Road Bike, Cycling Forums banner
1 - 20 of 37 Posts

·
Make America grope again
Joined
·
4,754 Posts
Armstrong took out an almost 2 million dollar credit on said house in the Fall.

Opening up the line of credit doesn't mean he actually withrew the money. I'm assuming any money he did take + interest would have to be repaid from the sale.

I thought in Texas you could 'homestead' or protect your home from bankruptcy.

The rest of the article is the same old rehash.

roopstigo | The Soul of Sports | Inside Livestrong
 

·
Anphaque II
Joined
·
6,176 Posts
Discussion Starter · #12 ·
Interesting.

Apparently he sold the house for less than its listing price or last tax valuation.

If you read the comments in his hometown newspaper, well, lets just say he's not the favorite son.

Armstrong sells Austin home | www.statesman.com
Very interesting. Thanks for the link.


It appears, judging by the comments, that Pharmstrong is hiding said house via a trust rather than actually offloading it.

And yes; It doesn't sound like he's well liked in his community.
 

·
Make America grope again
Joined
·
4,754 Posts
It says he sold his house to an oil and gas rights guy.

It didn't say wether the guy wanted to live there, drill / frak there, or both.

I don't get it from a financial perspective. He could keep it through bankruptcy. He has (if I remember correctly) other properties he could sell if he needed cash (homes in Aspen, maybe Hawaii).

Does anyone know if you can 'extradite' civil settlements, like you can criminal sentences?

Hypothetically lets say Armstrong transfers all his cash to Costa Rico. (Well, minus what he has stashed in Switzerland). Then he moves to Costa Rico. Then SCA, USPS, etc.. Take him to court and win. Armstrong doesn't bother to show.

He loses. He gets a bill in the mail from SCA. He scribbles 'No hablo Englais' on it and sends it back.

Can he be forced to pay? Like could the Costa Rican government seize his assets?

Obviously, I picked Costa Rico kinda randomly, substitute any country people like to retire to.
 

·
Registered
Joined
·
2,501 Posts
With good offshore asset protection, no he can't be forced to pay (just like OJ). There are still a number of countries that won't cooperate with US investigations or information requests. However the number is dwindling rapidly due to some changes by the IRS which effectively ban banks from the US market if they don't cooperate. Many will no longer take US depositors because of all the headaches it entails. The other issue is fraud, which is rampant in many tax havens. Vanuatu will keep your money from the US legal reach but is very likely to keep you from ever getting it back as well.
 

·
Make America grope again
Joined
·
4,754 Posts
It has an art studio. Armstrong doesn't strike me as the artsy type.

Guess it's for the kids.
 
1 - 20 of 37 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top