Best Deal on Tubes, Rings, Etc ?

Agreed. I just have issues with the ethics & especially the (appearence of) disregard toward the people that trusted him.

In the context of Brent's review of the RCS class - I guess thats what friends are for.

Ever since the rise of tripoli there has been a precipitous drop in industry ethics generally.

Jerry

Do you think that it is ethical to ship over two hundred pounds of rocket motors as, "model aircraft parts"?

In this case, I'll defer to the DOT to make the determination. 8-)

Unfortunately, the way the bankruptcy laws are structured, it can actually be illegal to pay off debts before the bankruptcy. So-called "Preferential Transfers" are illegal (and can be voided by the courts) if done within 90 days of a bankruptcy filing. A preferential transfer occurs when 1) a debtor transfers property to a creditor within 90 days before wthe filing of a bankruptcy petition, 2) the transfer is made for a preexisting debt, and 3) the creditor receives more from the transfer than it would from Chapter 7 liquidation.

So, if he paid off a preexisting debt to ER during the 3 months prior to the bankruptcy filing, and the amount he paid them was any more than they would have received from the bankruptcy (which it would have been), the courts have the discretion to *reverse* the payoff, and force ER to pay the money *back* into the bankruptcy estate, to be distributed along with all of the other assets.

So, it may not have been morally *right* to avoid paying that debt, but it may have been the legally required thing to do.

- Rick "Fun with the legal system" Dickinson

Point.

Lawyers and rocketeers do mix :-(

I don't disagree. I made that statement more as a contrast to statements made in the past about how only the lawyers got screwed. Don't take this a me minimizing the lawyers loss. I'm not the one that said 'only'.

Hmmm.... I was wondering if there were some such constraint. Does this apply only if you were anticipating the bankruptcy filing, or in all cases? Suppose you had been going along paying your commercial accounts in the ordinary fashion, and were then rendered insolvent by an emergent circumstance that forced you to file bankruptcy: would last month's phone, electric, etc. bill payments be considered "preferential transfers" to be reversed in the bankruptcy filing?

-dave w

This is why the enforcement of the provision is subject to judicial review and not automatic. If errortech had paid ER the judge would not have reversed that.

Heck she didn't even reverse a $2.4m insurance transfer.

It's up to the Judge.

Save money on New look Deals with the Daily Deal. Check back every day for great daily deals in Washington DC at New Look Deals