot be claimed in an adverse court decision. I wouldn't at all be surprised to learn that their assets (if any) are tied up in some sort of trust, or mortgaged to the hilt (or otherwise used as collateral for debt) or owned by some other third party or whatever... In other words, no net worth... And I wouldn't be surprised by a bankruptcy filing by one or more of the defendants, simply to keep any assets hung up in bankruptcy court and away from any possible claim by the plaintiffs...
I also presume that the other entities (Whitecliff Investment Fund and Shoreline Securities) mentioned are worthless or near worthless.
And I am left to ponder just how the plaintiff's attorneys will be compensated for whatever work they performed, presuming that the defendants have no real net worth...
Hmmm...
KJC |
