Diamond Joe files for bankruptcy

[Moonshadow 17,677]

Owing $275 mill.

'Diamond' Joe Gutnick files for bankruptcy

[Wiseblood 24,637]

Imagine the feeling of knowing you owe people and businesses that kind of money.  Sheesh.

I get edgy when I owe someone $5 bucks and it's taken me a day to pay them back.

[Whispering_Jack 30,753]

4 minutes ago, Moonshadow said:

Owing $275 mill.

'Diamond' Joe Gutnick files for bankruptcy

I guess that means we don't get the last $300k.

[daisycutter 29,756]

11 minutes ago, Moonshadow said:

Owing $275 mill.

'Diamond' Joe Gutnick files for bankruptcy

why do i get the feeling his lifestyle won't change one iota?

[Lucifers Hero 40,375]

Joe will be fine....about $150m owed is to 'related' entities and another $50m to overseas 'persons'.

The interesting part of the article is: 'A worldwide search for Mr Gutnick's assets will now take place, with special focus being paid to his offshore holdings, due to his long-time dealings in America, Singapore and Europe'.

Make of that what you will.

[CHF 2,768]

When you owe the bank $30,000 it is your problem.

When you owe the bank $300,000,000 it is the banks' problem.

[Moonshadow 17,677]

From wealth of $250m in 2014 to apparently owing $275m now. 

Gave a lot of money to MFC at a time we desperately needed it.

But my god that's some fall from grace.

[John Crow Batty 8,879]

"Colourful career" says it all.  Smells like gefilte fish  to me

[chook fowler 19,585]

Oy vey!

Edited July 12, 2016 by chook fowler

[daisycutter 29,756]

48 minutes ago, Lucifer's Hero said:

Joe will be fine....about $150m owed is to 'related' entities and another $50m to overseas 'persons'.

The interesting part of the article is: 'A worldwide search for Mr Gutnick's assets will now take place, with special focus being paid to his offshore holdings, due to his long-time dealings in America, Singapore and Europe'.

Make of that what you will.

and a certain locale in the middle east

[John Crow Batty 8,879]

A Jewish saying. 

"Bankrupcy is when you put your money in your trouser pockets and give your coat to the creditors."

Edited July 12, 2016 by america de cali

[chook fowler 19,585]

33 minutes ago, america de cali said:

"Colourful career" says it all.  Smells like gefilte fish  to me

He's put his matzo balls on the line.

[Damo 3,384]

The $2.7M he gave to bail us out seemed to save us from a bad fate at the time. Sure some stuff went down but it didnt seem too bad, then or now.

Dunno why demon supporters join the conga line.

But there are plenty of big time demon supporters who ousted him only to meekly proclaim that their proxies for Gabriel Szondy may have been a mistake. Yes, no biggie move on.

 

[La Dee-vina Comedia 16,910]

Name change required. Hereafter should be known as Cubic Zirconia Joe.

[Rodney (Balls) Grinter 10,912]

Melbourne supporters do owe old Joe and Don Scott some fair gratitude.  Without these two guys, we'd all be following the Dorks or some other gastly almalgimation, not sitting on the cusp of a resurgent, competitive Demons team.

At the time I was actually pro-merger because I was so desperate for that success, but in retrospect I think I'd rather the club go bankrupt and team be forcefully relocated to the Gold Coast or Tasmania or something similar to Fitzroy than merge with any other existing team.

My view is that at the very least old Joe deserves some dignity and respect from Melbourne supporters from what he did and tried to do for the club.  I don't recall the politics which resulted in his departure from the presidency, but I think at his core he's one of us - a die hard, heart beats true for the red and blue type of guy.

Edited July 12, 2016 by Rodney (Balls) Grinter

[Rodney (Balls) Grinter 10,912]

On a lighter note, perhaps the Demonland page sponsors could help?!

Is it just me or is the internet becoming more pervasive than ever.

Edited November 26, 2016 by Rodney (Balls) Grinter

[La Dee-vina Comedia 16,910]

8 minutes ago, Rodney (Balls) Grinter said:

On a lighter note, perhaps the Demonland page sponsors could help?!

Is it just me or is the internet becoming more pervasive than ever.

If it is, with that name you've given yourself you're bound to see some interesting advertisements come your way.

[Rodney (Balls) Grinter 10,912]

16 minutes ago, La Dee-vina Comedia said:

If it is, with that name you've given yourself you're bound to see some interesting advertisements come your way.

Perhaps something along the lines of Chef from South Park singing about chocolate!!?  Haha

[Sir Why You Little 37,193]

Mining Boom has been over a while. 

Suprised he held out this long.

[hemingway 7,633]

I don't think DJ, spouse and 13 kids will be seen at the soup kitchen anytime soon. My sympathy is only extended to those below the poverty line rather than for people who try and build personal wealth by borrowing from others and then lose it. John Elliott also comes to mind as one of those greedy individuals who simply well...just got to greedy. We do have reason to thank Joe for his contribution to the club but I suspect this was more about personal power and ego than simply the act of a generous supporter. Still I sure he is a charming fellow when talking to his bankers.

[Biffen 12,947]

Poor old Joe.

With his financial experience I'm sure the MFC can find him a spot in the accounting dept.

Until then i hope he has a few coins behind the couch and  floating around in the Tarago.

13 Kids should make the centrelink money worthwhile.

We might have to clean out the "good room " at the Gatwick for the Gutnicks.

 

[monoccular 17,594]

4 hours ago, hemingway said:

I don't think DJ, spouse and 13 kids will be seen at the soup kitchen anytime soon. My sympathy is only extended to those below the poverty line rather than for people who try and build personal wealth by borrowing from others and then lose it. John Elliott also comes to mind as one of those greedy individuals who simply well...just got to greedy. We do have reason to thank Joe for his contribution to the club but I suspect this was more about personal power and ego than simply the act of a generous supporter. Still I sure he is a charming fellow when talking to his bankers.

Ernest - as usual well phrased and balanced appraisal of Joe's (and don't forget his creditors') plight, and for his (or vicariously others') contribution in desperate times. 

[camillo 106]

8 hours ago, Rodney (Balls) Grinter said:

Melbourne supporters do owe old Joe and Don Scott some fair gratitude.  Without these two guys, we'd all be following the Dorks or some other gastly almalgimation, not sitting on the cusp of a resurgent, competitive Demons team.

At the time I was actually pro-merger because I was so desperate for that success, but in retrospect I think I'd rather the club go bankrupt and team be forcefully relocated to the Gold Coast or Tasmania or something similar to Fitzroy than merge with any other existing team.

My view is that at the very least old Joe deserves some dignity and respect from Melbourne supporters from what he did and tried to do for the club.  I don't recall the politics which resulted in his departure from the presidency, but I think at his core he's one of us - a die hard, heart beats true for the red and blue type of guy.

You know little of what you're talking about. Fitzroy people fought for their club till the end and a few players were moved to Brisbane in a piecemeal response by an AFL run by an ex St Kilda player ( one of the least successful clubs anywhere in any competition ). Fitzroy was punished because unlike South Melbourne they didn't fold like a pack of cards. I met Alan Aylett who was VFL president when Sydney was set up a few years ago and asked why they sent South to Sydney and he said ' you should have seen their books ", and I thought your ex club is North Melbourne for goodness sake. 

Fitzroy members at the time voted for a merger with North Melbourne and the commission rejected their wishes and packed them off to Queensland thousands of miles away instead. By the way Fitzroy at the time had 8 premierships ( 2 more than Geelong at the time ) so really when you think about it AFL/VFL premierships mean sweet F all.

[Biffen 12,947]

An old South supporter told me 30 k went missing from the bar one night at Lakeside Oval. 

Often the players weren't paid till after the gate was taken.Sometimes the payroll went missing as well.

[Guest]

12 hours ago, Biffen said:

We might have to clean out the "good room " at the Gatwick for the Gutnicks.

The bigger question is what you are going to do Biff when the Gatwick gets sold off?