SEBASTIAN SHAKESPEARE: Multi-millionaire property tycoon Kevin Cash is on the brink of bankruptcy after the ‘McMafia’ death of best friend Scot Young who plunged from his balcony in London
If he’s bankrupt then he’s not a multi-millionaire then, is he Sebs?
It’s a “Where was the man when he jumped off the bridge” question.
If he owns £500 m of property against £499 m of debt and the interest on the debt is accruing faster than the rent on the property, then he is a millionaire plans on the verge of bankruptcy.
I suspect he is a ‘multi-millionaire’ in the same way James Stunt is a ‘billionaire’.
There should be a separate branch of mathematics to describe the numbers the DM uses.
There should be a separate branch of mathematics to describe the numbers the DM uses.
Perhaps this innovative and unique mathematics could be used for some kind of interstellar spacecraft drive?
You can be a multimillionaire on paper while being one of the poorest people in the world if all your debts are called in.
I owe on a mortgage, I don’t have any major assets – yet I have a little in the bank. The mortgage isn’t going to be called any time soon and the house isn’t an asset while I’m using it.
@MC
FTFY
All rather depends how much he has hidden away.
I knew a multi-millionaire who went bankrupt, he seemed to recover very quickly, though keeps a much lower profile these days.
Hello All
Back after yet more computer problems.
Did the Russians push him then?
A friend knew a guy whose day job was working for the Official Receiver, but who also worked as a property developer after hours.
He claimed to be a millionaire, because he had more than £1m in assets. However, his debts exceeded his assets.
We concluded that he must have learned about business from the people he dealt with in the course of his day job.
A property developer who has debts exceeding assets? Takes some effort that.
Welcome back, Ecksy.
There was a New York real estate developer who bragged that he was worth a billion dollars. Ivana demanded half. A fresh accounting revealed he was four hundred million in debt. Amazing that he lost $1.4 billion seemingly overnight.
Many people don’t realise that the rules are that if you land on a property and don’t buy it that it is put up for immediate auction. Indeed, you can land on a property, not buy it then bid for it at auction.
The auction rule greatly speeds up the game. Getting a set is an overriding priority. And so by default stopping someone getting a set is also important. Auctions often result in a key property going for much more than face value.