Reply
 
LinkBack Thread Tools Display Modes
  #1   Report Post  
Old December 1st 04, 03:09 AM
Hans Poschmann
 
Posts: n/a
Default USCF Law suit

Sam Scores Glorious Victory

A hearing was held today in Orange County Supreme Court in Goshen New
York in Sloan vs. Marinello, 2004-7739. The USCF represented by
attorney Michael J. Matsler of Rider, Weiner & Frankel filed a
cross-motion to dismiss.

The case was argued before Judge Lawrence I.. Horowitz. At the
conclusion, the judge ordered the case adjourned for ten days until
December 10, and ordered the bank account at Key Bank in Newburgh
which contains the $513,000 representing the proceeds of the sale of
the building frozen until further order of the court.

Judge Horowitz said that he wanted counsel for the USCF to stipulate
that the money would not be moved out of the Key Bank in Newburgh.

The attorney for the USCF replied that he would agree to stipulate
that the money would be held in an FDIC Insured Bank.

The judge said that no, he was ordering that the money stay in the
bank in Newburgh. He was not agreeing to allow the money to be moved
to a bank in another state absent an order of this court.

Since this is what I was asking the judge to do, I consider this to be
a complete victory.

It seems clear that the judge will not allow the money to be moved
until there is a showing that it will be used for a proper purpose.
Since the defendants have thus far refused to state what the purpose
of the move of the money is, much less whether the purpose is proper
or not, I think that it is likely that it will be a long time before
the money is moved at all.

Sam Sloan
  #2   Report Post  
Old December 1st 04, 05:26 AM
RMille9601
 
Posts: n/a
Default

Money can be in New York Banks but it better be split up so does not hit the
$100,000.00 mark in any one bank!

Russell Miller, Chelan WA
  #5   Report Post  
Old December 1st 04, 07:41 AM
Angelo DePalma
 
Posts: n/a
Default


No, they just do a lot of swearing on their own.

"Miriling" wrote

I meant to write that I'm sure the USCF's resident CPAs know the
answers, but they ARE probably sworn to secrecy.





  #6   Report Post  
Old December 1st 04, 01:24 PM
StanB
 
Posts: n/a
Default


"Miriling" wrote in message
...

Oops!
I meant to write that I'm sure the USCF's resident CPAs know the
answers, but they ARE probably sworn to secrecy.


I wasn't aware that the USCF had an CPAs on the payroll. Judging by what is
posted on their site as financials I doubt they do.


  #8   Report Post  
Old December 1st 04, 05:26 PM
HAASpittle
 
Posts: n/a
Default

"Money can be in New York Banks but it better be split up so does not hit the
$100,000.00 mark in any one bank!"

Russell Miller, Chelan WA
=============
It is actually safer to plunk the money into a brokerage house money market
fund.
A bank trustee holds the assets of a mutual fund. A bank's failure would not
affect trusteed assets. The governors of the mutual fund could just pick up
the assets from the failed bank and put them with another trustee. Meanwhile
if the brokerage house itself failed, there would be no adverse affect on the
fund's assets which would be held elsewhere outside the brokerage house.
I learned this when I was a stock broker at Merrill Lynch.

Old Haasie
  #9   Report Post  
Old December 1st 04, 10:31 PM
StanB
 
Posts: n/a
Default


"Miriling" wrote in message
...

I wasn't aware that the USCF had an CPAs on the payroll. Judging by what
is
posted on their site as financials I doubt they do.

You, as as a CPA and chairman of the USCF's Audit Committee as well as a

co-chairman of its Finance Committee, should know whether the federation
has
auditing expenses.


They do and I know that, so what?

How do you explain the line item in the 2004-2005 budget
passed for professional expenses consisting of legal and audit fees for
$100,000? Are you telling me that CPAs won't be paid out of that line
item?


No, I'm saying they don't have any CPAs on the payroll.

Are
you and Perks being kept in the dark? You and he are certainly acting that
way.
Or are Randy Bauer and Ken Thomas more on top of things than both of you?


I would hope so, Ken is in the office and I'm not. Also, I wasn't involved
in the budget process.




Reply
Thread Tools
Display Modes

Posting Rules

Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
USCF Re-building; Tim Hanke's Initiative Chess One rec.games.chess.politics (Chess Politics) 2 May 1st 04 09:14 PM
THE U.S.CHESS TRUST WPraeder rec.games.chess.politics (Chess Politics) 22 December 23rd 03 06:30 AM
Message from Yasser Seirawan about drug testing Tim Hanke rec.games.chess.politics (Chess Politics) 60 December 17th 03 07:04 PM
Peterson Lawsuit Don Mihokovich rec.games.chess.politics (Chess Politics) 33 August 29th 03 05:08 AM
Peterson Lawsuit Sam Sloan rec.games.chess.misc (Chess General) 4 August 26th 03 01:52 PM


All times are GMT +1. The time now is 08:02 AM.

Powered by vBulletin® Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Copyright 2004-2019 ChessBanter.
The comments are property of their posters.
 

About Us

"It's about Chess"

 

Copyright © 2017