Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Well, happy New Year.
Today is New Year's Eve, soit's going to be a Happy New
Year.
I heard two items today thebankruptcy conclusion and the
asset sale.
So we'll start with the assetsale.
So, basically, I talked to ourbankruptcy attorney and said hey
, we walked away from thebusiness, we left our assets on
site.
The bank said they were goingto seize them two and a half
(00:23):
months ago and right now thebank is asking us to negotiate
on their behalf what the assetsale should be, so that the
buyer of this studio can buy theassets from us, even though the
bank said that they were goingto seize the assets two and a
half months ago.
And I asked her, I turned likehey, do we need to do?
We have to be the one involvedin this Because we could come up
(00:44):
with a sale price, and if thebank doesn't approve the sale
price, then I have to nowrenegotiate all over again.
Do I have to be involved inwhat's going on here, or can we
just let the bank seize theassets, like they said they
would, and then we move on withour life?
He said no, like it soundssimplest like just tell them
that the bank has seized theassets, or you give your
(01:06):
approval for the bank to seizethe assets, and then the bank
now owns the assets and, whetherthey're located on premises or
they get picked up and hauledaway, let the bank deal with
this.
Like this is not your problemanymore.
And so finally got confirmation.
The buyer asked me like hey,nathan, hope you're having a
great Christmas, just checkingin, where are we at?
(01:27):
On you drafting up the bill ofsale items and then sending me
the DocuSign so then we cansubmit this to the bank, so then
we can see if the bank approvesthis, and then you sell the
assets to me and then you handlethe funds and then forward the
funds to the bank.
That's basically what thequestion was, but in fewer words
, because he asked like hey,how's the draft going for the
(01:50):
bill of sale and that's all thebackground behind it.
So I got that feedback from mylawyer and fortunately he gave
the response I was hoping for,which is kind of nice.
And basically I told the bankand the buyer like like hey,
hope you guys had a goodChristmas.
I give my consent oraffirmation that, yes, the bank
(02:11):
can go ahead and seize theassets, like you said you would,
once they're seized bank andbuyer you are free to go do the
sale and that was the end of it.
So I'd rather have that way.
I don't want the funds going tome or my LLC and then I have to
now deliver funds to somebodyelse.
I don't want to do somethingwrong or be involved in
(02:33):
something that's not my dealanymore, like this is the bank's
issue and this is the buyer'sissue, since I essentially
abandoned the assets or similarto it.
So there's that.
And then I heard back from mybankruptcy attorney.
He said go ahead, write a check.
Or basically the trustee camein and said okay, so based I'm
(02:58):
the trustee for Nathan andfamily based on the assets of
cash value and then somevaluables, the total is this the
total sum of all of the cash isa certain amount.
I would like a check for thatentire, 100% of that amount and
then mail it to my office within10 days.
(03:19):
So that was kind of surprising.
The trustee basically wantsevery penny in our cash and our
stocks and everything sent toher.
Now we have some valuables likesome firearms and some
collectible cards and someelectronics equipment, and those
were excluded from the amountshe wanted sent to her, and so
(03:41):
fortunately, we've had like oneor two paydays since we record
everything.
But yeah, they're basicallyasking for every dollar so we
can buy groceries, but that'snot much more than that.
After our mortgage payment goesthrough, we basically have
enough for groceries this month.
So that was a surprise.
They want every penny that wehad at the time of us filling
(04:03):
out all of the bank statementsthat we had at the time of us
filling out all of the bankstatements.
So kind of strange, but it's alot better than five years of
monthly payments for five years.
So when we got the email, I'lladmit I was really crabby, told
my wife like I'm not reallythrilled about this Kind of
crabby, got into a little bit ofa weird mood.
(04:24):
But she reminded me likealternative is we owe everything
, plus we lose the house and thecars, or we could have five
years of monthly payments thatwe would not be able to afford.
We'd have to basically sell ourhouse to afford those payments.
Um, and then this is option C.
So between having to selleverything or a lot of stuff and
(04:47):
having a one-time payment, oroption B, a five years of
unaffordable payments, or optionC one-time payment, and we just
go to zero.
Of those three options, this isthe most preferred option.
So that was a helpful reminder.
Really grateful for my wifey,and yeah.
So right now, just pull it tothe post office.
I have a check for almost everydollar that we have in our cash
(05:10):
accounts.
This morning was putting allthe funds together so we can
write the check in a few days.
We go close to zero and thenwe'll be at a new slate.
So kind of nice.
We're doing it all on christmaseve or new year's eve and we'll
be good to go.
So head inside doing it rightnow, we're gonna find the joy,
find the blessing and all thisthat's going on, because you
(05:33):
never know when things are easyor hard, and right now it feels
hard, but it's kind of easy aswell.
So that's where we're at,that's where we're going.
Let's rock and roll.
Well, happy New Year.
Today is New Year's Eve, soit's going to be a Happy New
Year.
I heard two items today thebankruptcy conclusion and the
asset sale.
So we'll start with the assetsale.
So, basically, I talked to ourbankruptcy attorney and said hey
, we walked away from thebusiness, we left our assets on
site.
The bank said they were goingto seize them two and a half
(00:23):
months ago and right now thebank is asking us to negotiate
on their behalf what the assetsale should be, so that the
buyer of this studio can buy theassets from us, even though the
bank said that they were goingto seize the assets two and a
half months ago.
And I asked her, I turned likehey, do we need to do?
We have to be the one involvedin this Because we could come up
(00:44):
with a sale price, and if thebank doesn't approve the sale
price, then I have to nowrenegotiate all over again.
Do I have to be involved inwhat's going on here, or can we
just let the bank seize theassets, like they said they
would, and then we move on withour life?
He said no, like it soundssimplest like just tell them
that the bank has seized theassets, or you give your
(01:06):
approval for the bank to seizethe assets, and then the bank
now owns the assets and, whetherthey're located on premises or
they get picked up and hauledaway, let the bank deal with
this.
Like this is not your problemanymore.
And so finally got confirmation.
The buyer asked me like hey,nathan, hope you're having a
great Christmas, just checkingin, where are we at?
(01:27):
On you drafting up the bill ofsale items and then sending me
the DocuSign so then we cansubmit this to the bank, so then
we can see if the bank approvesthis, and then you sell the
assets to me and then you handlethe funds and then forward the
funds to the bank.
That's basically what thequestion was, but in fewer words
, because he asked like hey,how's the draft going for the
(01:50):
bill of sale and that's all thebackground behind it.
So I got that feedback from mylawyer and fortunately he gave
the response I was hoping for,which is kind of nice.
And basically I told the bankand the buyer like like hey,
hope you guys had a goodChristmas.
I give my consent oraffirmation that, yes, the bank
(02:11):
can go ahead and seize theassets, like you said you would,
once they're seized bank andbuyer you are free to go do the
sale and that was the end of it.
So I'd rather have that way.
I don't want the funds going tome or my LLC and then I have to
now deliver funds to somebodyelse.
I don't want to do somethingwrong or be involved in
(02:33):
something that's not my dealanymore, like this is the bank's
issue and this is the buyer'sissue, since I essentially
abandoned the assets or similarto it.
So there's that.
And then I heard back from mybankruptcy attorney.
He said go ahead, write a check.
Or basically the trustee camein and said okay, so based I'm
(02:58):
the trustee for Nathan andfamily based on the assets of
cash value and then somevaluables, the total is this the
total sum of all of the cash isa certain amount.
I would like a check for thatentire, 100% of that amount and
then mail it to my office within10 days.
(03:19):
So that was kind of surprising.
The trustee basically wantsevery penny in our cash and our
stocks and everything sent toher.
Now we have some valuables likesome firearms and some
collectible cards and someelectronics equipment, and those
were excluded from the amountshe wanted sent to her, and so
(03:41):
fortunately, we've had like oneor two paydays since we record
everything.
But yeah, they're basicallyasking for every dollar so we
can buy groceries, but that'snot much more than that.
After our mortgage payment goesthrough, we basically have
enough for groceries this month.
So that was a surprise.
They want every penny that wehad at the time of us filling
(04:03):
out all of the bank statementsthat we had at the time of us
filling out all of the bankstatements.
So kind of strange, but it's alot better than five years of
monthly payments for five years.
So when we got the email, I'lladmit I was really crabby, told
my wife like I'm not reallythrilled about this Kind of
crabby, got into a little bit ofa weird mood.
(04:24):
But she reminded me likealternative is we owe everything
, plus we lose the house and thecars, or we could have five
years of monthly payments thatwe would not be able to afford.
We'd have to basically sell ourhouse to afford those payments.
Um, and then this is option C.
So between having to selleverything or a lot of stuff and
(04:47):
having a one-time payment, oroption B, a five years of
unaffordable payments, or optionC one-time payment, and we just
go to zero.
Of those three options, this isthe most preferred option.
So that was a helpful reminder.
Really grateful for my wifey,and yeah.
So right now, just pull it tothe post office.
I have a check for almost everydollar that we have in our cash
(05:10):
accounts.
This morning was putting allthe funds together so we can
write the check in a few days.
We go close to zero and thenwe'll be at a new slate.
So kind of nice.
We're doing it all on christmaseve or new year's eve and we'll
be good to go.
So head inside doing it rightnow, we're gonna find the joy,
find the blessing and all thisthat's going on, because you
(05:33):
never know when things are easyor hard, and right now it feels
hard, but it's kind of easy aswell.
So that's where we're at,that's where we're going.
Let's rock and roll.
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