Accounting review - Twelfth Account Current

[Speed X]

Thank you very much for this ❤️

[Steel Magnolia]

My head starts spinning from looking at Page 1 of this...Let alone the rest of the document.

Page 004:

"Ten to fifteen entities (wholly owned by Conservatee)"

We know that is a complete lie...Half of the LLC's being run were created after the CON went into effect and named Jamie as President and Andrew Wallet as Treasurer.

How are they tracking those?

[Steel Magnolia]

May 2019 - Sam Lutfi Matter - $19,253.75
May 2019 - Sam Lutfi Arbitration - $640
June 2019 - Sam Lutfi Matter - $3,575
August 2019 - Sam Lutfi Matter - $147.75

That much for a restraining order?

I guess...It was an 81-page filing.

https://www.cnn.com/2019/05/09/entertainment/britney-spears-sam-lufti/index.html

Edited January 4, 2022 by Steel Magnolia
Adding new details.

[RebellionSparkles]

5 minutes ago, Steel Magnolia said:

My head starts spinning from looking at Page 1 of this...Let alone the rest of the document.

Page 004:

"Ten to fifteen entities (wholly owned by Conservatee)"

We know that is a complete lie...Half of the LLC's being run were created after the CON went into effect and named Jamie as President and Andrew Wallet as Treasurer.

How are they tracking those?

Yes - I completely agree.  This is something I want to understand.  It's on my to do list to check the work from BritneySWATteam--they have that diagram that builds out all of Brit's companies (old and new) and how they are connected to various players in Team Con.

[PokemonSpears]

3 minutes ago, Steel Magnolia said:

May 2019 - Sam Lutfi Matter - $19,253.75
May 2019 - Sam Lutfi Arbitration - $640
June 2019 - Sam Lutfi Matter - $3,575
August 2019 - Sam Lutfi Matter - $147.75

That much for a restraining order?

I guess...It was an 81-page filing.

https://www.cnn.com/2019/05/09/entertainment/britney-spears-sam-lufti/index.html

a restraining order she didn't ask for btw (as despicable as that guy may be) 

[Steel Magnolia]

"Shareholder Expenses"

Curious...I wonder who gets to claim all of those perks?

[B. Leigh]

This is amazing...are there any big Britney twitter accounts who can post this...this is great work...

[RebellionSparkles]

1 hour ago, Steel Magnolia said:

"Shareholder Expenses"

Curious...I wonder who gets to claim all of those perks?

Thisss. I can't even.

It doesn't even matter who gets the perks (though I think we all know who benefitted).

Its egregious in its own right that there is no definition of "Shareholder expense," or if a definition does exist it is redacted. A key part of CONservatorships is that the CONservator cannot intermingle their finances with the conservatee. "Shareholder" by definition implies multiple parties are involved--there needs to be a disclosure around the control processes in place to ensure no improper intermingling of finances occurred between Brit's estate and the co-CONs.

...it is possible that all these expenses are above board

But the lack of definition for "shareholder expense" and disclosure about control processes to prevent financial intermingling is problematic.

 

...all of this, of course, is in my humble opinion.

[Forever222]

Amazing work! Thank you. 
 

I look forward to Rosengart’s aggressive fight against LT, Jamie and his lawyers this year. No one has questioned any of them, including the court.
 

This is deeply rotten. All the players were in on it, to milk Britney’s brand and make money consistently for many years. 

[Steel Magnolia]

2 minutes ago, RebellionSparkles said:

Thisss. I can't even.

It doesn't even matter who gets the perks (though I think we all know who benefitted).

Its egregious in its own right that there is no definition of "Shareholder expense," or if a definition does exist it is redacted. A key part of CONservatorships is that the CONservator cannot intermingle their finances with the conservatee. "Shareholder" by definition implies multiple parties are involved--there needs to be a disclosure around the control processes in place to ensure no improper intermingling of finances occurred between Brit's estate and the co-CONs.

...it is possible that all these expenses are above board

But the lack of definition for "shareholder expense" and disclosure about control processes to prevent financial intermingling is problematic.

 

...all of this, of course, is in my humble opinion.

At one time, the shareholders of the LLC's were available online.

However, as "the movement" took off much of that information was scrubbed from the Internet. 

Unfortunately.

[Pawnshop_]

Amazing work OP!

So, Matthew/Zabel should have access to all the documents, without all the redactions right? There seem to be so many red flags, even w/ all the redactions in place. 

[RebellionSparkles]

19 minutes ago, Forever222 said:

Amazing work! Thank you. 
 

I look forward to Rosengart’s aggressive fight against LT, Jamie and his lawyers this year. No one has questioned any of them, including the court.
 

This is deeply rotten. All the players were in on it, to milk Britney’s brand and make money consistently for many years. 

Yes! I think Rosengart will aggressively go after Tri-Fart at the Jan 19 hearing.

I'm sure LT and RG will have lots of tactics to stall. Even if this does happen, I'm hoping Rosengart has enough substance to go after the court and the judge who allowed the alternative accounting--this is a much bigger deal to me.

I almost was disappointed in LouLou after going through the accounting filings. I built her up as this nefarious mastermind, a worthy villain. She really just is a bookkeeper who is willing to lie. 

I'm now much more appalled by Dishonorable Reva, the court, and Sam Ingham for capriciously accepting non standard accounting statements from Tri-Fart. This is a SUBSTANTIAL departure from the intention of the legal code. Accounting is extremely sensitive to even the slightest word change; for instance net income and net cash are two entirely different concepts. I don't think Reva understood the implications; and I would be very very surprised if she actually had the power to do this under Cali law.

...quick accounting history lesson...stay with me, i promise its interesting...

The Enron debacle started because a wording change in accounting--a tiny change was made to the accounting definition of asset fair value, which was supposed to better tie asset values to the most recently available market prices. Enron realized there was essentially no oversight for uncertain assets which did not tie directly to a market price (ex: what is the price of an electron in Tucson next Sunday). More or less, Enron was able to make up whatever value it wanted for these uncertain assets; and of course they said the asset value was really really high. Then Enron used these inflated asset values to get lots and lots of loans from banks. Eventually these accounting shenanigans caught up to them. The company went under, the banks lost their money and then the stock market plummeted, people lost their jobs and life savings. All of this happened because a tiny change was made to the accounting definition of fair value.

Accounting norms are extremely well established and standardized--there are boards, committees, conferences that debate for decades the wording of esoteric accounting terms because even the slightest misplaced word can lead to the next Enron.

This is why it would be surprising to me if the judge in Britney's case had the legal latitude to accept non standard accounting filings because Tri-Fart lied by saying "wahh wahh wahhh your accounting forms are hard."

 

as always, this is all in my humble opinion.

[Steel Magnolia]

16 minutes ago, RebellionSparkles said:

net income and net cash are two entirely different concepts.

What is missing from net cash?

Whatever it is...I bet it has to do with publishing rights. 

[queenofhearts]

why are there so many car tag renewals in the same year? she was hardly even allowed to drive

[RebellionSparkles]

1 hour ago, Pawnshop_ said:

Amazing work OP!

So, Matthew/Zabel should have access to all the documents, without all the redactions right? There seem to be so many red flags, even w/ all the redactions in place. 

Yeah - they should have access. I think we will find out what information they do and do not have at the accounting hearing on jan 19.

I also think that LouLou is going to use every tactic available to stall.  Her only defense is to be as annoying as possible and drag her feet.

This is complete baseless speculation, but I think if Britney wants revenge more than money, then Rosengart is going to focus on tax stuff and throw LouLou/Tri-Fart to the wolves at the IRS. The IRS I assume is much faster at taking down fraudsters than the Cali probate courts. Just an audit could ruin Tri-Fart's business. And any tax fraud revealed could be punished criminally. Let's not forget that the IRS took down Al Capone!

[RebellionSparkles]

4 minutes ago, queenofhearts said:

why are there so many car tag renewals in the same year? she was hardly even allowed to drive

I saw this too! i have no idea!! and somehow only $200 was spent on gas for all of these cars with all these car tags.  Its def weird.

[queenofhearts]

11 minutes ago, RebellionSparkles said:

I saw this too! i have no idea!! and somehow only $200 was spent on gas for all of these cars with all these car tags.  Its def weird.

was she paying for Black box's tag renewals, possibly? I mean she shouldn't be, but you know a lot of things went on that shouldn't have gone on........

[queenofhearts]

When it says share holder expense-home depot-that's who she invested money in, and sold the stock? if so, why are her investments listed under utilities and maintenance?

[Pawnshop_]

53 minutes ago, RebellionSparkles said:

Yeah - they should have access. I think we will find out what information they do and do not have at the accounting hearing on jan 19.

I also think that LouLou is going to use every tactic available to stall.  Her only defense is to be as annoying as possible and drag her feet.

This is complete baseless speculation, but I think if Britney wants revenge more than money, then Rosengart is going to focus on tax stuff and throw LouLou/Tri-Fart to the wolves at the IRS. The IRS I assume is much faster at taking down fraudsters than the Cali probate courts. Just an audit could ruin Tri-Fart's business. And any tax fraud revealed could be punished criminally. Let's not forget that the IRS took down Al Capone!

Thanks for your thoughtful & thorough response! Hoping B gets the justice she deserves and that this next hearing exposes the truth even more. 

[RebellionSparkles]

10 hours ago, Steel Magnolia said:

What is missing from net cash?

Whatever it is...I bet it has to do with publishing rights. 

in my world net cash = cash minus debt....which as far as i know is the standard accounting definition of the term. This is obviously not the definition used for net cash in Britney's filings.  There are no disclosures specifying the intended definition of "net cash" so we have to guess for ourselves.

To me net cash could mean any of the following: total collected cash for the year, cash net of debt, OR cash receipts minus expenses--these all mean extremely different things. For instance,  if "net cash" means incoming cash net of expenses, then there are sooo many ways to double dip and steal/hide money. The public is left in the dark because the answer lies in the business transactions, and all of the business transactions are sealed. Sure, Rosengart and Zabel will have no trouble figuring out how B's money was stolen...but it took B 13 years to get a team that is advocating for her. The public is supposed to hold the court accountable. The redacted accounting filings are so vague that they mean absolutely nothing, which makes it impossible for the public to scrutinize the court's actions and hold team CON or the judge accountable.

Another terrible part of this net cash debacle is that the law requires reporting net income, not net cash. The definition of net income is extremely straight forward whereas "net cash" is vague as hell. Judge Reva allowed Tri-Fart to report net cash instead of net income--this is how Team CON avoided scrutiny.

These problematic alternative accounting forms that lack appropriate disclosure create huge leeway for Team Con to operate in the shadows and avoid accountability.