Monday, December 7, 2009

The Six Million Dollar Man?



Now way, and there's a perfectly good explanation:

"Despite disclosures by the bankruptcy trustee, at no time did my client make anywhere near $6 million,'' Lehr said.

Lehr declined to specify the exact salary, but said it's likely closer to the figure the court record cited for this year.

"When Rosenfeldt questionned earnings on his tax statements, he was told by Rothstein that this was phantom income through profits the firm was making buying and selling businesses with a hedge fund,'' Lehr said. "It is my understanding that all taxes were paid.''

Let me make sure I have this right -- "phantom income through profits that the firm was making buying and selling businesses with a hedge fund."

Dear lawyers of South Florida, many of whom are equity partners in a law practice -- WTF???

Can someone explain that or is the Ambien kicking in again?

16 comments:

  1. "Despite disclosures by the bankruptcy trustee, at no time did my client make anywhere near $6 million,'' Lehr said.

    That statement right there boys and girls has more holes than a fishing net.

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  2. SFL, how does "ambien sex" compare to "Gin Gibson sex"?

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  3. Doncha know that I love that Kimster. Doncha ya know that I need that Kimster.

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  4. Here is the definition of phantom income from http://www.investorglossary.com/phantom-income.htm

    any income that is reportable as taxable income but that does not generate cash flow for the investor. In other words, the investor does not actually receive phantom income, but is taxed on it nevertheless. Earnings from limited partnerships often arrive in the form of phantom income. Phantom income can also come from zero coupon bonds, which do not pay interest but are instead sold at a discount and accrue “income” over the course of their lives. Phantom income can also occur in the form of a loan that was forgiven, whether by a business (such as a credit card company) or by a private party. The borrower is thus liable for tax on this phantom income.

    Does this make any sense in a fifty/fifty equity law partnership?

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  5. How fugging stoopid do you have to be to pay taxes on $6 million while taking home $800,000.

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  6. Marc Nurik Is My HeroDecember 7, 2009 at 5:07 PM

    I'm confident Bruce's explanation will be accepted readily by the prosecutors.

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  8. 5:13 is Rothstein.

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  9. Phantom Income? Only the SHADOW knows.....

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  10. Phantom income HHAHAHAHAHAHAH

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  11. Dude. Where do I send the check to invest! I want to make 2 g per day. Greenberg gal, would you date me then?

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  12. If Rosenfeldt were a 50-50 equity partner with Rothstein, and firm profits were being put back into these hedge funds, one would think both would have more or less the same phantom income from the firm -- i.e., a 50-50 split of the profits -- not $6 million vs. $35 million.

    The whole thing stinks, of course, and it's only a matter of time before Stuie joins Scotty in federal pound-me-in-the-ass prison.

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  13. What records did Stu or his accountant rely on to do his taxes?

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