Sad

[um]

http://radaronline.com/celebrity-new...com/?p=1271990

(..but heck. I don't even have $478 in the bank)

[Babalu]

Originally Posted by Alan Brady's Hair

" the original bankruptcy documents, which claim he has a whopping $2,143,367.97 in liabilities but only $3,714,913 in assets."

This would seem to mean that he has $1.5 million in net assets, although its not in cash.

"Cassidy listed his assets as his Fort Lauderdale mansion (worth $3 million)...His debt includes an $855,000 line of credit on his Florida home, $803,000 on a first mortgage on the property"

This could be the source of his net assets, the $3 million minus the $1.6 million of debt related to the house.

I don't know if the law is the still same, but Florida has long been an unusual state in debtor-creditor law because it had an unlimited "homestead exemption." If you owe money to someone, they can't force you to sell your house to pay. Florida was unique because they put no limit on how much the house could be worth - if you had a $20 million mansion and owed someone $20,000 they couldn't attach the house.

I'm not saying David arranged things this way purposely, but just from the story it looks like he has significant assets and that his cash flow can improve pretty quickly once he passes out of bankruptcy.

Why do you think OJ Simpson moved to Florida?