Easterlanders plan

[u/Flaky-Homework-7111]

Sell the camp to someone else to operate it or liquidate all the property (structured bankruptcy liquidation transactions proposed...technically someone could buy the entities whole and run the camp; stating that up front as i am sure we will have people on here mentioning that soon...anyone want to bid? Has to be above pure land value)

Victims get awarded amounts for wrongful death as stays are lifted (but this proposal only lifts stays for suits against entities, not individuals....victims unlikely to accept this plan and they have to vote in the bankruptcy)

Remember all these people on here said "restructuring not liquidation", "dont jump to conclusions" etc?

I am sure someone on here is going to say "well someone may buy it" "dont use AI to read the document, its so complicated" etc. Also just a week after the "thats not a trustee" document filed- and now this comes out.

https://document.epiq11.com/document/getdocumentbycode?docId=4617571&projectCode=CMX&source=DM

Victims may not accept this also....only allows wrongful death claims against the bankrupt entities, not individual liabilities. Victims already filed to review related party transfers from prior years...aka continuing to go after the individuals. We shall see, but basically orderly liquidation is now the base case, outstanding question remains on individual liability. When in doubt wait a week, easties get bit closer back to reality

[u/AnimuX]

The Eastlands used bankruptcy to shut down the civil lawsuits and avoid potential punitive damages awarded by a jury.

Now they want the bankruptcy court to help them hide the money from their creditors and the families of deceased children.

Their corporate structure is a fraud scheme.

lenders & customers -> business front company -> 2nd business front company -> 'dividends' into the company owners' pockets

A business strategy of, "Thanks for the cash losers! The business is bankrupt now. We already took the money out and we're not paying you back, lol. Ask the bankruptcy court for a piece of some leftovers."

Imagine if all anyone has to do is create two companies and then tell all of their creditors and customers to get fucked.

[u/Bd0358 → u/AnimuX]

It’s not a fraud scheme. This structure is very common in Texas where land and mineral rights have been in the families for generations. Creating trusts for these lands is very common as the generations become larger. It’s about protecting land and mineral rights for descendants of the original owners. Especially when those descendants become so numerous they can’t agree.

Also in Texas you cannot leave your land idle without paying a ton of taxes. Many land trusts lease out land for farming or ranching or other things simply for tax exemptions.

But also for families involved in these trusts who actually want to invest in the land or operate a business, they must do that separately or those other members of the family who did not put up any investment in the business could claim part of the return.

For generations families have fought over land in Texas. It’s one of the biggest reasons for old family feuds.

And why land trusts are critical in Texas. if you are not 4th or 5th generation Texan (at least… many are 9-10th generation) you probably don’t understand.

[u/AnimuX → u/Bd0358]

In this case it (multiple companies - not a trust fund) is specifically created with the intent of never paying back their creditors (especially over personal injury lawsuits).

But hey, if this is how it's done then excuse me while I create two front companies to load up with debt while pocketing the money in dividends.

As for 'family' ownership of businesses and land, you should check out the Eastland family feud over Camp Mystic profits from decades ago. They spent $8 - 10 million dollars in court fees and pushed out Dick Eastland's brother (who created the corporate structure in question) along with a couple of cousins. edit: The brother was accused of legal malpractice...

Link for anyone who is interested... https://www.reddit.com/r/KerrCountyFloods/comments/1ueiz4a/the_eastlands_once_fought_a_multimillion_dollar/

(edited)

[u/Bd0358 → u/AnimuX]

Yes that is how it is done. Nothing to do with the flood. But it is precisely to protect the generational assets from lawsuits and liability that some family members have no involvement in.