All Forum Posts by: Pat Bahn

i know the general rule is if you receive benefit from the IRA that's a taxable distribution, but what if you are paying the IRA fair market value?

essentailly i'd be paying rent to my future self...

i was told 2 years by my bank but that i may not be able to get another mortgage for 4.

banks are vampires.

I once had a bank seize my savngs account because my dad owed them money.
they said he was my guardian, so, legally he had influence on my account
so they could seize it.

I knew a guy who was a landlord, he had a girl want to overstay, her tenancy, so he paid two
really big guys to show up and start unloading a van full of stuff, he just told her.
It may take 90 days to kick you out, but, it will also take you 90 days to kick these guys out,
and, if you want to sleep in the same apartment with them, that's fine, but, otherwise, start packing.

She packed up, and the big guys helper her get her furniture out.

she never figured out the big guys were movers.

I validated their insurance. These guys check out, their CPA checks out, their insurance checks out,
their banking checks out. I even spoke with the president of the company.

Not bad.

My investments may be shite, but these guys passed the sniff test.

But if they rip me off, they won't ever find the remains,,,,

maybe split the difference, say "I will pay half or
the first $300, and you pay the rest".

Figure if they moved out, you would pay that kind
of fee, and likely lose 2 months rent.

so, a little good will buys a lot less property damage.

i called their CFO, here was his explanation

1) They bought a smaller trust company last year, so the Customer accounts was actually
the "IMplied value of the accounts" that they purchased from sterling.

2) The Due from related ntities is the deposit value of orders with companies that they
own but don't carry on balance sheet. their servicing company is actually a wholly owned subsidary.

3) The notes would explain this

4) they don't disclose the P&L or statement of cash flow because they are
a wholly private firm, and they want to keep some matters confidential.

5) so all i have to do is validate their insurance with accord, and i'm good.

i would imagine the balance sheet of a trust company would be like the balance sheet
of a parking lot. They shouldn't include customer cars at all as assets, but if they
do, shouldn't they say they owe the iabilities on those cars?

okay i got the balance sheet up.

things I'm asking about

1) they show customer accounts as 57M, so where's the Liability for that.
they don't "Own" my account, they entrust my account, so even if the assets
are bookkept with them, they need a countervailing liability.

2) Note 7: THe notes are missing, should the accounting firm make the full report available?

3) Asset "Due from Related parties". What the heck is that?

lets see if can make the relevant parts visible

http://i655.photobucket.com/albums/uu277/nathguy/trustetcBalsheet.jpg