Woof

The BCS is Complete B.S.

2011-12-24T07:34:00.000-08:00

Talk about a nail-biter, can’t believe Okie State got thatclose in the final vote for the BCS Championship Game!

Well, that’s whathappens when the system relies on human voting and computer models instead oncompetition on the field.

You think I give a damn?

Well, you might if thenon-BCS conference schools grow a pair and initiate an anti-trust lawsuit.

Huh?

Under federal anti-trustlaw, “every contract, combination in the form or a trust or otherwise, orconspiracy, in the restraint of commerce” is illegal. Sherman Act § 1

How does that apply to the BCS?

An argument cancertainly be made that by only including six so-called “Automatic-Qualifyingconferences” (AQ’s are the SEC, Big 12, Pac-12, Big Ten, ACC, and Big East) to play in the 4 premier bowl games (Sugar, Rose, Orange,and Fiesta), as well as the “National Championship Game,” the BCS is restrainingcommerce.

How is a college football game considered “commerce?”

The five BCS games thisyear will pay-out $123MM this year – all to AQ schools – that’s some seriouscommerce.

So what’s the antitrust violation?

By excluding nearlyhalf of the NCAA schools competing in the Bowl Subdivision (formerly 1-A), theBCS shields preferred schools from competition in the “National ChampionshipGame.”

As well as that pile of bones handed out, right?

Exactly.

So you’re saying the Federal Department of Justice needs toinvestigate?

Not necessarily. Section 4 of the Clayton Act creates aprivate right of action for any person who shall be injured by reason ofanything forbidden in the antitrust laws, and they can receive triple damages,if successful.

So who would that be?

Boise State and TCU (Mountain West Conference).

Well, I just got one thing to say. Some people aren’t gonna like it.

What’s that?

Roll damn Tide.

May all your dreams be filled with sugar plums tonight,

MERRY CHRISTMAS TO ALL, AND TO ALL A GOOD NIGHT!

Of course, thisinformation is intended for general information purposes only, and is not legaladvice. Legal advice depends on the specific facts and circumstances of eachindividual's situation. Those seeking specific legal advice or assistanceshould contact a qualified attorney regarding the subject matter.

You Don’t Have to Lose Your Shirt on a Short Sale

2011-11-28T08:30:00.000-08:00

Yeah, it's been awful. When my $300K 5-yr Adjustable Rate Mortgage came due in 2010, I was under water so much I couldn't refinance.

You didn't qualify for Obama's

Dog House Reinvestment Act?

Please. Don't get me started.

The bank rejected the contract you had last spring, right?
What changed?

I stopped paying them.

Huh?

It's crazy, I know. When I gave them that $250K offer, I was completely current. They wouldn't even look at my Personal Financial Statement (PFS), much less talk about a short sale. The bank representative actually told me that I had to be 90 days behind in order for them to even consider a short sale.

That screw up your credit score though, right?

Small price to pay. In any event, six months later, after not making the monthly payment, socking away the extra bones, I got another buyer, this time for $175K.

And they accepted that?

Sure did. After they saw I don't even have a tree to whiz in, based on my PFS.

Won't you now get a hefty 1099 from the bank for the debt forgiveness of $125K? And pay income tax on that shortfall?

Nope. That's the milk-bone on top. This was a rental property that I put in the name of my company; I only guaranteed the debt.

I don't get it.

IRS Form 1099-C for debt cancellation only goes to the borrower – in this case Bruno'z Propertiez, LLC

But that will still flow through to you, as a single member LLC, won't it?

Nope. Tax wise for the LLC, I lose the entire asset ($300K basis), which more than offsets the income ($125K).

And that’s it?

I’ll just file a final return at year end, with no residual income to me personally.

Nice job, little man.

Of course, this information is intended for general information purposes only, and is not legal advice. Legal advice depends on the specific facts and circumstances of each individual's situation. Those seeking specific legal advice or assistance should contact a qualified attorney regarding the subject matter.

Kardashian’s keeping the ring!?! Can I get mine back?

2011-11-27T07:57:00.000-08:00

http://www.forbes.com/sites/jennagoudreau/2011/11/02/should-kim-kardashian-return-her-2-million-engagement-ring/

What's the matter, little man?

Oh, big guy. My fiancée called off the wedding.

You’re kidding me! What happened?

I have no idea. She said she felt like she was being “rushed” into it too soon.

So is it just postponed?

No. She said it’s over. But that’s not the worst part.

What’s that?

The bitch won’t give me back the ring. I spent 500 bones on that thing!

I think you can get that back.

Really? How so?

In Georgia, gifts made in contemplation of marriage are subject to an implied condition that they are to be returned if the recipient breaks the engagement. Guffin v. Kelly, 191 Ga. 880 (1941).
That is, the acceptance of engagement gift (Q: Will you marry me? A: Yes) carries with it a condition precedent (marriage) that must be performed before the contract becomes absolute
and obligatory on the other party. O.C.G.A. § 13-3-4.

Fantastic! I guess I won’t go shake down her husband for the bones I spent!

Wait, what do you mean?

Well, she was going to leave her husband and get a divorce in order to marry me.

Well, if that’s the case, then you will likely not be able to recover anything?

Huh?

Entering into an agreement to marry someone at a time when she could not lawfully marry, and giving a ring to further such an unlawful engagement is a defiance of Georgia public policy and

constitutes “unclean hands” so as to bar you from any recovery. Morgan v. Wright, 219 Ga. 385 (1963).

What if I told you she accepted the engagement ring at Times Square when we were in New York?

Ohhhh brother……

Of course, this information is intended for general information purposes only, and is not legal advice. Legal advice depends on the specific facts and circumstances of each individual's situation. Those seeking specific legal advice or assistance should contact a qualified attorney regarding the subject matter.