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Old March 11th 09, 11:38 AM posted to rec.games.chess.politics,rec.games.chess.misc,alt.chess
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First recorded activity by ChessBanter: Feb 2009
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Default The Ignorance of Sam Sloan

The real Sam Sloan, that is. From the USCF Issues Forum. See my comment
inserted therein:

Sorry, but you are mistaken. I did not draw erroneous conclusion from
them. My conclusions were accurate. Apparently you do not know much
about how corporate bankruptcy works. (This is to your credit.)

Mr. Lafferty acknowledges making the following statement:

"At this point, IMMHO, bankruptcy would be the best medicine this
organization could ever be given. Get a Trustee in Bankruptcy in and the
EB out; freeze the assets; restructure the organization."

Now, how would this happen? Apparently you do not realize that
corporations do not just become bankrupt, they must file for protection
in bankruptcy. This means that legal counsel authorized by the corporate
officers must go down to the local US Bankruptcy Court and file a
petition in bankruptcy. This cannot happen by accident. There must be a
conscious decision by the authorized corporate officers to seek
bankruptcy protection.

It is true that there is such a thing as an "involuntary petition in
bankruptcy" that can be filed by three creditors. However, this is
rarely done and would not apply in this case. The reason it is rarely
done is that the creditors will find it preferable just to obtain money
judgments and seize the assets. For creditors to file an involuntary
petition in bankruptcy would be for them to ask the courts for
protection against themselves. In addition, when that happens, the
corporate officers stay in power. A Trustee in Bankruptcy is not
appointed at that time.

In order for the scenario envisioned by Brian Lafferty to happen, where
he states, "Get a Trustee in Bankruptcy in and the EB out; freeze the
assets; restructure the organization", it would have to be that the USCF
itself would file for bankruptcy. There is no other legal way that this
could occur. Therefore, Mr. Lafferty was clearly stating that the USCF
should file for bankruptcy.
__________________________________________________ ________________

*****Incorrect. A creditor can force an organization into bankruptcy
against the will of the organization's directors. Thus, Mr. Sloan's
false assumption leads to another false conclusion from the Bronx
Bumbler. Mr. Sloan has gone well beyond his shelf life and should stick
with violating copyrights in the publishing biz.****************

__________________________________________________ ___________________

Now, why would this happen? Clearly the USCF is able to meet its current
obligations. The USCF might have to sell the tables, desks, chairs,
computers, secretaries and the building, but as long as the USCF still
has money in the LMA, which it has, it is able to meet its current
obligations.

Everybody who has ever suggested that the USCF might have to file for
bankruptcy has referred to the imputed debt that the USCF owes to its
life members. The amount that the USCF owes to its life members has been
calculated by various persons at various times to be between $2 to $7
million. I do not agree with these calculations, but that is a different
issue. It is clear that if the USCF were to file for bankruptcy, the
life members would be wiped out, just as the common stockholders are
usually wiped out whenever a stock market corporation files for bankruptcy.

Therefore, when Brian Lafferty stated, as he admits to stating, "At this
point, IMMHO, bankruptcy would be the best medicine this organization
could ever be given. Get a Trustee in Bankruptcy in and the EB out;
freeze the assets; restructure the organization", what he was clearly
stating was that the USCF should file a petition in bankruptcy.

Sam Sloan
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Old March 11th 09, 12:43 PM posted to rec.games.chess.politics,rec.games.chess.misc,alt.chess
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First recorded activity by ChessBanter: May 2006
Posts: 14,870
Default The Ignorance of Sam Sloan

On Mar 11, 7:38*am, "Mr.Vidmar" wrote:

__________________________________________________ ________________

*****Incorrect. *A creditor can force an organization into bankruptcy
against the will of the organization's directors. *Thus, Mr. Sloan's
false assumption leads to another false conclusion from the Bronx
Bumbler. Mr. Sloan has gone well beyond his shelf life and should stick
with violating copyrights in the publishing biz.****************

__________________________________________________ ___________________


I am beginning to wonder if Mr. Lafferty really has a law degree and,
if so, where he got it from

The above statement is not true. A single creditor cannot force a
corporation into bankruptcy against the will of the corporation's
directors.

In addition, since Mr. Lafferty is actually running for election as
director of the USCF, this raises the concern that he might actually
be intending to put the USCF into bankruptcy if is he succeeds in
being elected as a director.

By the way, Mr. Lafferty, since several members have been wondering
about this, did Bill Goichberg ask you to run in this election?

Sam Sloan
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Old March 11th 09, 07:38 PM posted to rec.games.chess.politics,rec.games.chess.misc,alt.chess
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First recorded activity by ChessBanter: Feb 2009
Posts: 365
Default The Ignorance of Sam Sloan

samsloan wrote:
On Mar 11, 7:38 am, "Mr.Vidmar" wrote:

__________________________________________________ ________________

*****Incorrect. A creditor can force an organization into bankruptcy
against the will of the organization's directors. Thus, Mr. Sloan's
false assumption leads to another false conclusion from the Bronx
Bumbler. Mr. Sloan has gone well beyond his shelf life and should stick
with violating copyrights in the publishing biz.****************

__________________________________________________ ___________________


I am beginning to wonder if Mr. Lafferty really has a law degree and,
if so, where he got it from


A creditor can put a corporation into bankruptcy by filing a petition
with two other qualified debtors--something that is usually led by one
creditor--usually the largest. So, Bronx Bumbler is wrong again. Forgive
me for not being specific enough for you.


The above statement is not true. A single creditor cannot force a
corporation into bankruptcy against the will of the corporation's
directors.

In addition, since Mr. Lafferty is actually running for election as
director of the USCF, this raises the concern that he might actually
be intending to put the USCF into bankruptcy if is he succeeds in
being elected as a director.


No. Try another lie, BB.

By the way, Mr. Lafferty, since several members have been wondering
about this, did Bill Goichberg ask you to run in this election?


If you read for comprehension here or over at the USCF Forum you would
know that the answer to your question has been given and is no. In
fact, I was urged to run by three people, Joe Lux, Hal Bogner and Wayne
Praeder.

Sam, like I said, you're way past your shelf life and starting to smell
rather bad. Why don't you go down to Fresh Kills and see if you can
help the cleanup.


Sam Sloan

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