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Who to Ride With, Where to Ride
ESPY Park in Pekin, IL
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[QUOTE="karterron, post: 570480, member: 29122"] I don't think a setup like that would work. The Attorneys would just go after the property itself if the company didn't have any assets. It is against the Law to hide assets in a Court of Law and I doubt any Judge would allow a holding company to sit back and say we are not at fault because we don't own the land. Somebody does and whoever that is would have to pay with whatever assets they have. That means if you got slapped with a 50k judgement and told the Judge you don't own anything he would just give them the Land or ordered it sold to pay the judgement. I can guarantee you that a Bank would not let you have a note with them without Insurance. They know multiple trusts and holding companies will not protect hard assets. All those do is help to prevent the true identity of the owners from being known and gone after. Yes, the owners could avoid personal liability but not the track itself which obviously has some assets including land. [/QUOTE]
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Who to Ride With, Where to Ride
ESPY Park in Pekin, IL
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