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Tilting the Scales Business Issues with a Legal Slant

Category Archives: Money

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Paying Child Support: Are Your New Hires Being Honest?

Posted in *Way Out - Advice, Criminal Law, Employment & Labor, Family Issues, Legal Risk Management, Money

Knowing that his old high school friend Iman Dedbeet had just been taken to the cleaners by his ex-wife Goldilocks in a nasty divorce, Johnny Clueless decided to help Iman out by hiring him as his general sales manager at Clueless Automotive. Johnny knew that Goldilocks got full custody of Dedbeet’s kids and that Dedbeet… Continue Reading

Partner Liability: Out of the Woods?

Posted in *Way Out - Advice, Legal Risk Management, Money

Debbett Runnup Partnership, a Texas general partnership, was sued by Widgets R Us in 2010 for failing to pay Widgets R Us invoices. Judgment was granted to Widgets in 2012 against Debbett Runnup for $300,000. After chasing Debbett for over three years, Widgets’ lawyer Plinn T. Agreshun realizes that Debbett is penniless. Knowing that partners… Continue Reading

The Coming Silver Tsunami: Families May Lose 70% in Wealth Transfer

Posted in *Way Out - Advice, Family Issues, Legal Risk Management, Money

Record Wealth Transfer. Over the next 30-40 years about $12 trillion from those born in 1920s and 30s will be transferred to the baby boomers, and the boomers are expected to transfer some $30 trillion to their heirs, with more than an estimated $59 trillion transferred from 93.6 million American estates from 2007 to 2061…. Continue Reading

Selling What You Don’t Have…What Happened to my Super Bowl Tickets?

Posted in *Weighing In - IMHO, Legal Risk Management, Money

Thursday before Super Bowl XLIX in Phoenix Ima Goen Nomattawatta, a huge Patriots fan, found an online broker Izzure Scalp with Super Bowl tickets for $2,500 apiece. Not believing that he could get 4 tickets at only $750 above face value, Nomattawatta quickly called three buddies, found flights and non-refundable hotel rooms, and all four… Continue Reading

When Should You Turn Down a Billion Dollars?

Posted in *Way Out - Advice, Money

Oil tycoon Harold Hamm and his now ex-wife, Sue Ann Arnall – whose divorce we have written about before – were involved in one of the largest and nastiest divorces in US history. Just last week, Mr. Hamm sent Ms. Arnall a personal check for $975 million in full payment of the cash award she… Continue Reading

Divorce – Four Business Reasons for a Prenuptial Agreement

Posted in *BTW - Noteworthy, Family Issues, Legal Risk Management, Money

With an ongoing Oklahoma divorce case in mind last month Tilting wrote about Tigh A. Knott, his wife Lucy Knott and how a business owner’s divorce can impact his business and affect his partners. The real players were Harold Hamm and his wife Sue Ann. Last week the court granted Oklahoma oil tycoon Harold Hamm… Continue Reading

Divorce – Impacting Your Meddlin Hands Partners!

Posted in *Way Out - Advice, Family Issues, Legal Risk Management, Money

To the other four minority owners who enjoyed the meteoric rise of Meddlin Hands Cleaning Products, when Lucy Knott sued their majority partner Tigh A. Knott for divorce, the divorce was anything but routine. Lucy wants half of the business and day to day participation. With no company agreement, the other shareholders face the prospect… Continue Reading

Whistleblowers, Do Tell?

Posted in *Way Out - Advice, Constitutional Rights & Issues, Employment & Labor, Money

Whizzle Blour, a professor of surgery at University Medical School, complained to his supervisor that trauma residents at University Hospital were treating and operating on patients without an attending physician’s supervision in violation of Medicare and Medicaid law.  After agreeing to settle those federal claims, University Hospital stripped Whizzle of his faculty chair position claiming… Continue Reading

Domain Names – Possession is 9/10ths of the Law

Posted in *Way Out - Advice, Employment & Labor, Money, Social Media & The Internet

As 2013 was winding down, the law firm of Dewey, Cheatum & Howe also known as www.BestLawfirmEver.com was calculating its partners’ year end distributions. Before the ink was dry, Dewey announced he was leaving, taking an associate AND the law firm website www.BestLawfirmEver.com. Cheatum and Howe were convinced that the domain name and the website… Continue Reading

Lost or Stolen: Liability for Unauthorized Credit Card Charges

Posted in *Way Out - Advice, Legal Risk Management, Money

On a brisk January day, Mary A. Richman opened her mailbox and was confronted with the sobering sight of thick envelopes from Visa, American Express and MasterCard each containing a month’s worth of extravagant Christmas purchases.  Although she expected the bills to be large, she didn’t expect them to be this large.  When she carefully… Continue Reading

Wanna Bet? Betting About Baseball Returns to the News

Posted in *BTW - Noteworthy, Money, Sports & The Outdoors

In 2011, Milwaukee Brewers star Ryan Braun became the first MLB player to successfully challenge, and evade, a 50-game suspension for suspected use of performance enhancing drugs (PEDs).  Coincidentally, that same year, Braun went on to win the National League MVP award.  Although many thought that Braun escaped on a technicality, Braun was not without… Continue Reading

Mistakes Have Consequences – British Petroleum’s Settlement

Posted in *BTW - Noteworthy, Legal Risk Management, Money

Three years ago, Tilting told tales of oil spill legal problems suffered by Forrest Gump, Bubba Gump Shrimp Company, Wok Ann chu-gumm Seafood Restaurants, Chef Red Fishy and Bishop Carp. Tilting predicted class action lawsuits against British Petroleum and big settlements. Bubba, Chef Red and Bishop Carp ignored Tilting’s advice and never joined a lawsuit…. Continue Reading

The Tax Man Cometh to Cyberspace

Posted in *Way Out - Advice, Money

Rose Pettle is the owner of Florist Gump, a chain of flower shops throughout Texas.  Ever the entrepreneur, Rose launched Bloomarama.com, an internet business selling many floral items in her brick and mortar stores.  Bloomarama.com is a separate Florida corporation with no physical location or offices in Texas.  However, for the convenience of its customers,… Continue Reading

IRS Going For The Gold: Do Olympic Medal Winners Have to Pay Taxes on Their Winnings?

Posted in *BTW - Noteworthy, Money, Sports & The Outdoors

Justin Thyme is a member of the U.S. Olympic swim team and is returning from London with a gold medal in the 400 meter individual medley.  After 10 years of dedicated training, Thyme secured first place when he edged out the next closest finisher by a mere .0007 seconds.  After the medal ceremony, Thyme is… Continue Reading

Limits on Gifts to Teachers and other Public Servants

Posted in *Way Out - Advice, Family Issues, Money

Dana Plato is a 6th grade student at a public school in south Texas.  Plato’s favorite teacher is Mr. Socrates, who teaches world geography.  Unfortunately, world geography is Plato’s worst subject.  In fact, Plato is dangerously close to failing the course.  Whether or not she passes is dependent upon how she scores on the final… Continue Reading

What to do when a Client Files for Bankruptcy

Posted in *Way Out - Advice, Legal Risk Management, Money

Much of the corn that Ethan Awl raises is sold to Beau Plymouth for Beau’s company Plymouth’s Pride to feed its turkeys. Ethan’s payment terms are net 30 days. As the economy worsened and alternative fuels gobbled up corn supplies dramatically increasing feed costs, Plymouth’s formerly prompt payments from Beau are well beyond 30 days… Continue Reading

Understanding the Tort of Negligent Misrepresentation

Posted in Legal Risk Management, Money

Ty Coon was furious after Tightwad Bank’s internal bank audit of Leaven and Earth’s books revealed the company’s inventory and accounts receivable levels materially lower than the company’s audited financial statements. Those financial statements, upon which Tightwad Bank relied, were prepared by Leaven and Earth’s outside auditors Cook, Books & Hyde and were a requirement… Continue Reading