I’d be willing to bet that much of his interest income was the result of contract payments he delayed making. He is still $5million in arrears at just one property and is being sued for failure to pay. He will likely only pay the $5 mil, if even that much, and pocket the interest it accrued.

One major problem with our practice of handing out corporate charters to anyone who requests one it that no oversight is given to the practices of corporate managers who are indemnified by the charters. Such indemnity should be predicated by an assumption that the charter furthers the public interest and not simply give license to steal and convert the proceeds to salaries and bonuses that are, for all practical purpose, untouchable in bankruptcy.