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Pali Files Chapter 11 After Failed Brokerage Sale, Will Liquidate
The great Pali experiment is over, after Pali Holdings, the parent of Pali Capital, filed for chapter 11 yesterday. The company listed
$716,300 in assets and $31.8 million in debts. The reason for the bankruptcy was provided in the filed affidavit as follows: "Pali Capital experienced consistent pre-tax losses commencing with the second quarter of 2008 and continuing through and including the fourth quarter of 2009, caused by among other things, a substantial slowdown in sales and trading by Pali Capital’s primary institutional clients. These losses are projected to continue into at least the first quarter of 2010. As a result, it was difficult for Pali Capital to maintain adequate levels of excess regulatory net capital to support normal business operations, although Pali Capital is in compliance with its minimum regulatory net capital requirements through February 28, 2010." So after 4 CEOs in 17 months all Pali is left with is a list of secured and unsecured creditors. And in probably not the wisest move for the privacy of said creditors, the firm has listed the home addresses of Kevin Fisher, Ari Nathan, Leon Brenner and some other rather high profile financiers.
List of largest secured creditors (and home addresses):
Full bankruptcy filing:
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Too bad they didn't have hank paulson on their team.
Oye vey...just when the former BS employees were assigned permanent cubes..its time pack it up!! Look's like Judy the legal yenta will be looking again..lol
someone is on the hunt for a sugar daddy.
http://www.vanityfair.com/online/oscars/2010/04/cnbcs-erin-burnett-doesn...
i propose to move ZH's content more towards the social side of this grand story.
Cnbc Shillarina!!! lol
I never thought that B-cup Burnett was that hot, for TV standards, she is an 8. Trish has the best body on CNBS, plus she seems like a cool chick.
Pali Pali's balance sheet proves it to have been nothing more than a money-laundering operation from the start.
Laundry, dry cleaning, fleecing, stuffing, stiffening and conning supreme mayhaps?
$716,300 in assets and $31.8 million in debts?
WTF?
$31.8M/4CEOs = ~$8M apiece.
$716,300 - NY state court costs - attorney fees - file copying fees - parking meter usage - shoeshine costs = $300. Top 5 creditors get $60 bucks each! Woohoo!
Oh wait.
$60 - NY taxes - fees - surcharges = ($50)
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