Lawyer anaheim debt bankruptcy

Moving from Chicago to New York in Chapter 13

2024.05.21 21:24 holdenj312 Moving from Chicago to New York in Chapter 13

Hi All,
So, I'm leaving my job in Chicago (an abusive work environment) and moving in with my boyfriend in New York City. I'm 1.5 years into my Ch 13, and because I'm moving without a job (though I am looking), I asked my lawyer what I should do should I not find a job/make below the means test for NYC, and he said, "It's possible that the best move will be to allow this case to be dismissed then file a fresh Chapter 7 in New York once your new income is established. New York has higher baseline income figures that might make it easier to get a cheaper case once you're domiciled there."
My question is, why can't my current case be converted to a Chapter 7 without having to file a new Bankruptcy? I will ask my attorney, but I don't want to insult him, so I thought I would check with the pros here first :)

submitted by holdenj312 to Bankruptcy [link] [comments]


2024.05.21 21:16 HotJohnnySlips Received summons from credit card company. If I don’t respond in time will bankruptcy no longer be an option?

I recently got a summons. Looking into things and bankruptcy is an option for many reasons.
I spoke to a lawyer but we don’t have the money yet and they won’t officially start working on stuff until the full amount is paid.
But I’ve heard that you want to respond as quick as possible to the summons and “deny it” or whatever? To prolong the process?
Should I do that?
If I do that can I still use a lawyer later?
If I don’t, and the credit card company starts the process, does that prevent me from declaring bankruptcy with a lawyer ?
I appreciate any help and suggestions legal and otherwise you all can give me.
submitted by HotJohnnySlips to Bankruptcy [link] [comments]


2024.05.21 21:15 Significant_Mess_307 Financial assistance?

Hey guys! I’m trying to find financial assistance that is not a loan. I’m about 25k in debit and just got slapped with a 12k lawsuit on top of that 25k. I wouldn’t be here if I had another idea. I’m currently on a contract till September and I have no guarantee that I’ll be converted to full-time after my contract is up and I was unemployed for 7 months before that which is why I have so much debt to begin with. The reason it can’t be a lone is because I’m in the process of filing for bankruptcy thanks to the lawsuit. So if I take out a loan and file, it would be considered fraudulent. The lawsuit is set to start garnishing me in the next 60 days and I can’t afford all of the upfront fees for the bankruptcy out of pocket by then. I need a total of about 2,100.00 does any one have any ideas or avenues I can use? I’m local to Portland as well so anything local would be best.
submitted by Significant_Mess_307 to askportland [link] [comments]


2024.05.21 21:10 BleepBlimpBop $RILY DD: Long List of Short Seller Claims --- DEBUNKED with proof!

Ever-shifting Short Seller Claims

The short sellers attacking RILY in 2023-2024 have been relentless (currently 57% of float sold short per FinViz), with an ever-shifting list of wild accusations.
It's sickening to watch them compile a never-ending list of baseless wild theories and claims to support their short positions, which are demonstrably false. But as each is proved false, they pivot to new claims, and/or change the goalposts.
The sheer volume of shifting claims makes it hard to track how despotic they are with their "platform," and how many falsehoods they've spun. Even for someone who watched it in real-time, for almost a year

Compiled & Debunked

Sunlight kills vampires. To that end, I've compiled a list of (i) claimants (ii) claims (iii) reality (iv) definitive source proving reality.

Why Did They Target RILY?

One of the most vocal short sellers, Nate Koppikar (who also introduced Marc Cohodes to the "opportunity") has a fund Orso Partners. Based on their SEC registration document, this is their investment thesis:
"The Account’s investment objectives are to achieve capital appreciation primarily by identifying and selling short marketable equity securities of underfollowed and complex companies with misleading or corrective disclosures through a research-intensive process. The Account employs a short-biased investment strategy with an emphasis on primarily small to mid-cap companies that are underfollowed and complex (i.e., companies with market capitalizations of less than $5 billion which the market does not yet have a wellformed bull and/or bear perspective)."
RILY fits their description. The icing on the cake was the relatively large market cap, and the relatively small float. Given extremely high insider ownership (32.9% of shares per the proxy), and limitations on when and how insiders can trade, the "free float" of the stock (i.e., the shares that regularly trade) is very small for the size of the company. Moreover, the setup would only get better - given insiders have consistently used their free cash to buy additional shares hand-over-fist (further reducing the float).
That meant, with relatively small amounts of capital, the short sellers could shove around the stock price. That ability to move price opens another profit avenue - taking large derivative positions (buying puts, and selling calls), and shoving the price (or allowing it to drift up) to profit all along the way. It looked so good, the stock has been the highest-shorted on the US indices for several months. Even after the release of the 10-K, shares remain "hard to borrow" with elevated borrow fees.

Debunked Claims

The claims made by vocal short sellers could fill a book. Most were outrageous and fanciful when they were proposed. Virtually all have objectively debunked. This isn't a comprehensive list, as their claims are too numerous and varied. But it paints an illuminating picture.
With a track record this poor, one would expect the short sellers to exit - rather than continuing to spin new narratives. Perhaps the continued attacks are their exit strategy to avoid bankruptcy... Well, #Bullish.
With the highest short interest of all US stocks (albeit likely decreased from the highs of ~76% of the float), I think this is more than ripe for a return to fair value - or well above, if a short squeeze occurs.
Note: this sub disallows image posts. There is a similar post in the RILYStock sub which contains virtually all source images for the claim in the comments (too many images to embed in the post). The source images are illuminating.
Note that the list below deliberately excludes three types of posts/claims from the short sellers:
A) Juvenile personal attacks and attempts to character assassinate and dox a long list of people (RILY CEO, RILY new hires, RILY clients, Marcum the auditor, Marcum's lead audit professional, any firm or individual publicly posting a bull thesis on RILY, etc.).
B) Those that make no objective claims, but simply exist as a product of malicious degeneracy (like pictures of roasted pigs in ovens labeled Bryant Riley the CEO, photoshopped pictures of the CEO in prison chains next to convicted felons, video of an obese woman barely able to walk being gored by a bull labeled Mrs. Riley the CEO's wife, etc.).
C) Those that are impossible for short sellers to know, and impossible to objectively verify (e.g., Marc Cohodes claiming a single RILY trader front runs the CEOs personal short trades in front of clients taking following the firm's bullish advice on those stocks, to guarantee profits).
Claimant Claim Reality
1) Wolfpack Wolfpack “RILY will record investment losses of up to ~$700 million in 2023” FALSE 10-K FALSE
2) Wolfpack “new loan to CORZQ will work out just as badly as the last and end in default (again) before June 2023” Repaid in fullFALSE , early, on 1/6/2024.
3) Wolfpack “The coupon rate on RILY’s seven issues of baby bonds ranges from 5% to 6.75%, which we believe to be far too low to compensate investors for the existential risk that accompanies these securities.” Full redemption FALSE of May 2024 came early. Far more than sufficient cash to cover debt payments.
4) Wolfpack “According to our analysis, 4 of RILY’s largest 7 corporate borrowers with outstanding loan balances of $295.3 million are at a high risk of default, or in the case of CORZQ, is already in default.” Core Scientific IncExela Technologies Arena Group Holdings FALSE a. . repaid early and in full ($111MM of the “risk”) b. repaid term loan in full ($55.8MM of the “risk”) c. debt retired in full ($99MM of the “risk”). Publicly disclosed in the most recent 10-K for each company (search for "Riley" in the filing)
5) Wolfpack “RILY’s NAV is Far Below the $1.1 Billion Minimum NAV Requirement That Is Required for the Nomura Credit Agreement Putting RILY at Risk of Collapse in 2023” is in full compliance FALSE RILY with the Nomura credit agreement. Moreover, reflecting the strength of the relationship, Nomura even granted a no-fee extension when the 10-K filing was delayed. Also see 10-K for current status.
6) Wolfpack “Over $200 Million of the Goodwill and Intangible Assets on RILY’s Balance Sheet is Attributable to its Telecom Rollup, which is Centered on Dial-up and DSL Internet:” - criticizing them as dying businesses with no value extremely valuableFALSE Segment is . From just 2020 to 2023, the communications segment has returned over $212.2MM in adjusted EBITDA.
7) Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate), Various RILY committed fraud with loans and closing the FRG acquisition. "The fact $RILY closed the FRG deal while hiding the Kahn loan - an all PIK defaulted loan backed by $FRG shares - is a Hall of Fame worthy act of fraud. I thought after Enron/Sarbox we couldn't have something like this happen in US markets." FALSE A law firm led an internal investigation, and an independent external investigation both found “The review confirmed what the Company previously disclosed: that the Company and its executives, including Bryant Riley, had no involvement with, or knowledge of, any of the alleged misconduct concerning Prophecy.” “The results of the independent investigation confirmed that the Company and its executives had no involvement with, or knowledge of, any of the alleged misconduct concerning Mr. Kahn or any of his affiliates. This independent investigation was conducted subsequent to the Company's February 22, 2024 disclosure of the internal review performed with the assistance of Sullivan & Cromwell LLP as outside counsel.” Also see 10-K
8) Marc Cohodes (AlderlaneEggs), ParrotCapital, Bill Abbate Jr. (JrAbbate), Various The 10-K will never be filed. They can't produce audited financials. Audited 10-K FALSE was filed. Delay was due to Audit committee fulfilling its responsibilities and proactively conducting investigations (internal and external).
9) Marc Cohodes (AlderLaneEggs) + Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate) + ParrotCapital Sullivan and Cromwell knew about Massive Fraud, and did a "sham investigation" Sullivan and Cromwell FALSE is one of the most respected law firms, in the US and worldwide. "Sullivan & Cromwell continues to lead all law firm advisers in announced and completed global deals in 2023, according to Bloomberg and LSEG. The Firm advised on global announced deals totaling more than $345 billion, representing a 12.1 percent market share, per Bloomberg, and on completed global deals totaling more than $431 billion, representing a 16.9 percent market share, per LSEG." They're not compromising themselves for a relatively small client.
10) Marc Cohodes (AlderLaneEggs), Nate Koppikar (TheFriendlyBear), Bill Abbate Jr. (JrAbbate), Parrot Capital Marcum is enabling Massive Fraud MarcumFALSE is a respected audit firm, and 13th largest by revenue. "Marcum LLP advanced into the Top 15 in the 2023 Vault Accounting list of top-ranked accounting firms. Marcum climbed six levels to the No. 13 ranking overall and earned a ranking of 14 in prestige. The Firm also won Top 20 rankings across all Practice Area, Quality of Life, and Diversity categories, including several new classifications added this year."
11) Marc Cohodes (AlderLaneEggs) Nomura is enabling Massive Fraud NomuraFALSE is a global financial services company, and the oldest brokerage firm in Japan. They operate in a highly regulated industry. They're not putting themselves on the line for a relatively small client.
12) Parrot Capital "The list of $RILY enablers is massive: Marcum LLP, Sullivan and Cromwell, Seeking Alpha, Holbrook Holdings, $AX Axos Bank, Many, many more." FALSE There's no global conspiracy whereby these companies - all respected law firms, auditors, banks, and media outlets - are collectively colluding to enable RILY to commit fraud. Requires only two brain cells and one functioning synapse to know there's no grand collusion cabal between these disparate companies.
13) Marc Cohodes (AlderLaneEggs), Jonathan Weil at WSJ Franchise Group shares used to secure Kahn loan: "It is unclear whether Kahn pledged the same shares twice—to both Prophecy and B. Riley." stated by the company UCC search FALSE As , Simple disproves this. UCC # 202302295747
14) Marc Cohodes (AlderLaneEggs) “Bryant Riley is on the Road, telling people the ‘audit partner at Marcum left’ and that ‘I have made mistakes’ “ hit the 5yr SEC ruleFALSE Marcum audit partner was working on the audit the whole time; the original audit partner had , so he was never working on this year’s audit.
15) Marc Cohodes (AlderLaneEggs) "So it turns out James La Rocca was Fired by MarcumLLP If nothing was wrong with prior $RILY Audits, why is he gone? This will be great in discovery of what exactly went on. hit the 5yr SEC ruleFALSE Marcum audit partner was working on the audit the whole time; the original audit partner had , so he was never working on this year’s audit.
16) Koppikar (TheFriendlyBear) “So Bryant Riley did disseminate MNPI back in March” in response to Cohodes claim that he told people the Marcum partner left 5 consecutive yearsFALSE Cohodes claimed Bryant Riley was telling people the Marcum auditor left. Koppikar called that disseminating MNPI. Cohodes statement was false (and thus Koppikar's derivate claim is also false). A different auditor worked on RILY, as Marcum follows the SEC rules; the lead auditor can only serve the client for . As such, Koppikar’s derivative claim of disseminating MNPI is false.
17) Koppikar (TheFriendlyBear) “He appears to still not be familiar with the voting interest model of consolidation… why is a life science and tech partner signing an extremely complex investment company / broker dealer audit ???” i.e., auditor is unqualified Marcum is a highly respected auditorFALSE The auditor is fully qualified. ; they don't hire unqualified people, or assign them to clients they're unqualified to audit. RILY is continuing to use Marcum as the 2024 auditor.
18) Marc Cohodes (AlderLaneEggs) "Now that the $RILY dividend is going away, this omission is serious stuff" reduced 24Q1FALSE The dividend did not go away. It was from $1.00/share to $0.50/share, to allow them to opportunistically allocate capital. 23Q4 and
There are too many source images for the claims above to embed in a reddit post, and this sub doesn't allow images in comments. Images can be seen on a version of this posted to a sub that discusses RILY in the comments (~55 images). All claims can be sourced on the various social media venues and websites utilized by the short sellers. Other sources include: https://wolfpackresearch.com/research/rily/ and here https://friendlybearresearch.com/wp-content/uploads/2023/12/RILY-Analyst-Day-Questions-12_11_13-Final.pdf and https://www.institutionalinvestor.com/article/2cpgaejc45gocvoqb1ngg/corner-office/how-b-riley-garnered-the-biggest-short-interest-of-2023 and https://www.wsj.com/finance/how-an-unremarkable-deal-became-a-big-threat-to-a-small-investment-bank-f819a169 . https://adviserinfo.sec.gov/firm/summary/304196 form ADV. This is not financial advice. All claim summarizations reflect my interpretation of the short seller claims, and should be verified against original sources, along with all counters.
submitted by BleepBlimpBop to smallstreetbets [link] [comments]


2024.05.21 21:08 virgoduo Debt question

How old does the debt has to be to be included in the bankruptcy? I have only spoken to an attorney and haven’t started to file yet.
Our refrigerator is going bad so if we buy a new one can it be included if we file later this year?
submitted by virgoduo to Bankruptcy [link] [comments]


2024.05.21 20:56 ArgumentDismal5340 I just found out I'm getting a "$12,000" and a raise from the goverment!

So I work for the goverment as and attorney and I've had my current job since 2021 when I finished law school.
I took this job knowing that it was on the lower end in terms of salary for new lawyers, but it was good experience in a field that was interesting, so I figured why not.
Still the salary was very low. It's literally googleable if you knew my exact position and state, so I don't mind sharing that they started me at about $65k. I got anther $5k raise when I passed the bar, and then a $2k raise my second year so I was at $72k.
For reference, in my city, most new attorneys in medium sized firms start around $100k to $140k, and at the really big private firms they pay $140k to $170k. I'm in a big goverment firm so I expected to make less but $72k is definitely even less than I was expecting.
Still, this might not seem that bad, but my city is big and exspensive, so tbh $72k doesn't go very far. I pretty much live pay check to pay check, with taxes, rent, school bills, my car bills, and food eating my whole check.
In fact I have $3k in credit card debt and I haven't been able to make any sort of dent paying it down because i run out of money before my next pay day usually and live off my credit card for a few days.
Anyway my office calls a big meeting this morning and I honestly thought I was in trouble, but they explained that based on some contract the city had for city employees, idk a bunch of legal mumbo jumbo tbh, tldr we were apparently being under paid.
It was determined that we were actually supposed to have been paid $90k per year this whole time, so they said that would be our new salary and we would also get retroactively paid at that rate for the time we'd already worked.
Then they individually told us what size check we would get based on when we started and for me the retroactively amount came to $12k.
So my salary jumped $18k per year. Meaning my next pay check will be like $300-$500 more plus the additional $12k.
I was honestly considering finding a new jobbbecause I was just running a deficit with no clear way to fix my finances, but now I can pay off all my debt, put a bunch in savings and the raise should keep me from drowning moving forward.
All in all is been a good day!
submitted by ArgumentDismal5340 to Vent [link] [comments]


2024.05.21 20:52 Region-Formal At The Market offerings and stock dilutions: why there's more here than initially meets the eye...

At The Market offerings and stock dilutions: why there's more here than initially meets the eye... submitted by Region-Formal to Superstonk [link] [comments]


2024.05.21 20:33 Square_Substance_522 Can I take ECSI to small claims court myself

So, I clearly fell for ECSI debt collector trap of replying to one of their bills they kept mailing me with $0 payment, when I finally contacted them in Sept 2023. They asked for proof of payment I made 7 years ago and I sent it, only for them to take my information and claim I didn't pay in full. They created a new amount I would owe them, add fees and interest on top, restart my loan and claimed to the Dept of Education I have been paying them since January of 2023?! They reported me to the credit bureau and claim they have been billing me since Feb. 2023 the so called "$300+ amount" even though I have paper proof I was billed $0 amount for about 9 months... I have asked for paperwork of this 20-year-old loan via mail and phone calls, they claimed they mailed it, but I never got anything. I tried a probo lawyer but he said my case the amount is too small and he got no time... It's clear ECSI just made up everything, and now reports to the DOE that I still owe this debt. So like a zombie loan, it back to life and now they are harrassing me to pay it. So I was wondering if I can just take ECSI to court myself. Am in the NY state btw. Not a lawyer, just a regular citizen here. Just kinda sick of their BS. I rather protect my human integrity and fight them than pay off a debt I do not owe! I swear they are just hoping this amount of $370+ is small enough that I would pay them off to get them off my back. It's still increasing by $1 every month btw. I rather fight if I can, so this is where you all come in. What do you all think?
submitted by Square_Substance_522 to legaladvice [link] [comments]


2024.05.21 20:20 Effective_Date_1646 How to dismiss a lawsuit of debt

I had surgery for endometriosis in July ‘19 that ended up being like $15,000/$16,000. My insurance was through my job at that time, my insurance covered around $10,000 of it & left me to pay almost $6,000. I was around 21 at the time & honestly don’t ever remember knowing that I owed it the remaining let alone being able to pay that anyways time goes on I am now 27 & I guess the hospital sold my debt to a debt collector agency & they decided to sue me for that debt last yr May & the judge ruled in their judgment. They just sent me another summons for court to pay them & put a levy on my bank account. I can’t afford to pay almost $6,000 let alone pay my own bills that I also can barely afford. Would anyone know how I can avoid paying this & get my bank account back? I really don’t want to do bankruptcy because I wouldn’t be able to pay for a lawyer for that as well & my credit has just been majorly fucked already. Any help would be greatly appreciated thank you
submitted by Effective_Date_1646 to DebtAdvice [link] [comments]


2024.05.21 20:17 Brave-Significance70 Potential issue returning to Japan at the border with debt?

I will preface this by saying that I lived in Japan for many years and I intend to move back soon. I just need some insight into my situation.
I was married in and lived in Japan for many years with no issues at all. Got divorced and ultimately decided to move to another country last year.
After a month or so after leaving I started recieving emails from a lawyer stating that back I owe money (just under 40,000yen) to a company called Paidy which is an online Buy now pay later service. I signed up to it ages ago and used to let my ex-wife use it for household things on occasion. I brushed it off thinking it was a scam/spam at the time until I looked recently and noticed that there were multiple emails sent per month up until december last year stating that the payment is overdue after the deadline and the lawyer may take legal action. The account is also actually under the wrong name. When my ex made the account she wrote my old. pre-marital name down.
I attempted to contact them however, it lead to a website with no contact information at all, the email itself was a noreply address. There was no number, email etc. Only a local Japanese bank account to pay it into. I attempted to log into my Paidy account and realised that the website is Geolocked and you cannot log in outside of Japan - even after trying to use a VPN too. I also have no way of contacting my ex wife to sort it out. (Actually, her using my money and having debt was one of the reasons we divorced in the first place).
I have recently been offered a job in Japan and I will be travelling there this week as a tourist to talk about it and move back. In this time I intend to also pay this debt.
I am now quite anxious that it will potentially cause me issues at the border. Is there any chance this will flag up at immigration? Will I have any issues entering the country?
Thanks!
submitted by Brave-Significance70 to JapanTravelTips [link] [comments]


2024.05.21 19:38 deathjoy Just had my initial consultation and I'm worried

So three years ago I took a vacation to Vegas which began a downward spiral into gambling addiction which has essentially destroyed my life. I currently have about 45k in cc debt, no savings. Up to this point I have lived my entire life with no debt and an almost perfect credit score. I have self excluded from all gambling sites and enrolled in gamblers anonymous. I am also giving my husband my banking login to keep me accountable.
To complicate matters, I bought a house 4 years ago, mortgage entirely in my name but husband on the deed per Ohio law. I got a great rate due to my then stellar credit of like 2.7 percent. Initial mortgage around 120, payoff around 112 now. 2011 Hyundai paid off, not worth much.
My husband and I separated in October. We are still best friends, we just couldn't live together. I moved out and am entirely financially solo He pays the mortgage which is still in my name because to get a new home or refinance now would triple the interest rate.. My bring home is around 2200 a month and expenses minus debt around 18 to 1900. The house has recently been appraised at 22000 by Zillow I believe.
3 weeks ago he secured a heloc to do some repairs on the home which badly need it. It is entirely in his name and I signed that I was not a part of it but was aware it would be against the mortgage. Value of 43000 which he has already disbursed a portion of and has contractors working.
Lawyer says I have too much equity in the home and advises a reappraisal to see if true value is less. Hubby willing to see but very very hesitant to put house at risk. I don't live in the home so cannot reaffirm apparently. It's just considered an asset. Any insight here? Trying to put my life back together and if this doesn't work I am just lost.
submitted by deathjoy to Bankruptcy [link] [comments]


2024.05.21 19:33 Thoracias Lien on SIL's land affecting us?

GEORGIA, USA
My sister in law's part of our "family" land is next to ours. She does not live on the land but we have lived there 32 years and have driveway access on HER part as the driveway was put in long before my MIL passed away and the land was re-surveyed and broken up into plots for each kid in her will.
Last week, SIL called saying she had a $16k lien on the property for a truck that got repossessed and wanted us to bail her out. Our daughter and son-in-law offered to purchase it for $20k. Yesterday they went to their lawyer only to find out Sis-in-law has filed bankruptcy and is unable to sell it now. Not sure why as I would think the money would go to pay off the lien anyway.
How could this affect us? Could this land potentially end up on the courthouse steps and if someone else (outsider) outbids us/buys it, what becomes of our 30+ year driveway access? We live on the side of a mountain and there is no place on our own land to bring in another road without spending close to $40-$50k and that is not going to happen.
submitted by Thoracias to legaladvice [link] [comments]


2024.05.21 19:29 LGBTQIA_Over50 Who hires people with grey hair, mild wrinkles, age spots, experience and wisdom?

Its understood that we have skills. Those features reflect an individual who has lived and likely been in the workforce for awhile.
I'm not your typical GenX. I have current skills that are transferable.
I don't fit the recent college grad, company work cultures that don't embrace multiple generations. I looked at the reviews, photos, and that tells me how the company brands its image.
What companies hire for multi-industry experience, in insurance, banking and would that transfer to paralegal work for plaintiff side lawyers?
The main issue is pay and benefits.
If I were to work in insurance (not life sales) what companies hire someone with experience? Despite my 8 years in that field, Progressive wanted me to take silly games and match the shapes tests, even though I trained employees how to pass insurance licensing exams and worked in the industry.
Those are the silly tricks companies have to create barriers to employment and a youth based workforce.
Juvenile, puzzles and shape matching tests. I'm surprised they don't give out coloring books to see if you can color within the lines.
My competitive advantage in HR is that I've worked in all areas and also have outside industry experience which makes me well-rounded.
I'm lacking the photo on my desk with Magic Kingdom, Mackey and Minnie and spouse and children. That's what most companies which are conservative cultures want.
I dress conservatively, I have bipartisan views that I keep to myself so, outwardly, you wouldn't know where I stand.
Temp agencies don't have anything because they hire sales people to support their client employers who avoid PTO, health benefits and want an unemployment buffer.
I need income now. I used call centers for stopgap work, and even when I meet the strict and narrow performance metrics, and pee break schedule adherence, it doesn't get me promoted.
What places will hire people like us?
Thank you and I hope your day is going well.
EDIT to add, I don't think companies that hire people right out of college, feel comfortable hiring middle aged people who suffered from economic and health losses during and after Covid when everything was shut down and many people lost their incomes. Those whose jobs weren't impacted at that time, don't have a clue about those who lost their health, savings and livelihood. Rebuilding is stressful and I think certain companies want that recent college grad vibrancy versus a middle aged person's dedication, while suffering in silence with stress due to piled up debt and delayed health treatment issues. We might not exude conviviality, innocence and the same motivations when underpaid as opposed to someone who feels that they are paid adequately or more.
So many jobs that are posted for FT would require me to have a 2nd job in addition to that which could compromise my energies in the first job.
If you are paid more than your age, then you are doing well. Many of these jobs aren't paying me at or above my age.
submitted by LGBTQIA_Over50 to recruitinghell [link] [comments]


2024.05.21 19:28 LGBTQIA_Over50 Who hires people with grey hair, mild wrinkles, age spots, experience and wisdom?

Its understood that we have skills. Those features reflect an individual who has lived and likely been in the workforce for awhile.
I'm not your typical GenX. I have current skills that are transferable.
I don't fit the recent college grad, company work cultures that don't embrace multiple generations. I looked at the reviews, photos, and that tells me how the company brands its image.
What companies hire for multi-industry experience, in insurance, banking and would that transfer to paralegal work for plaintiff side lawyers?
The main issue is pay and benefits.
If I were to work in insurance (not life sales) what companies hire someone with experience? Despite my 8 years in that field, Progressive wanted me to take silly games and match the shapes tests, even though I trained employees how to pass insurance licensing exams and worked in the industry.
Those are the silly tricks companies have to create barriers to employment and a youth based workforce.
Juvenile, puzzles and shape matching tests. I'm surprised they don't give out coloring books to see if you can color within the lines.
My competitive advantage in HR is that I've worked in all areas and also have outside industry experience which makes me well-rounded.
I'm lacking the photo on my desk with Magic Kingdom, Mackey and Minnie and spouse and children. That's what most companies which are conservative cultures want.
I dress conservatively, I have bipartisan views that I keep to myself so, outwardly, you wouldn't know where I stand.
Temp agencies don't have anything because they hire sales people to support their client employers who avoid PTO, health benefits and want an unemployment buffer.
I need income now. I used call centers for stopgap work, and even when I meet the strict and narrow performance metrics, and pee break schedule adherence, it doesn't get me promoted.
What places will hire people like us?
Thank you and I hope your day is going well.
EDIT to add, I don't think companies that hire people right out of college, feel comfortable hiring middle aged people who suffered from economic and health losses during and after Covid when everything was shut down and many people lost their incomes. Those whose jobs weren't impacted at that time, don't have a clue about those who lost their health, savings and livelihood. Rebuilding is stressful and I think certain companies want that recent college grad vibrancy versus a middle aged person's dedication, while suffering in silence with stress due to piled up debt and delayed health treatment issues. We might not exude conviviality, innocence and the same motivations when underpaid as opposed to someone who feels that they are paid adequately or more.
So many jobs that are posted for FT would require me to have a 2nd job in addition to that which could compromise my energies in the first job.
If you are paid more than your age, then you are doing well. Many of these jobs aren't paying me at or above my age.
submitted by LGBTQIA_Over50 to jobs [link] [comments]


2024.05.21 19:13 yuritopiaposadism This Red Lobster example perfectly encapsulates the state of consolidation that late capitalism in the United States has entered. The systematic dismantling of tangible things which took decades to build has reduced America into a capital scrap yard, it makes less than nothing now.

This Red Lobster example perfectly encapsulates the state of consolidation that late capitalism in the United States has entered. The systematic dismantling of tangible things which took decades to build has reduced America into a capital scrap yard, it makes less than nothing now. submitted by yuritopiaposadism to lostgeneration [link] [comments]


2024.05.21 19:13 yuritopiaposadism This Red Lobster example perfectly encapsulates the state of consolidation that late capitalism in the United States has entered. The systematic dismantling of tangible things which took decades to build has reduced America into a capital scrap yard, it makes less than nothing now.

This Red Lobster example perfectly encapsulates the state of consolidation that late capitalism in the United States has entered. The systematic dismantling of tangible things which took decades to build has reduced America into a capital scrap yard, it makes less than nothing now. submitted by yuritopiaposadism to Anarchy4Everyone [link] [comments]


2024.05.21 18:49 CarefullyCoparenting (TX) How Terrible Of An Idea Is Not Hiring a Probate Attorney

Burnet County, TX.
Decedent passed away unexpectedly with no will or life insurance. They owned a home (listing their spouse and one child on the morthage, and possibly the title as well), owned a business (under an LLC that only listed them) that has somewhat substantial material assets (the tools required to run the business) but not the property on which the business is located (they rented), may have owned several vehicles (that would list only themselves or the LLC on the title if such vehicles exist), and had several bank accounts (for the LLC, a joint account with the spouse, and possibly additional accounts in only their name).
The spouse is insisting on attempting to probate the estate themselves ("I don't need to pay a lawyer a whole bunch of money for them to tell me that the bank owns everything"), or rather not probating the estate at all (and just sort of handing out assets as they feel fit). There are multiple children involved, but not a lot of infighting (yet) for assets.
My concern is that the spouse will make a misstep and acquire debt that isn't theirs and should have been discharged (by paying on a credit card in the decedents name, for instance), run into trouble with the business (they plan to form a new LLC with the spouse/child on it, but to my understanding won't be able to legally transfer any holdings the current LLC has to the new LLC, since only the decedent was an authorized user for the current LLC) or because they can no longer rent the current space, and/or potentially find themselves in legal trouble if one of the kids kicks up a fuss because assets weren't allocated according to the split required by the relevant intestate succession laws.
I am not party to the inheritance, but I do want to ensure that things are handled equitably and that the spouse doesn't make a mistake they can't come back from. I'm getting mixed feedback from my research online as to whether or not they even can do this without an attorney, but would like some talking points to convince them of potential pitfalls (or correction if I'm wrong as this is absolutely something they can do themselves). Money is absolutely a concern, but it will be even more of a concern if they lock themselves out of joint accounts by screwing something up.
Thanks in advance!
ETA: If she continues to refuse, can one of the adult children hire a probate attorney themselves, since they're claimants? Or does that authority lie only with the spouse?
submitted by CarefullyCoparenting to legaladvice [link] [comments]


2024.05.21 18:38 LaineoftheLake CMP fekked us over good

Hey again. I posted a few weeks ago about our CMP bill being so high and looking for tips to reduce it. Well now we have an even bigger problem. So beginning of May, we had a past due balance of $1100 something, with a current balance of $1500 something. They were no longer allowing a flexible payment option, and were going to shut off the power if we didn’t pay at least the full past due balance. Also our LIHEAP application had JUST BEEN rejected for an income $100 over the limit.
Well, we knew that the account that it would normally be billed from did not have $1100 in it and it would bounce. So we called and said that we were going to pay by credit card this month. They charged the current balance of $1,5XX to the credit card on May 3. Thought we were good.
Then on May 5, they charged our normal checking account for the past due of $1,1XX. And it went through because we had, by serendipitous circumstances, deposited an unexpected check that had put our balance just high enough for that payment to go through and leave us with a mere $43. Our CMP bill shows a credit of $1100, so it recognizes that the 1500 we put on the credit card was paid. So I don’t know why it was double charged.
Of course we call CMP right away, they agree that we have indeed paid them $1100 too much. At first the guy on the phone said that it would remain as a credit, and we wouldn’t receive a bill for the remainder of the balance, but we insisted that was unacceptable because we need to fucking live. So after a bit of back and forth he agreed to refund us the 1100. We asked for it to be done ACH and he said “we can if you want but it will take 12-15 business days, but if we send a check, you will have it in 3-5 business days.” Which doesn’t even make sense— if they can take it out instantly, they can put it back instantly. But he put us on hold so he could “talk to his supervisor” then came back and said “yeah, they confirmed that a check would be faster.” So, fine whatever… send us the check, we need it asap so we can buy groceries and pay other bills etc. He said he’ll put a rush on it.
5 business days go by, still no check. We call again— they said we just processed the refund today, so a check will be sent out soon. Meanwhile we’ve already racked up $150+ of overdraft fees from other auto pay bills being declined, and we are accruing even more credit card debt just to pay for groceries and fuel.
Now it’s May 21 and we still haven’t received a check, they just give us the run around in the phone. The consequence of this have been so far reaching, we have multiple bank fees, and lots of other bills and collections calling us, interest accruing on the credit card. My credit score has already dropped 15 points and there is ZERO urgency from CMP and honestly I think they’re just lying to us about even processing the refund. And until we have that refund, there’s nothing we can do with the bank about reversing the hundreds of dollars in overdraft fees, many of which are doubled from companies re-trying the auto billing. Each paycheck that’s deposited is basically gone in an instant. We can barely afford basic necessities. And a new CMP billing cycle is right around the corner.
What do I do now? Do I need to call a fucking lawyer? It’s been nearly three weeks, and our whole month of May is fucked because of this, not to mention we’re going to have to be smoothing things over with banks and paying off the credit card for months after this. I almost wish we never got that unexpected royalties check. It’s a blessing that became a curse.
Thanks for reading, sorry if it’s gotten long or confusing. I’m mostly just venting, but if you have real advice, I’m desperate to hear it.
submitted by LaineoftheLake to Maine [link] [comments]


2024.05.21 18:28 BleepBlimpBop $RILY DD: Long List of Short Seller Claims --- DEBUNKED with proof!

Ever-shifting Short Seller Claims

The short sellers attacking RILY in 2023-2024 have been relentless (currently 57% of float sold short per FinViz), with an ever-shifting list of wild accusations.
It's sickening to watch them compile a never-ending list of baseless wild theories and claims to support their short positions, which are demonstrably false. But as each is proved false, they pivot to new claims, and/or change the goalposts.
The sheer volume of shifting claims makes it hard to track how despotic they are with their "platform," and how many falsehoods they've spun. Even for someone who watched it in real-time, for almost a year

Compiled & Debunked

Sunlight kills vampires. To that end, I've compiled a list of (i) claimants (ii) claims (iii) reality (iv) definitive source proving reality.

Why Did They Target RILY?

One of the most vocal short sellers, Nate Koppikar (who also introduced Marc Cohodes to the "opportunity") has a fund Orso Partners. Based on their SEC registration document, this is their investment thesis:
"The Account’s investment objectives are to achieve capital appreciation primarily by identifying and selling short marketable equity securities of underfollowed and complex companies with misleading or corrective disclosures through a research-intensive process. The Account employs a short-biased investment strategy with an emphasis on primarily small to mid-cap companies that are underfollowed and complex (i.e., companies with market capitalizations of less than $5 billion which the market does not yet have a wellformed bull and/or bear perspective)."
RILY fits their description. The icing on the cake was the relatively large market cap, and the relatively small float. Given extremely high insider ownership (32.9% of shares per the proxy), and limitations on when and how insiders can trade, the "free float" of the stock (i.e., the shares that regularly trade) is very small for the size of the company. Moreover, the setup would only get better - given insiders have consistently used their free cash to buy additional shares hand-over-fist (further reducing the float).
That meant, with relatively small amounts of capital, the short sellers could shove around the stock price. That ability to move price opens another profit avenue - taking large derivative positions (buying puts, and selling calls), and shoving the price (or allowing it to drift up) to profit all along the way. It looked so good, the stock has been the highest-shorted on the US indices for several months. Even after the release of the 10-K, shares remain "hard to borrow" with elevated borrow fees.

Debunked Claims

The claims made by vocal short sellers could fill a book. Most were outrageous and fanciful when they were proposed. Virtually all have objectively debunked. This isn't a comprehensive list, as their claims are too numerous and varied. But it paints an illuminating picture.
With a track record this poor, one would expect the short sellers to exit - rather than continuing to spin new narratives. Perhaps the continued attacks are their exit strategy to avoid bankruptcy... Well, #Bullish.
With the highest short interest of all US stocks (albeit likely decreased from the highs of ~76% of the float), I think this is more than ripe for a return to fair value - or well above, if a short squeeze occurs.
Note: this sub disallows image posts. There is a similar post in the RILYStock sub which contains virtually all source images for the claim in the comments (too many images to embed in the post). The source images are illuminating.
Note that the list below deliberately excludes three types of posts/claims from the short sellers:
A) Juvenile personal attacks and attempts to character assassinate and dox a long list of people (RILY CEO, RILY new hires, RILY clients, Marcum the auditor, Marcum's lead audit professional, any firm or individual publicly posting a bull thesis on RILY, etc.).
B) Those that make no objective claims, but simply exist as a product of malicious degeneracy (like pictures of roasted pigs in ovens labeled Bryant Riley the CEO, photoshopped pictures of the CEO in prison chains next to convicted felons, video of an obese woman barely able to walk being gored by a bull labeled Mrs. Riley the CEO's wife, etc.).
C) Those that are impossible for short sellers to know, and impossible to objectively verify (e.g., Marc Cohodes claiming a single RILY trader front runs the CEOs personal short trades in front of clients taking following the firm's bullish advice on those stocks, to guarantee profits).
Claimant Claim Reality
1) Wolfpack Wolfpack “RILY will record investment losses of up to ~$700 million in 2023” FALSE 10-K FALSE
2) Wolfpack “new loan to CORZQ will work out just as badly as the last and end in default (again) before June 2023” FALSE Repaid in full, early, on 1/6/2024.
3) Wolfpack “The coupon rate on RILY’s seven issues of baby bonds ranges from 5% to 6.75%, which we believe to be far too low to compensate investors for the existential risk that accompanies these securities.” FALSE Full redemption of May 2024 came early. Far more than sufficient cash to cover debt payments.
4) Wolfpack “According to our analysis, 4 of RILY’s largest 7 corporate borrowers with outstanding loan balances of $295.3 million are at a high risk of default, or in the case of CORZQ, is already in default.” FALSE a. Core Scientific Inc. repaid early and in full ($111MM of the “risk”) b. Exela Technologies repaid term loan in full ($55.8MM of the “risk”) c. Arena Group Holdings debt retired in full ($99MM of the “risk”). Publicly disclosed in the most recent 10-K for each company (search for "Riley" in the filing)
5) Wolfpack “RILY’s NAV is Far Below the $1.1 Billion Minimum NAV Requirement That Is Required for the Nomura Credit Agreement Putting RILY at Risk of Collapse in 2023” FALSE RILY is in full compliance with the Nomura credit agreement. Moreover, reflecting the strength of the relationship, Nomura even granted a no-fee extension when the 10-K filing was delayed. Also see 10-K for current status.
6) Wolfpack “Over $200 Million of the Goodwill and Intangible Assets on RILY’s Balance Sheet is Attributable to its Telecom Rollup, which is Centered on Dial-up and DSL Internet:” - criticizing them as dying businesses with no value FALSE Segment is extremely valuable. From just 2020 to 2023, the communications segment has returned over $212.2MM in adjusted EBITDA.
7) Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate), Various RILY committed fraud with loans and closing the FRG acquisition. "The fact $RILY closed the FRG deal while hiding the Kahn loan - an all PIK defaulted loan backed by $FRG shares - is a Hall of Fame worthy act of fraud. I thought after Enron/Sarbox we couldn't have something like this happen in US markets." FALSE A law firm led an internal investigation, and an independent external investigation both found “The review confirmed what the Company previously disclosed: that the Company and its executives, including Bryant Riley, had no involvement with, or knowledge of, any of the alleged misconduct concerning Prophecy.” “The results of the independent investigation confirmed that the Company and its executives had no involvement with, or knowledge of, any of the alleged misconduct concerning Mr. Kahn or any of his affiliates. This independent investigation was conducted subsequent to the Company's February 22, 2024 disclosure of the internal review performed with the assistance of Sullivan & Cromwell LLP as outside counsel.” Also see 10-K
8) Marc Cohodes (AlderlaneEggs), ParrotCapital, Bill Abbate Jr. (JrAbbate), Various The 10-K will never be filed. They can't produce audited financials. FALSE Audited 10-K was filed. Delay was due to Audit committee fulfilling its responsibilities and proactively conducting investigations (internal and external).
9) Marc Cohodes (AlderLaneEggs) + Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate) + ParrotCapital Sullivan and Cromwell knew about Massive Fraud, and did a "sham investigation" FALSE Sullivan and Cromwell is one of the most respected law firms, in the US and worldwide. "Sullivan & Cromwell continues to lead all law firm advisers in announced and completed global deals in 2023, according to Bloomberg and LSEG. The Firm advised on global announced deals totaling more than $345 billion, representing a 12.1 percent market share, per Bloomberg, and on completed global deals totaling more than $431 billion, representing a 16.9 percent market share, per LSEG." They're not compromising themselves for a relatively small client.
10) Marc Cohodes (AlderLaneEggs), Nate Koppikar (TheFriendlyBear), Bill Abbate Jr. (JrAbbate), Parrot Capital Marcum is enabling Massive Fraud FALSE Marcum is a respected audit firm, and 13th largest by revenue. "Marcum LLP advanced into the Top 15 in the 2023 Vault Accounting list of top-ranked accounting firms. Marcum climbed six levels to the No. 13 ranking overall and earned a ranking of 14 in prestige. The Firm also won Top 20 rankings across all Practice Area, Quality of Life, and Diversity categories, including several new classifications added this year."
11) Marc Cohodes (AlderLaneEggs) Nomura is enabling Massive Fraud FALSE Nomura is a global financial services company, and the oldest brokerage firm in Japan. They operate in a highly regulated industry. They're not putting themselves on the line for a relatively small client.
12) Parrot Capital "The list of $RILY enablers is massive: Marcum LLP, Sullivan and Cromwell, Seeking Alpha, Holbrook Holdings, $AX Axos Bank, Many, many more." FALSE There's no global conspiracy whereby these companies - all respected law firms, auditors, banks, and media outlets - are collectively colluding to enable RILY to commit fraud. Requires only two brain cells and one functioning synapse to know there's no grand collusion cabal between these disparate companies.
13) Marc Cohodes (AlderLaneEggs), Jonathan Weil at WSJ Franchise Group shares used to secure Kahn loan: "It is unclear whether Kahn pledged the same shares twice—to both Prophecy and B. Riley." FALSE As stated by the company, Simple UCC search disproves this. UCC # 202302295747
14) Marc Cohodes (AlderLaneEggs) “Bryant Riley is on the Road, telling people the ‘audit partner at Marcum left’ and that ‘I have made mistakes’ “ FALSE Marcum audit partner was working on the audit the whole time; the original audit partner had hit the 5yr SEC rule, so he was never working on this year’s audit.
15) Marc Cohodes (AlderLaneEggs) "So it turns out James La Rocca was Fired by MarcumLLP If nothing was wrong with prior $RILY Audits, why is he gone? This will be great in discovery of what exactly went on. FALSE Marcum audit partner was working on the audit the whole time; the original audit partner had hit the 5yr SEC rule, so he was never working on this year’s audit.
16) Koppikar (TheFriendlyBear) “So Bryant Riley did disseminate MNPI back in March” in response to Cohodes claim that he told people the Marcum partner left FALSE Cohodes claimed Bryant Riley was telling people the Marcum auditor left. Koppikar called that disseminating MNPI. Cohodes statement was false (and thus Koppikar's derivate claim is also false). A different auditor worked on RILY, as Marcum follows the SEC rules; the lead auditor can only serve the client for 5 consecutive years. As such, Koppikar’s derivative claim of disseminating MNPI is false.
17) Koppikar (TheFriendlyBear) “He appears to still not be familiar with the voting interest model of consolidation… why is a life science and tech partner signing an extremely complex investment company / broker dealer audit ???” i.e., auditor is unqualified FALSE The auditor is fully qualified. Marcum is a highly respected auditor; they don't hire unqualified people, or assign them to clients they're unqualified to audit. RILY is continuing to use Marcum as the 2024 auditor.
18) Marc Cohodes (AlderLaneEggs) "Now that the $RILY dividend is going away, this omission is serious stuff" FALSE The dividend did not go away. It was reduced from $1.00/share to $0.50/share, to allow them to opportunistically allocate capital. 23Q4 and 24Q1
No source images included for the claims, as this sub disallows images in posts and comments. Images can be seen on a version of this posted to a sub that discusses RILY. All claims can be sourced on the various social media venues and websites utilized by the short sellers. Other sources include: https://wolfpackresearch.com/research/rily/ and here https://friendlybearresearch.com/wp-content/uploads/2023/12/RILY-Analyst-Day-Questions-12_11_13-Final.pdf and https://www.institutionalinvestor.com/article/2cpgaejc45gocvoqb1ngg/corner-office/how-b-riley-garnered-the-biggest-short-interest-of-2023 and https://www.wsj.com/finance/how-an-unremarkable-deal-became-a-big-threat-to-a-small-investment-bank-f819a169 . https://adviserinfo.sec.gov/firm/summary/304196 form ADV. This is not financial advice. All claim summarizations reflect my interpretation of the short seller claims, and should be verified against original sources, along with all counters. Due to Reddit image attachment limits, not all source images are included (but any missing can be found on TwitteX or other publicly available sources).
submitted by BleepBlimpBop to WallStreetbetsELITE [link] [comments]


2024.05.21 18:27 No_Conversation1883 contemplating adoption and moving to a different state

Somewhat of an update to a past post and I need to vent right now. Advice is also welcome.
My grandparents asked me to see them and like an idiot, I agreed. I have no issue with my grandpa. But I do with my grandma. She's the one who asked me to waste my time helping plan a babyshower for people I barely interact with. And while she's yet to outright say it, I know she has an issue with me not paying for it. Comments like "it would've been lovely" and "it's a shame she couldn't have one" were made. I haven't spoken to her in a month or so because of said comments.
Yesterday, I went over and guess who was there? My deadbeat father, Joe, his wife Stacy, and their daughter Emma. My grandpa asked me to just listen before I go off on them for blindsiding me and I decided hey, I'm gonna say no regardless, right? Might as well just listen and have validation to cut contact with all of them.
So it's been three months since the nonsense of Joe and Stacy wanting me to plan their daughter Emma's babyshower. The gist of that was they asked me last minute, gave me barely a month to plan and execute, and then got upset I refused to pay for it.
Grandpa told Stacy and Joe to talk, adding not to stray or give unnecessary details. Joe started by saying I hurt his feelings and was immediately cut off by grandpa saying no one gave a damn about his feelings. I don't know, I felt vindicated hearing that, even if my grandma claimed we should and claimed she didn't raise me to be selfish. Grandpa told her to shut up, that he raised me to have sense and I did. He then told Stacy she had one shot to say what they want or he's kicking them both out.
Stacy revealed that Emma gave birth three weeks early and the baby was taken home two weeks after. Emma wasn't taking to motherhood well and it's upsetting for them to see, it's the point where the baby is with Stacy's parents because Emma can't handle being in the same house with "it." When told to get to the point by me, Joe said that they want me to take the baby. Unlike them, I can afford it and the expenses that come with it.
I already knew this was them asking me to pay off whatever debts they have now, but I'm genuinely contemplating it. I don't like the idea of pregnancy, I have no interest in dating or marriage or sex, but I do want a child and had plans to adopt in the future.
In the moment, I asked Emma what she had to say and she said I ruined her pregnancy and so she doesn't want the "failed product." She went on about how she didn't get a real babyshower, wasn't getting any of the help she needed, and now she wants to put it behind her and move on. And isn't that messed up!? You're the one who wanted to keep the baby, at least that's how she made it seem three months ago. What the hell did she expect getting pregnant so young? I should've shown some sympathy, I think, maybe she's dealing with post-partum depression - I don't know her well, I can't tell and is it messed up that I don't care?
In the moment, I told all three of them that if I take the baby and pay off any debts related to the baby's birth, they'll have no rights to said baby. Emma will not be their mother, I will be. Emma will have no claim, no say, and no rights. And she readily agreed. When asked who the father is, she claims he wanted nothing to do with the baby. She confirmed with with texts and multiple emails telling her not to put him on the birth certificate because it was her choice to keep what he deemed an accident. I took his contact information, I plan to call him at some point.
So here I am contemplating canceling a second trip in favor of adopting a baby... I feel weird, like my priorities are skewed somehow. Adoption was something I planned on doing in maybe another five years. And I haven't met the baby yet, but I do want them - her name is "Emma-Lee," which I'd change if I adopt them, I already have a name in mind. At the same time, I don't trust Emma or her parents and I know if I adopt this baby, I WILL be moving states and cutting contact with most of my family, if not all of them.
I don't know, this was not part of my plans, but I think I might go see a lawyer today for some advice.
submitted by No_Conversation1883 to offmychest [link] [comments]


2024.05.21 18:23 BleepBlimpBop $RILY: Long List of Short Seller Claims --- DEBUNKED

Ever-shifting Short Seller Claims

The short sellers attacking RILY in 2023-2024 have been relentless (currently 57% of float sold short per FinViz), with an ever-shifting list of wild accusations.
It's sickening to watch them compile a never-ending list of baseless wild theories and claims to support their short positions, which are demonstrably false. But as each is proved false, they pivot to new claims, and/or change the goalposts.
The sheer volume of shifting claims makes it hard to track how despotic they are with their "platform," and how many falsehoods they've spun. Even for someone who watched it in real-time, for almost a year

Compiled & Debunked

Sunlight kills vampires. To that end, I've compiled a list of (i) claimants (ii) claims (iii) reality (iv) definitive source proving reality.

Why Did They Target RILY?

One of the most vocal short sellers, Nate Koppikar (who also introduced Marc Cohodes to the "opportunity") has a fund Orso Partners. Based on their SEC registration document, this is their investment thesis:
"The Account’s investment objectives are to achieve capital appreciation primarily by identifying and selling short marketable equity securities of underfollowed and complex companies with misleading or corrective disclosures through a research-intensive process. The Account employs a short-biased investment strategy with an emphasis on primarily small to mid-cap companies that are underfollowed and complex (i.e., companies with market capitalizations of less than $5 billion which the market does not yet have a wellformed bull and/or bear perspective)."
RILY fits their description. The icing on the cake was the relatively large market cap, and the relatively small float. Given extremely high insider ownership (32.9% of shares per the proxy), and limitations on when and how insiders can trade, the "free float" of the stock (i.e., the shares that regularly trade) is very small for the size of the company. Moreover, the setup would only get better - given insiders have consistently used their free cash to buy additional shares hand-over-fist (further reducing the float).
That meant, with relatively small amounts of capital, the short sellers could shove around the stock price. That ability to move price opens another profit avenue - taking large derivative positions (buying puts, and selling calls), and shoving the price (or allowing it to drift up) to profit all along the way. It looked so good, the stock has been the highest-shorted on the US indices for several months. Even after the release of the 10-K, shares remain "hard to borrow" with elevated borrow fees.

Debunked Claims

The claims made by vocal short sellers could fill a book. Most were outrageous and fanciful when they were proposed. Virtually all have objectively debunked. This isn't a comprehensive list, as their claims are too numerous and varied. But it paints an illuminating picture.
With a track record this poor, one would expect the short sellers to exit - rather than continuing to spin new narratives. Perhaps the continued attacks are their exit strategy to avoid bankruptcy... Well, #Bullish.
With the highest short interest of all US stocks (albeit likely decreased from the highs of ~76% of the float), I think this is more than ripe for a return to fair value - or well above, if a short squeeze occurs.
Note that the list below deliberately excludes three types of posts/claims from the short sellers:
A) Juvenile personal attacks and attempts to character assassinate and dox a long list of people (RILY CEO, RILY new hires, RILY clients, Marcum the auditor, Marcum's lead audit professional, any firm or individual publicly posting a bull thesis on RILY, etc.).
B) Those that make no objective claims, but simply exist as a product of malicious degeneracy (like pictures of roasted pigs in ovens labeled Bryant Riley the CEO, photoshopped pictures of the CEO in prison chains next to convicted felons, video of an obese woman barely able to walk being gored by a bull labeled Mrs. Riley the CEO's wife, etc.).
C) Those that are impossible for short sellers to know, and impossible to objectively verify (e.g., Marc Cohodes claiming a single RILY trader front runs the CEOs personal short trades in front of clients taking following the firm's bullish advice on those stocks, to guarantee profits).
Claimant Claim Reality
1) Wolfpack Wolfpack “RILY will record investment losses of up to ~$700 million in 2023” FALSE 10-K FALSE
2) Wolfpack “new loan to CORZQ will work out just as badly as the last and end in default (again) before June 2023” FALSE Repaid in full, early, on 1/6/2024.
3) Wolfpack “The coupon rate on RILY’s seven issues of baby bonds ranges from 5% to 6.75%, which we believe to be far too low to compensate investors for the existential risk that accompanies these securities.” FALSE Full redemption of May 2024 came early. Far more than sufficient cash to cover debt payments.
4) Wolfpack “According to our analysis, 4 of RILY’s largest 7 corporate borrowers with outstanding loan balances of $295.3 million are at a high risk of default, or in the case of CORZQ, is already in default.” FALSE a. Core Scientific Inc. repaid early and in full ($111MM of the “risk”) b. Exela Technologies repaid term loan in full ($55.8MM of the “risk”) c. Arena Group Holdings debt retired in full ($99MM of the “risk”). Publicly disclosed in the most recent 10-K for each company (search for "Riley" in the filing)
5) Wolfpack “RILY’s NAV is Far Below the $1.1 Billion Minimum NAV Requirement That Is Required for the Nomura Credit Agreement Putting RILY at Risk of Collapse in 2023” FALSE RILY is in full compliance with the Nomura credit agreement. Moreover, reflecting the strength of the relationship, Nomura even granted a no-fee extension when the 10-K filing was delayed. Also see 10-K for current status.
6) Wolfpack “Over $200 Million of the Goodwill and Intangible Assets on RILY’s Balance Sheet is Attributable to its Telecom Rollup, which is Centered on Dial-up and DSL Internet:” - criticizing them as dying businesses with no value FALSE Segment is extremely valuable. From just 2020 to 2023, the communications segment has returned over $212.2MM in adjusted EBITDA.
7) Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate), Various RILY committed fraud with loans and closing the FRG acquisition. "The fact $RILY closed the FRG deal while hiding the Kahn loan - an all PIK defaulted loan backed by $FRG shares - is a Hall of Fame worthy act of fraud. I thought after Enron/Sarbox we couldn't have something like this happen in US markets." FALSE A law firm led an internal investigation, and an independent external investigation both found “The review confirmed what the Company previously disclosed: that the Company and its executives, including Bryant Riley, had no involvement with, or knowledge of, any of the alleged misconduct concerning Prophecy.” “The results of the independent investigation confirmed that the Company and its executives had no involvement with, or knowledge of, any of the alleged misconduct concerning Mr. Kahn or any of his affiliates. This independent investigation was conducted subsequent to the Company's February 22, 2024 disclosure of the internal review performed with the assistance of Sullivan & Cromwell LLP as outside counsel.” Also see 10-K
8) Marc Cohodes (AlderlaneEggs), ParrotCapital, Bill Abbate Jr. (JrAbbate), Various The 10-K will never be filed. They can't produce audited financials. FALSE Audited 10-K was filed. Delay was due to Audit committee fulfilling its responsibilities and proactively conducting investigations (internal and external).
9) Marc Cohodes (AlderLaneEggs) + Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate) + ParrotCapital Sullivan and Cromwell knew about Massive Fraud, and did a "sham investigation" FALSE Sullivan and Cromwell is one of the most respected law firms, in the US and worldwide. "Sullivan & Cromwell continues to lead all law firm advisers in announced and completed global deals in 2023, according to Bloomberg and LSEG. The Firm advised on global announced deals totaling more than $345 billion, representing a 12.1 percent market share, per Bloomberg, and on completed global deals totaling more than $431 billion, representing a 16.9 percent market share, per LSEG." They're not compromising themselves for a relatively small client.
10) Marc Cohodes (AlderLaneEggs), Nate Koppikar (TheFriendlyBear), Bill Abbate Jr. (JrAbbate), Parrot Capital Marcum is enabling Massive Fraud FALSE Marcum is a respected audit firm, and 13th largest by revenue. "Marcum LLP advanced into the Top 15 in the 2023 Vault Accounting list of top-ranked accounting firms. Marcum climbed six levels to the No. 13 ranking overall and earned a ranking of 14 in prestige. The Firm also won Top 20 rankings across all Practice Area, Quality of Life, and Diversity categories, including several new classifications added this year."
11) Marc Cohodes (AlderLaneEggs) Nomura is enabling Massive Fraud FALSE Nomura is a global financial services company, and the oldest brokerage firm in Japan. They operate in a highly regulated industry. They're not putting themselves on the line for a relatively small client.
12) Parrot Capital "The list of $RILY enablers is massive: Marcum LLP, Sullivan and Cromwell, Seeking Alpha, Holbrook Holdings, $AX Axos Bank, Many, many more." FALSE There's no global conspiracy whereby these companies - all respected law firms, auditors, banks, and media outlets - are collectively colluding to enable RILY to commit fraud. Requires only two brain cells and one functioning synapse to know there's no grand collusion cabal between these disparate companies.
13) Marc Cohodes (AlderLaneEggs), Jonathan Weil at WSJ Franchise Group shares used to secure Kahn loan: "It is unclear whether Kahn pledged the same shares twice—to both Prophecy and B. Riley." FALSE As stated by the company, Simple UCC search disproves this. UCC # 202302295747
14) Marc Cohodes (AlderLaneEggs) “Bryant Riley is on the Road, telling people the ‘audit partner at Marcum left’ and that ‘I have made mistakes’ “ FALSE Marcum audit partner was working on the audit the whole time; the original audit partner had hit the 5yr SEC rule, so he was never working on this year’s audit.
15) Marc Cohodes (AlderLaneEggs) "So it turns out James La Rocca was Fired by MarcumLLP If nothing was wrong with prior $RILY Audits, why is he gone? This will be great in discovery of what exactly went on. FALSE Marcum audit partner was working on the audit the whole time; the original audit partner had hit the 5yr SEC rule, so he was never working on this year’s audit.
16) Koppikar (TheFriendlyBear) “So Bryant Riley did disseminate MNPI back in March” in response to Cohodes claim that he told people the Marcum partner left FALSE Cohodes claimed Bryant Riley was telling people the Marcum auditor left. Koppikar called that disseminating MNPI. Cohodes statement was false (and thus Koppikar's derivate claim is also false). A different auditor worked on RILY, as Marcum follows the SEC rules; the lead auditor can only serve the client for 5 consecutive years. As such, Koppikar’s derivative claim of disseminating MNPI is false.
17) Koppikar (TheFriendlyBear) “He appears to still not be familiar with the voting interest model of consolidation… why is a life science and tech partner signing an extremely complex investment company / broker dealer audit ???” i.e., auditor is unqualified FALSE The auditor is fully qualified. Marcum is a highly respected auditor; they don't hire unqualified people, or assign them to clients they're unqualified to audit. RILY is continuing to use Marcum as the 2024 auditor.
18) Marc Cohodes (AlderLaneEggs) "Now that the $RILY dividend is going away, this omission is serious stuff" FALSE The dividend did not go away. It was reduced from $1.00/share to $0.50/share, to allow them to opportunistically allocate capital. 23Q4 and 24Q1
19) Marc Cohodes (AlderLaneEggs) "$RILY doesn't make it till Easter... I will say it again and again.." FALSE They made it, filed a 10-K and paid a dividend, filed a 10-Q and are paying a dividend, and are chugging along. With stock price 50% higher than when this claim was made.
A sampling of the source claims listed above can be found in the images embedded in comments below this post, with additional claims found here https://wolfpackresearch.com/research/rily/ and here https://friendlybearresearch.com/wp-content/uploads/2023/12/RILY-Analyst-Day-Questions-12_11_13-Final.pdf and https://www.institutionalinvestor.com/article/2cpgaejc45gocvoqb1ngg/corner-office/how-b-riley-garnered-the-biggest-short-interest-of-2023 and https://www.wsj.com/finance/how-an-unremarkable-deal-became-a-big-threat-to-a-small-investment-bank-f819a169 . https://adviserinfo.sec.gov/firm/summary/304196 form ADV. Additional claims can be sourced on the various social media venues and websites utilized by the short sellers. This is not financial advice. All claim summarizations reflect my interpretation of the short seller claims, and should be verified against original sources, along with all counters. Due to Reddit image attachment limits, not all source images are included (but any missing can be found on TwitteX or other publicly available sources). Was unable to embed images in the post itself due to a Reddit limitation/bug.
submitted by BleepBlimpBop to RILYStock [link] [comments]


2024.05.21 17:45 ConsciousRun6137 Oswell E. Spencer; Resident Evil, Based On Real EL-ites

Oswell E. Spencer; Resident Evil, Based On Real EL-ites
There's nothing new under the Sun, & no coincidences in such things that follow;
Oswell E. Spencer
Coat of Arms
"I was to become a god... creating a new world with an advanced race of human beings."
Dr. Oswell E. Spencer, Earl Spencer (c.1923-2006) was an aristocratic British billionaire, virologist and eugenicist. One of the founders of Umbrella Pharmaceuticals, Lord Spencer was the CEO and President for its entire existence, which saw its expansion as the Umbrella Corporation over the 1980s as well as its bankruptcy in 2003.
A cold, ruthless elitist and ambitious individual, Spencer mercilessly eliminated his rivals and gradually increased his power within the company, which he strictly controlled behind a veil of darkness. Spencer had a vision to remake the world and lead it into a new era, seeing the world's current state as self-destructive. He intended to use the research data accumulated from Bio Organic Weapons to carry his vision out and mould a utopia for mankind with himself as its ruler.
Spencer was born into the prestigious Spencer family, considered for generations to be among the European elite. Growing up in his family's castle overlooking a cliff on the British coastline, the young heir to the Spencer fortune was given a wide-ranging education, and developed hobbies of art collecting and hunting as befitting of his status. Among his studies were classic literature, Early Modern humanist treatises, and the mid-20th century eugenics movement. His personal favourite was the Natural History Conspectus, a rare late Victorian encyclopaedia which chronicled a 34-year trek through Africa by British explorer Henry Travis. During Spencer's teenage years, Europe was plunged into the Second World War. Nothing is known of Spencer's life during this period of time, including whether or not he avoided conscription, though it is known his experience living during the war helped form his world views.
By the 1950s, Spencer was a university student training to be a physician. There he became close friends with Edward Ashford and an older student, Dr. James Marcus. While taking a solo hiking trip in Eastern Europe, he became lost due to his inexperience in the unfamiliar terrain and collapsed on a snow-covered road. There, he was rescued by Miranda, the priestess and biologist of an isolated mountain village which worshipped the Black God. Taken in by Miranda as a protégé, Spencer learned about the Mold and its ability to mutate, assimilate and replicate lifeforms, which inspired him a means to achieve evolutionist goals. Although he enjoyed his time with Miranda and the vast biological knowledge he gained from her, the two held very different world views, as Miranda longed to revive her deceased daughter while Spencer wished to change the world. Consequently, Spencer decided to leave the village, but would continue to keep in touch with Miranda by writing to her.
Returning to his university a changed man, Spencer became driven to replicate Miranda's achievements in his own way, as he deemed the Mold ineffective to achieving his goals. With the Cold War intensifying, Spencer began to view humanity as a race destined to fall, and believed that only through evolving mankind and attaining a superior moral code could this be averted. Though he lacked a means to accomplish this, he believed the answer lay within the emerging field of virology. Soon, Spencer formed a eugenics circle of likeminded scientists, including Marcus and Ashford, as well as Lord Beardsley and Lord Henry.

Founding of Umbrella (1966-68)

At the start of 1966, Spencer became engrossed once more in the Natural History Conspectus, having recalled an account about the Ndipaya, a West African tribe of skilled engineers whose rituals involved a magical flower which granted great power to those who could survive its poison. While Spencer was initially treated with appropriate scepticism due to allegations of yellow journalism on behalf of Travis, Marcus hypothesized that a virus could be naturally produced by the flower and mutate the consumer. This virus would theoretically hold great promise in eugenics, interesting the circle. In order to disprove or confirm the flower's significance, the three organized an expedition to West Africa to find it. While Spencer's involvement is uncertain, Marcus travelled to West Africa on a several month search for the Ndipaya with his protégé, Brandon Bailey, and returned by February 1967 with proof of the virus' existence, having isolated it within the Sonnentreppe flowers growing in the ruins of the Garden of the Sun.
Soon after research began on the virus, the Swiss university that Marcus worked for ostracized him following allegations of falsified data, which itself led to the cessation of government grants to his projects.\13]) Spencer used this to his advantage and employed his charitable Spencer Foundation as a means of funding Marcus' research, on the condition that he operate within the Spencer Estate's lab and avoid contact with any scientist outside their circle. Understanding the foundation would not be able to fund the project in its entirety, Spencer approached the circle in March 1967 with a suggestion that they establish a pharmaceutical company in order to raise the necessary funds. Ashford and Marcus agreed to the project, despite an overall disinterest with Henry and Beardsley joining.
Shortly afterward, Spencer informed his old teacher Miranda of the discovery of the Progenitor Virus, and decided to use the symbol that connected the Four Houses in her village as his company logo.
Toward the end of the year, work concluded on a mansion built on Spencer's behalf in the Arklay Mountains, a massif in the American Midwest. The mansion itself was built atop limestone caverns which Spencer planned to use for the construction of an underground laboratory complex that would be hidden from public view. The biggest flaw in this construction project was that he chose a famous New York architect named George Trevor, known for surreal designs Spencer admired, to build it. Upon its completion, Spencer realized that Trevor knew all of the mansion's secrets, including the existence of an underground laboratory, and panicked. Spencer quickly made plans to dispose of Trevor, so that only he and his inner circle would know of the lab's existence. In November 1967, Spencer invited the entire Trevor family, including George, his wife Jessica, and 14-year-old daughter Lisa to the house to celebrate the completion of the mansion. Unbeknownst to the Trevor family, Spencer planned to use them all as test subjects in his Progenitor research. Due to a busy workload, George could not attend, but told Jessica and Lisa that he would join them at the house later. As soon as the two arrived on November 10, they were dragged away by Spencer's employees and taken into the underground caverns as human research subjects for the Progenitor Virus. Jessica died soon after infection, though Lisa survived with mutations. As George arrived at the mansion, he was captured just the same, but escaped from his room. He eventually fell victim to one of his own traps and died. Lisa was kept as a test subject and would finally die in 1998.
At some point in the late 1960s, Spencer worked with another scientist who shared his eugenics ideals, Dr. Wesker. Believing that Progenitor would only be useful to mankind if they could be trusted with its powers, Spencer concluded that the genetically superior humans had to share his values to become the Übermenschen. Umbrella began abducting children with superior genes and intellect from around the world and raising them with access to the finest education that money could buy. Upon reaching adulthood, Umbrella would determine the cream of the crop and infect them. This highly classified project was dubbed the "Wesker Project", in the name of its leader.
With Umbrella established, Spencer became increasingly paranoid that his friends would threaten his own eugenics project which he intended to steer towards making him a god in the new world order. Although he already controlled the project by 1967 when he secured Marcus' research, Spencer's paranoia escalated in 1968 while running Umbrella Pharmaceuticals. To procure more funding for their eugenics project, Umbrella entered a secret agreement with the United States military to produce biological weaponry and began further projects to create mutant virus strains for military use. The Umbrella founders each worked separately on what they dubbed the "t-Virus Project". Rather than perform his own research, Spencer left the Arklay Laboratory under the control of trusted executives and further worked with Lord Beardsley and Lord Henry. Marcus and Bailey continued to work on their own while Ashford worked alongside his son, Alexander, at their European home.
With Progenitor cultures becoming too limited in number for large-scale research on the t-Virus Project, it became clear that Marcus and Bailey would have to travel to West Africa and secure more. Unlike the previous trek, Spencer instead hired mercenaries to force the Ndipaya off their land and secure the Garden of the Sun for Umbrella's own exclusive use. When news reached them about this success, Bailey was sent alone to cultivate the Progenitor samples at a lab built there, isolating him from Marcus. Marcus himself was given his own laboratory in the Arklay Mountains close to Spencer's own. The Umbrella Executive Training School served a dual role as both a laboratory for the t-Virus Project and as a boarding school for gifted children headhunted by the Spencer Foundation as promising new executive-scientists. The first true victim of Spencer's paranoia was Ashford, who would die from exposure to his primitive t-Virus strain in a staged lab accident. While his son Alexander was a scientist, he was trained in genetics rather than virology, and was consequently unable to continue his father's work. This left only Marcus as the main competitor to Spencer, and so efforts were taken to steal Marcus' data for the benefit of Arklay's Laboratory.

Securing of Power (1977-98)

In 1977, the Spencer Foundation headhunted Albert Wesker for a job at Umbrella after he acquired a doctorate in virology at just age 17. Sent to the executive training school, Spencer ensured that Wesker and a fellow student, William Birkin, would abuse Marcus' trust in them and steal his research data. At the end of the school year, Spencer ordered the school and lab to be shut down, cutting Marcus off from his research staff and the children he used as test-subjects. Wesker and Birkin were immediately assigned to the Arklay Laboratory to take over as its chief researchers and used their knowledge of Marcus' research to drastically alter the Arklay Laboratory's own t-Virus project.
Despite Spencer's near-total control over Umbrella, his paranoia continued to find new victims as Umbrella expanded to the point of possessing its own paramilitary, the Umbrella Security Service. Marcus continued to perform his own dedicated research into the late 1980s, hoping to use this to his advantage in securing the support of the board of directors in taking over the company. With Marcus now an immediate threat, Spencer ordered a U.S.S. raid on the training school and he was gunned down in 1988 with Birkin and Wesker in order to steal more research data. That same year, he personally backed their proposals in acquiring a Nemesis α parasite from France's No.6 Laboratory. As Umbrella entered the 1990s, Spencer continued to take a direct role in the company's affairs despite his advancing age and confinement to a wheelchair. Beardley and Henry would both perish over the next decade with their research inherited by their respective children, Mylène and Christine, both of whom were child prodigies.
Deeply interested in the newly discovered Golgotha Virus, which was being studied by Birkin and Christine in France, Spencer funded a new NEST facility in Raccoon City for the G-Virus Project. Although intrigued by the virus' potential use in eugenics, it was instead funded as another bio-weapon project for the US military. An alternative eugenics project was assigned to Dr. Alex Wesker, one of the Wesker Project subjects who Spencer became personally close to. Spencer awarded her with greater executive power through the construction of a laboratory at Sonido de Tortuga. He also developed a close relationship with Col. Sergei Vladimir, a Spetznaz officer whom the Soviet Union had used in a human cloning trial during the Afghan War. In exchange for handing his ten clones over for research on the fledgling Tyrant Project, Vladimir became a powerful asset in protecting Spencer's control over the company.

End of Umbrella (1998-2003)

In May 1998, the Arklay Laboratory was sabotaged by one of Dr. Marcus' creations, Queen Leech. Its entire staff was either killed or infected, and escaped B.O.W.s drew national attention in their killings of out-of-state hikers. As part of the X-Day contingency, Albert Wesker sent two elite law enforcement teams from S.T.A.R.S. to the mansion to investigate. However, unbeknownst to these S.T.A.R.S. officers, they were deliberately pitted against Arklay's escaped B.O.Ws for the purpose of collecting combat data. Wesker's own orders were fourfold: gather this combat data, salvage whatever research he could from the Arklay Lab, ensure the death of all S.T.A.R.S. members, and destroy the lab so the truth of Umbrella's responsibility could never get out. Spencer's right-hand man, Colonel Sergei Vladimir, was also sent in personally for the task of recovering an experimental Tyrant and Umbrella's U.M.F.-013 supercomputer. While Vladimir was successful, Wesker instead chose to fake his own death and hand the data over to a rival company, while several S.T.A.R.S. members escaped from the mansion intent on beginning a police investigation of Umbrella.
In the immediate fallout, an executive named Morpheus D. Duvall was scapegoated for the containment failure and began a bioterror plot to steal the viral samples in vengeance. Publicly, the so-called "Mansion Incident" did not harm Umbrella, thanks to its influence over the local Raccoon City media, police, and local government. However, a combination of this incident, Albert Wesker's betrayal, and Spencer's own refusal to admit Dr. Birkin to his inner circle would be the trigger for Umbrella's downward spiral. Dr. Birkin, slighted by Spencer's rejection, dumped the t-Virus around Raccoon City in order to neutralize the other Umbrella facilities while he himself prepared to hand the G-Virus over to the US military, who were intent on starting their own bioweapons project, in exchange for protection. Spencer learned of Birkin's planned betrayal and sent Umbrella Security Services to take Birkin into custody and acquire the G-Virus. When Birkin refused to comply, an Umbrella soldier gunned him down and the team proceeded to take his suitcase, which contained all of his work, with them. However, the fatally wounded Birkin still had one G-Virus sample left in his possession and used it on himself, mutating into a powerful monster in the process. The now mutated Dr. Birkin pursued Umbrella's soldiers into the sewers and slaughtered most of them, although HUNK survived. This altercation accidentally caused several t-Virus samples to fall to the floor and break, and infected rats would soon spread the virus into the city's water supply. Over the next week, the city collapsed into anarchy as thousands of infected took part in cannibalistic murders.
Aware that Raccoon City was doomed and the company no longer capable of lobbying against a Senate committee action, Spencer ordered Colonel Sergei Vladimir to recover the U.M.F.-013 from Raccoon City and take it to a safe location. On October 1, 1998, Spencer awoke to news of the US President's bombing of the city. By this point, Umbrella's responsibility had become public knowledge, and the US Congress voted in an act to liquidate Umbrella's USA branch and ban the company from conducting any future business in the country. In 1999, Spencer assembled expert lawyers, fake witnesses, and bribes during the Raccoon Trials to divert all responsibility to the US government. He also purchased an abandoned chemical plant in the Caucasus region of Southern Russia and commissioned the construction of a secret underground laboratory, which would become the de facto base of operations for Umbrella. Unwilling to acknowledge their breaching of international law to obtain bioweaponry or even acknowledge B.O.W.s in general, the US government remained in a stalemate with Umbrella. This stalemate ended in early 2003 when Albert Wesker leaked excerpts of the recovered U.M.F.-013 data to the court. Umbrella was found liable for damages and subsequently bankrupted. An international arrest warrant on Spencer was filed by both the United States and Russian Federation. Spencer, now an international fugitive, secluded himself in his family estate where he would spend the remaining years of his life.

Final Years (2003-2006)

Intent on establishing a future successor to Umbrella, Spencer was obsessive in maintaining what little order he had left. Right after the Raccoon City bombing in November 1998, he ordered a purge of senior executive staff to prevent the United States from ever learning about Progenitor.
Over the next few years, he had little to no contact with the outside, seen only by his loyalist bodyguards and his butler, Patrick. His increasingly erratic behavior coincided with his depression and failing health. However, intent on surviving long enough to see the rebirth of his organization, Spencer ordered Alex Wesker to begin research into a mutagenic virus capable of restoring his youth and supplied her with funding, equipment, research material, several hundred test subjects, and the research facility on Sonido de Tortuga Island to this end. Alex herself had no love for Spencer and betrayed him, disappearing after she gave up on the project and taking the results, her subordinates, and the test subjects to Sein Island in the Baltic Sea.
By 2006, Spencer was close to death. He lacked the strength to eat solid foods and spent most of his days sitting in his study. In a desperate last effort to survive, he ordered Patrick to assist him in the development of a new virus by using test subjects confined beneath the Spencer Estate in the hopes of healing his body. As these experiments led to several failed mutations, Spencer realized that his death was inevitable. He conceded that he would never realize his plan himself and enlisted Patrick to leak information on his location to Albert Wesker through an associate. Spencer then dismissed Patrick from his duties and was left with only his bodyguards at the estate, waiting for Wesker to find him.
In August 2006, Wesker entered the castle and brutally murdered Spencer's guards before heading into Spencer's private office. In their meeting, Spencer explained the Wesker Project to him, and why he himself was infected with a Progenitor virus strain*.* However, Spencer lied when he claimed he was the sole survivor of the Wesker Project, probably in order to keep him focused on his goal and prevent him from pursuing Alex. In general, Wesker was disinterested in Spencer's vision and, while not expecting this frail old man to be much competition to own goals, nevertheless decided to tie him up as a loose end. He brutally killed Spencer by knife-handing him through the chest, proclaiming that Spencer was not capable of being a god and, as such, never had the right to aspire to that goal.
Even before his death, Spencer left a dark legacy through the viral research that he conducted throughout his life that would plague the world with large-scale dissemination of bioterrorism. Due to his negligence in not being able to deal directly with the constant leaks and desertions of his dishonest employees during Umbrella's final years, this allowed them to start selling B.O.W.s to their rivals in the Bio-weapons black market since 1998 which culminated in the proliferation of countless outbreaks around the planet during the first decade of the 21st century, causing the deaths of thousands of people as a result.
Knights of Malta
submitted by ConsciousRun6137 to u/ConsciousRun6137 [link] [comments]


http://activeproperty.pl/