Allison Baden-Clay - GENERAL DISCUSSION THREAD #38

[Champagne4lulu]

Well thought out Auntie, but it's not a million dollar property. Onthehouse.com estimates $580000 to almost $650000 but I wouldn't think it would be any more than this. Although they only do estimates.

I wouldn't give to much credence to onthehouse et al. They really are just estimates based on stats of the property, comparative values etc. they can vary dramatically.

IMO the GC real estate market has taken a massive hit - its a blood bath in some markets and the prices achieved at times no longer shock me.

MOO!

 

[Liadan]

Kimster, you must be very happy with the news out of the US today (our time). Drew Peterson has been found GUILTY by a jury of his peers, of the murder of Kathleen Savio. He's facing 60 years jail, but his defence lawyer states that there will be an appeal. Wish they could get him for Stacy Peterson too. Off topic I know, but in light of your avatar, I know you will be very happy, along with thousands of others. Another real sleaze!

OT but thanks KG! that is just ACE - he thought he was untouchable! The cop that couldn't put a foot wrong!!! What a complete narcisist! And to this day he won't say where the poor girl is. He is just about as low as they get!

 

[Keentoknow]

Thanks Keentoknow.
From the info in the link it seems that lawyers can have their clients sign legal documents.
"If private interview rooms are not available, it is possible to ask visits staff about possible alternatives. For example, staff may be able to place you
in a non-contact booth and ensure that no other personal/legal visits are occurring in the neighbouring booths to maintain client confidentiality. Staff can assist with the signing of documents in such cases. Alternatively, you may request to be placed in the general contact visits area but separate from other social visits that are occurring, to provide privacy to discuss court matters."

BBM. I guess what I am getting at is the POA is no good for any signing by GBC in his capacity as a director so could he sign documents personally as director from remand.

Legal visits are strictly confidential. You would have an area to yourself to maintain confidentiality.
Officers can witness documents. eg wills etc

 

[bearbear]

OT but thanks KG! that is just ACE - he thought he was untouchable! The cop that couldn't put a foot wrong!!! What a complete narcisist! And to this day he won't say where the poor girl is. He is just about as low as they get!

again off topic, but i recently watched a movie based on him called untouchable with rob lowe playing him. rubbish made for tv movie but interesting.

 

[alioop]

Thanks Keen. So GBC could be running the sale of the house as director from remand with his lawyer bringing him the documents to sign.

 

[Keentoknow]

Thanks Keen. So GBC could be running the sale of the house as director from remand with his lawyer bringing him the documents to sign.

You may find this helpful

http://www.correctiveservices.qld.g...anagement/documents/ofmproprisontrust.shtml#2.

 

[alioop]

Thanks Keen.That is good info. I was really just wondering about the sale of the house, not so much about actually moving money around to an account he can use in prison.

 

[KG1]

Thanks Keen. So GBC could be running the sale of the house as director from remand with his lawyer bringing him the documents to sign.

Business as usual Alioop. :what:

 

[alioop]

Business as usual Alioop. :what:

You said it better than me KG1. I agree. Though I think it is going to come to a sudden halt with Mr Dickie and his lawyers onto it now.

Edit- not that I think they will necessarily stop the sale of the house if the contract is for proper market value.

 

[grannie]

Unfortunately, GBC remains the sole Director of WOTS and if he chooses not to distribute a share to others from the proceeds of the sale, Allison simply won't have a stake in it.

Something has just occurred to me. Could WOTS be declared insolvent by any chance? And go into liquidation? If GBC does not do it himself (of course he won't) then he may be, in theory, made bankrupt after a creditor's petition results in the making of a sequestration order in the Federal Magistrates Court. To declare bankruptcy or for a creditors petition to be lodged, a minimum debt of $5,000 is required.

 

[alioop]

Something has just occurred to me. Could WOTS be declared insolvent by any chance? And go into liquidation? If GBC does not do it himself (of course he won't) then he may be, in theory, made bankrupt after a creditor's petition results in the making of a sequestration order in the Federal Magistrates Court. To declare bankruptcy or for a creditors petition to be lodged, a minimum debt of $5,000 is required.

Granni, it sounds to me like WOTs may be the only entity that is actually solvent as it owns real estate and therefore has some assets, though we don't know what debts it has other than the security provided to St George bank. Also if GBC is bankrupted, then later acquitted of the charges, he would be entitled to Allison's estate under her will and then his creditors would be able to take his entitlement to the extent of his bankruptcy debts. The life insurance exemption of not being available to pay debts doesn't extend to the beneficiaries debts, just the deceased persons debts.

 

[Opinionsgalore]

I'm just concerned that he has done a secret sale to his lawyers to cover his fees. They will make sure the sale is watertight if that is the case.
Scenario I
They (GBC and solicitor)agree on an accurate value of say $ 1mill ( being unit land with water views)
The solicitor and GBC agree that they will buy the property for $400,000 so GBC can clear the mortgage and pay the realestate agents fees.
The solicitor makes a secret profit of say $ 600,000 .
GBC pays less capital gains tax on the sale and the solicitor has money ( but in property)
GBC has also managed to put his legal fees payment before his other creditors waiting for the money he still owes them.
I read somewhere that one of his solicitors , is about to be disbarred for shonky tax evasion and similar under the table deals with clients , so it does go on with shonky solicitors, and some solicitors will do anything for money.
They probably devised and used their knowledge of the LAW to do the deal.
The court should ask for full and frank disclosure of all solicitor bills and payments.
Scenario 2
OW could be paying his solicitor bills via another new company ( with shareholders who donated when she sent out that email begging for money) If the property was sold to this new company, then the shareholders would now jointly own a 1mill property that was purchased for $400,000

I am just trying to work out what they are all up to.
Follow the solicitor fees and who is paying them. OW stands out big time.

The Capital Gains Tax is the interesting bit. If the property is not the main property that is being lived in, then Capital Gains Tax has to be paid on the estimated value not the 'reduced' sale price.

http://www.ato.gov.au/corporate/PrintFriendly.aspx?ms=corporate&doc=/content/00262404.htm

"Selling or giving property for less than market value
If you sell or give away a property for less than its market value - for example, to a relative or friend - and you're not entitled to the main residence exemption, you are taken to have received the market value of the property at the time. This means you may have to pay capital gains tax even if you received nothing for the property."

 

[KG1]

The Capital Gains Tax is the interesting bit. If the property is not the main property that is being lived in, then Capital Gains Tax has to be paid on the estimated value not the 'reduced' sale price.

http://www.ato.gov.au/corporate/PrintFriendly.aspx?ms=corporate&doc=/content/00262404.htm

"Selling or giving property for less than market value
If you sell or give away a property for less than its market value - for example, to a relative or friend - and you're not entitled to the main residence exemption, you are taken to have received the market value of the property at the time. This means you may have to pay capital gains tax even if you received nothing for the property."

A company making a payment (other than a dividend) to a shareholder is a Capital Gain event. Therefore if GBC received any payment from this sale as a shareholder of the company it could be a Capital Gain and subject to CG tax.

 

[Opinionsgalore]

A company making a payment (other than a dividend) to a shareholder is a Capital Gain event. Therefore if GBC received any payment from this sale as a shareholder of the company it could be a Capital Gain and subject to CG tax.

I don't doubt that he will have to pay CGT, what's got me stumped is why sell the property below market value, when the CGT could be applied TO market value.


All MOO.

 

[KG1]

I don't doubt that he will have to pay CGT, what's got me stumped is why sell the property below market value, when the CGT could be applied TO market value.


All MOO.

Methinks that there is more to all of this than meets the normal honest eyes.

We may have to be very patient until such time as all is revealed.

 

[alioop]

I don't doubt that he will have to pay CGT, what's got me stumped is why sell the property below market value, when the CGT could be applied TO market value.


All MOO.

If it is below market value, then could be just to achieve very quick sale as desperate to pay lawyers. They have a lot of work to do now they have got voluminous amounts of paperwork with more to come. They would be asking for a lot of money to be paid to their trust account for past and future fees.

 

[Champagne4lulu]

If it is below market value, then could be just to achieve very quick sale as desperate to pay lawyers. They have a lot of work to do now they have got voluminous amounts of paperwork with more to come. They would be asking for a lot of money to be paid to their trust account for past and future fees.

So where do things stand now do you think? Will he get it all? Or enough to cover his fees? What options do the dickies have to halt the sale or claim interest In Alison/Ashley's share - if any? It just seems so wrong that something that was meant for Alison and her brother primarily (and their partners) could be liquididated to fund her accused murderer's defense.

Is there like a not benefitting from "proceeds of crime" type of thing that applies? I know it's not that but surely there's something similar that would be applicable?

 

[Nads]

So out of the 400000 to 450000 he will have to pay out that 330000? mortgage they took out on it in ?what year? 2004? Unlikely to have paid back a lot of that surely. Then capital gains tax, real estate fees, ?stamp duty etc, then divide by four (now that he can't get away with it and pinch the lot).

Wouldn't surely get much more than $30000?

I don't think they'll be able to halt the sale. They would have opted for an unconditional contract imo. Hope to heck I'm wrong though.

 

[Kimster]

Kimster, you must be very happy with the news out of the US today (our time). Drew Peterson has been found GUILTY by a jury of his peers, of the murder of Kathleen Savio. He's facing 60 years jail, but his defence lawyer states that there will be an appeal. Wish they could get him for Stacy Peterson too. Off topic I know, but in light of your avatar, I know you will be very happy, along with thousands of others. Another real sleaze!

:yesss: I've been following this case for years!

Spousal murder is more evil than I can describe. When I think of those who are watching the person they promised to love forever getting ready to kill them - it chills me to the bone. If I could, I would put all spousal murderers in the middle of a desolate desert and let them all eat rattlesnakes. Just sayin'.

:snake:

 

[Lu-Lu]

In regards to the selling the property under market value... If they sold for around the $450k mark, then that would be the market value of Paradise Point at the present moment. The Gold Coast market is in the absolute shitter at the moment. And has been for the last 2 years at least. It doesn't look like it's going to improve any time soon either. My inlaws had an un-reonvated 3 bedrroom house in Isle of Capri, on the water. They first had it listed at $1.25mil 2 years ago, when they weren't so desperate to sell. A couple of months ago, they handed it back to the bank. And the bank listed it at $695k. They sold it for under $470k. That is what the Gold Coast real estate market is really like.

Makara, what I take from that email is that Hardcourts Broadbeach contacted the Dickies to notify them of the listing. And that the Dickies were able to get control of the estate before the contract was signed. I would guess that the contract was signed the same day as the Dickies gaining control. And the sale is not yet finalised, and won't be until the settlement date. I also take from the email that they knew that this sale would be high profile, and the commission from it, would not be worth the ill feel that the general public would get, and has already gotten, if the proceeds of the sale were to go to GBC. And he's right, it would be.