Pookky
Pookky
Joined: May 2, 2020
  • Threads: 3
  • Posts: 26
May 5th, 2020 at 10:01:07 AM permalink
Quote: billryan

I don't think you quite get how bankruptcy works. It isn't an excuse to grab another person's properties.



Please advise as I donít know.

Banks can become insolvent and you can lose all your savings, right? (disregard FDIC insurance)
unJon
unJon
Joined: Jul 1, 2018
  • Threads: 14
  • Posts: 3139
May 5th, 2020 at 10:26:15 AM permalink
Quote: Pookky

Please advise as I donít know.

Banks can become insolvent and you can lose all your savings, right? (disregard FDIC insurance)



Customer claims have a priority over certain other debt in a bank insolvency. But sure in theory if there are not enough assets to cover customer claims and claims senior to them.

Iíve never looked at the issue of whether front money is still your money with the casino holding it in trust for you (so no part of the bankruptcy estate) or not. Interesting. My speculation is in line with Billryanís.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
Pookky
Pookky
Joined: May 2, 2020
  • Threads: 3
  • Posts: 26
May 5th, 2020 at 10:33:23 AM permalink
Quote: unJon

Customer claims have a priority over certain other debt in a bank insolvency. But sure in theory if there are not enough assets to cover customer claims and claims senior to them.

Iíve never looked at the issue of whether front money is still your money with the casino holding it in trust for you (so no part of the bankruptcy estate) or not. Interesting. My speculation is in line with Billryanís.



And does bankruptcy court view front money & money deposited in safekeeping the same way?
Last edited by: Pookky on May 5, 2020

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