Read this . . . it is shamelessly copied in full from rawstory.com:
— quote
http://www.rawstory.com/rs/201…
http://www.wvgazette.com/News/…
Freedom Industries fouled a sixth of West Virginia’s water supply last week with toxic chemicals. Friday it filed for bankruptcy, which will at least temporarily shield the firm from lawsuits.
And in a brazen legal gambit, the owner of Freedom Industries has also created a shell company to provide financing to his bankrupt firm, which may allow him to retain much of the assets of the firm if and when it is dissolved in bankruptcy.
Freedom owes $3.6 million to its top 20 unsecured creditors, according to bankruptcy documents obtained by the West Virginia Gazette. The company also owes the IRS more than $2.4 million in unpaid taxes dating back 13 years.
The name of the owner of Freedom Industries, J. Clifford Forrest, also appears as an officer in a newly-formed firm – Mountaineer Funding LLC – which Freedom Industries named as the source of debtor-in-possession financing of up to $5 million. In a bankruptcy, the debtor in possession financier is typically placed at the head of the line of creditors making a claim on the assets of the firm. If a bankruptcy judge allows the financing to go forward, Mountaineer – and Forrest – might be expected to scoop up most of the assets of the bankrupt firm without any legal liability for the catastrophic environmental damages wrought by it.
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Two years ago I made an error on my 1040 — I transposed two digits and reported $510 as $150. Six months later, I received a letter from the IRS informing me of my error and requesting that I pay the tax due within XX days or face penalties.
Freedom Industries owes the IRS $2.4 MILLION for the past 13 years!!!!!! Why do they get to slide on $2.4 million for 13 years when I get slammed over $360 in six months? Could it be because Freedom Industries is a subsidiary of Georgia-Pacific, which is a subsidiary of Koch Industries?
And the REAL point here is that our elected officials do nothing about this. Doesn’t matter if our members of Congress are Democrats or Republicans, they refuse to slap the big guys with the penalties they have earned while we little people pay the price.
I was all in for Hillary but now that I look at Elizabeth Warren . . .
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