[26-Mar-2020] Philip's 341 Creditor Meeting - When what should be 5 minutes becomes an eternity.

SoapQueen1

speed bump, failed business, retired tism wrangler
True & Honest Fan
Retired Staff
kiwifarms.net
But expenses can be deducted from the company's profit which is essentially his income. So either he gets the game donated, reports it, and then deducts it as a business expense or gets money, buys the game, and deducts its worth as a business expense.
A free $60 game is just $60 of taxable income. $60 toward a game is $0 of taxable income. You can't deduct an expense that doesn't exist from your business' income.
 

actually

Supervisor
True & Honest Fan
kiwifarms.net
I think it was MrLewdacris that said that he hoped they took DSP's couch and his bed just for the lulz.

Also, I'm surprised the trustee didn't ask if DSP had a living room TV. That just seems like a basic electronic to have when DSP claimed that he had zero non-business related electronics.
Seems like she kinda did when she asked about WWE Network. Either Phil is watching that on his "business" TV (and thus it's not solely business) or he's lying about not having any non-business electronics.
 

DiabeticSP

kiwifarms.net
Also, I'm surprised the trustee didn't ask if DSP had a living room TV. That just seems like a basic electronic to have when DSP claimed that he had zero non-business related electronics.
Was sort of funny she didn't ask about that, but at the same time I don't think she asked about tvs at all.

One of the first things Phil cited unprompted as a business expense is his cellphone. That's such basic bitch dumbfuck shit that I doubt she felt like bothering to pursue the line of question. Because OF COURSE he has a personal cellphone and tv. Its America.

Phil isn't any better off than some jackass opening a 'mechanic' shop or bar and racking up loans using it as a man cave before declaring bankruptcy.

Its all old hat for a trustee. Whoever tipped her off on electronics and stuff did more than that. Hell, send her a tweet of Phil watching tv.

She did ask about the wwe network which to my knowledge Phil did not explicitly state as a business expense.
 

Very Honest Content

(Formerly a) Niggo(?)
kiwifarms.net
This will get lost in the 'tism vortex, but @Haunter and I will be making a separate thread just for the call to corral all these posts. Just an FYI.
Praise based Goutosphere mods. This thread was the best new one on the entire site so far this year, thanks for pulling out the stream of posts to savor.

The trustee is a cold-blooded, surgical professional. Holy fuck. This is legitimately horrifying to listen to.
Phil asked for this though, he was pressing buttons, but not pressing block!

His scuffed P&Ls are being scrutinized! And he is brazen enough to claim that the Microtransactions are a business expense
"Here lies the son of Dave Burnell, it's running wild, brother." ⭐⭐⭐⭐ :hulk:

No, he got on as an interested party in the Citibank debts, which he genuinely is, and intends to purchase it for what he quoted as the current going price of $.02 per $1. Good deal
All he needs is a nickle to the dollar and he's more than doubled his money. Go get 'em, tiger...

Please don't spread false information.
...
He has other subscriptions sure, but if people like you go into it, we will lose track like with the WWE mobile game where some people ran with 140k$.
Still think the '140'K figure was an example of spreading false information as a form of bait for Phil to strike at laid out by an ironic fan that Phil both fell for and confirmed the other figure, by making any reference to the actual lower figure estimated spent an automatic ban for chatting about on his stream.

...I'm more and more leaning to the whole WWE mobile game being true.

Any chance we will find out?
If he paid for any of it through paypal? Christmas in July.

So a huge linchpin here is actually connecting the WWE Champions account to him. If he did all his purchases through burner preloaded credit cards, can such a thing be done?
If he paid cash for the preload credit cards to burn? Exceedingly difficult. If he paid for a card on another card, more possible but still not easy necessarily.
This was a 10.
...I think some people had their hopes up that Nancy was going to call DSP out for being a fucking liar and read him the riot act. That was never going to happen today.

That's for later.
The least patient of them who expected that probably need to learn to savor this moment while they punch their hatebonerdwarf to the thought of him getting his comeuppance anyway. I'm glad they're upset tbh if they are actually out there.

Nancy really needs that money! :stress:
 

JamFlowMan

kiwifarms.net
I think it was MrLewdacris that said that he hoped they took DSP's couch and his bed just for the lulz.

Also, I'm surprised the trustee didn't ask if DSP had a living room TV. That just seems like a basic electronic to have when DSP claimed that he had zero non-business related electronics.
Maybe in the grand scheme of things an extra TV just isn't that important? Can you dig your grave any worse then saying "every device is a business expense" and your lawyer follow up with "it's hard to tell which are which so we just put everything in that category?"
 

DiabeticSP

kiwifarms.net
Maybe in the grand scheme of things an extra TV just isn't that important? Can you dig your grave any worse then saying "every device is a business expense" and your lawyer follow up with "it's hard to tell which are which so we just put everything in that category?"
Only in that he would have gone from hiding assets as 'business' (so they can't be nabbed in chapter 7) to actually just straight up hiding assets.
 

AnOminous

Really?
True & Honest Fan
Retired Staff
kiwifarms.net
A free $60 game is just $60 of taxable income. $60 toward a game is $0 of taxable income. You can't deduct an expense that doesn't exist from your business' income.
I think he just straight up made up a number out of thin air for all his "expenses." I don't think he's even claiming specific made up things. He just claimed a number.
 

Proper Pangolin

kiwifarms.net
The other interesting thing about Nancy asking for his PayPal records is that she will see any and all behind the scenes transactions he has been doing with those accounts. She will see if he moved money to hide it, how much he has burned away buying bullshit he didn't need like that blade less Dyson fan for his office and the PS4 Pro and 4k TV he claimed was donated to him. Nancy could smell something was wrong with his filing and she went digging. I am pleased to have been wrong about streaming the call, I just didn't want it ruined for anyone by me laughing my ass off on stream and giving the spergs more attention for their dumb trolling attempts. @nohandsboi big ups to you and enjoy your stay on the farms.
 

Genie The Hedgehog

Gotta Wish Fast
True & Honest Fan
kiwifarms.net
I just want to point out the best thing that could happen for @nohandsboi in this whole thing: Personally holding DSP to the fire and shaking loose the shekels they're owed as the Wakhando burns. This would be the DSP equivalent of owning one of Chris's medallions except this is like 13k in USD and not an autistic man's clay necklace.
 

iLoveDoe

kiwifarms.net
"When was the last payment on your condo in Connecticut?" *prolonged silence* *sweating, paper shuffling* *more silence*
The detractors know more about Phil's finances than he does.

Edit: Anyone else agree about how unprofessional Phil sounded throughout the whole call? "Uhmm", "off the top of my head", "oh boy"

"Charitable contribution" :story: And the restaurant analogy was just fucking gold dust :story:

Edit #2: He doesn't even know if his business is a corporation or a sole proprietorship, "I guess it's a proprietorship".
 
Last edited:
Tags
None