BJS Kids & Family Trust : A Research Thread

[RebellionSparkles]

a helpful resource in explaining trusts...the part about the life insurance trust might be relevant down the road.

https://www.legalnature.com/guides/how-can-business-owners-use-trusts-to-their-advantage#life-insurance-trust:~:text=expect to appreciate.-,Life Insurance Trust,-If your business

[Steel Magnolia]

1 hour ago, RebellionSparkles said:

This makes sense! In the WEG lawsuit, Johnny Wright was paid from the SJB Trust--meaner or LFB said that SJB was used for paying expenses to employees throughout the CON despite all these new corps being created.

So it doesnt matter what the name of the corp is (BTI, Atara)...the money is always coming from SJB Trust.

Is this where the (purposeful) confusion with the term "net cash" comes in to play?

For example...

Ingham's weekly payments from Tri Star...Did those come out of the SJB or the "estate"?

And who got to determine which pot of money it came out of? Is this Wallet or Tri Star?

[RebellionSparkles]

2 hours ago, Steel Magnolia said:

Is this where the (purposeful) confusion with the term "net cash" comes in to play?

yes - asset transfers are at the heart of the purposeful confusion of "net cash" over net income--does this directly related to WEG or other lawsuits? maybe. but we have no idea.  Following the "net cash" explanation in the court docs is a rabbit hole that leads no where. I think the alt accounting starts by 2010, but it could have started earlier.

The point of the confusion is to obfuscate what money inflow is due to earnings and the amount due to asset transfers into the CON. There is also confusion about what expenses are reported to the court versus just reduced from the top line.

For ex: If B made $10M (income) and had $1M in security expenses, the CONs could could have reported $9M ($10M-$1M) "net cash" and $0 security expenses.

^^And then once you add the extra dimension of complexity of asset transfers in/out of the CON, there are an infinite number of ways to report acct value.  Say B made $10M (income), Transferred $10M of BTI into the CON, and had $1M of security expenses...the reported top line could be any number from -$1M to +$21M

[RebellionSparkles]

3 hours ago, Steel Magnolia said:

And who got to determine which pot of money it came out of? Is this Wallet or Tri Star?

probably the Geryls mostly...but this is after the fact cleaning up the Cons mess.  

IMO, the recipe for who decides which corp money/fund to use is ~5 parts Geryls, 2 parts Wallet, 1.5 parts Larry, 1.5 parts Tri Star

B/C it seems like there are only a few pots of money but lots of corporation names. So my guess is the lawyers do a reconciliation at the end of the year to say "this expense needs to be filed with Atara, BTI, Denali, etc etc." but the Amex bill is prob always getting paid out of the SJB Trust...the account is just associated with different corporate names over time.

[Ghoulia]

7 hours ago, Applejack said:

I know it's minor, but just want to add this: I think the deceased filing was just an error on the lawyers' part. Notice how they got the judge and courtroom wrong as well. I think they were just copying and pasting and forgot to update these fields.

What's creepy is that Britney's estate was involved in a legal proceeding that's usually reserved for deceased people, but...that's not new.

So you were totally correct. Here's the whole document https://drive.google.com/file/d/1w29vk6cMZ8tDgSHjO39jLl-6uISr9QWJ/view?usp=sharing

It's 22 pages long and most is just boilerplate reasoning to seal documents.  I was a little disappointed at first.  But then I realized that I could see something new - more remnants from a copy & pasted document. I was curious as to whose case they were using as a template for Britney so I put in BP117321 as the case number at LACourt.org. 

 

It was a Michael Jackson estate document that they were copy & pasting from  

 

 

So this is the top half of the first page that TMZ floated around in 2009 and linked by Twitter stans. 

 

First two pages from document - see BP 117 321 in the bottom right corner?

Spoiler

[Tar_isa]

I haven't got anything new to add, I just thought it was a good moment to bump this thread in light of the most recent Rosengart filing