Grant Cardone ~~ millions in hard cash to the cult, now Bankrupt, he says so

[Karen#1]

Grant Cardone Admits to Bankruptcy in a Video Clip… Stay Tuned

Grant Cardone admits to bankruptcy in this very short and bizarre video. Scientology Founder L. Ron Hubbard wrote about “the glee of insanity” and Cardone certainly fits the description…

scientologymoneyproject.com

 

[Karakorum]

Geeez

Somehow this does not make me happy or glad.

There were a few times when I saw people watch their lives fall apart and there were some that made me happy and glad, but those were sex offenders or outright thieves.

This is different. Even if I don't believe Grant was entirely honest with his employees and with the people he sold his advice to, he still ran a real business. Now in that short vid he made I'm just seeing a fellow businessman go bankrupt and it makes me a bit sad, even despite all the things he did and I said about him previously. Bankruptcy is never a pretty sight.

 

[Lee #28]

The video is a bit strange.....

But he does state that he is losing the Jet....the Condo....and the 8000 rental apartments...

"all of its going back to the bank...."

If he did truly borrow around 1 Billion $......then he had to have had around $200 million cash... ( 20% Just Ballpark....)

So....how much of that came from independent investors....?

Looks like a lot of people are going to lose a lot of money!

 

[Karakorum]

Looks like a lot of people are going to lose a lot of money!

And that's the sad part.

 

[Dotey OT]

First, he looks like shit. This looks like a man being machismo that has some heavy shit going on. A scientologist that is leveraged to the max.

 

[Karen#1]

Yes, it sad.

Please note that he did everything up to OT VIII and 3 LS and every other service under the sun which the cult promise makes you more ABLE, more enlightened, more everything for the million or so dollar cost.

He always was flamboyant ~~ a kind of Tony Robbins preaching high finance Invest-with-me, its all on video...

 

[He-man]

Wow, why does he need a bankruptcy lawyer to avoid going to prison? Is the reason clear to ye Americans?

 

[Lee #28]

Nothing on his Twitter feed....that I could find. (about it)

 

[Lee #28]

Wow, why does he need a bankruptcy lawyer to avoid going to prison? Is the reason clear to ye Americans?

No....what are you saying?

No mention of prison....AFAIK

 

[He-man]

No....what are you saying?

No mention of prison....AFAIK

Grant Cardone said it on the video.

 

[Lee #28]

Grant Cardone said it on the video.

Oh....must have missed that.

Do I have to listen to it again...?

 

[Enthetan]

Wow, why does he need a bankruptcy lawyer to avoid going to prison? Is the reason clear to ye Americans?

Don't know.

The following is pure speculation and guessing, I have no definite knowledge

Possibilities would include potential accusations of fraud or embezzlement.

If his business made "donations" to Scientology or Scientology-related entities, with those donations having no legitimate business purpose (with what is "legitimate" being decided by the judge), with the result that his business was put in a more vulnerable financial position, then he could be in trouble.

If he made false statements to lenders, which those lenders relied upon in order to decide he was a viable lending risk, then he would probably be in trouble.

I could see any donations to Scientology from his business being put under intense scrutiny by the court and by lenders' lawyers.

If he had partners in his business, they could be upset by any donations he made with no legitimate business purpose. That sort of thing contributed to the troubles of another Scientologist businessman, Rex Fowler, who long-term ESMB members have heard of.

I could see his being reluctant to talk about certain transactions involving Scientology, even if the court ordered him to talk under threat of contempt charges.

Again, I have no actual knowledge, and the above is pure speculation.

 

[ILove2Lurk]

What ever happened to Gerald/Jerry Ellenburg? He was another
Clearwater area OT with high-flyin' leveraged RE investments and
many investors around the country. Married to OT Kristin Tomczak.

 

[Dotey OT]

If he made false statements to lenders

This is currently the scentology way. I'm not saying that he has done this, just saying that the idea that is prevalent everywhere money is the subject. Here is this: scientologist's know better than anyone that they need the money, in any way that they can get it, and that they will do the most good with it. Rules that might hinder the acquisition of money are not good rules if they keep a scientologist from getting it. Such rules are meant to be circumvented in anyway possible.

If you want some stories, I can relay them. Ideal org fundraising is the best example, and bridge money shenanigans are not very far behind.

I could see any donations to Scientology from his business being put under intense scrutiny by the court and by lenders' lawyers.

Depends on his CPA and attorneys. Did he talk his CPA into filing the returns in such a way that could cause trouble if scrutinized? It's like the high profile person that has the private plane that goads and baits the pilot into something a pilot shouldn't do. History is replete with the obituaries.

 

[Dotey OT]

Oh, and he probably just lost his front row seats to the events.

 

[Karakorum]

I mean if he would have done some weird under the table money transfers to scientology organizations (I'm not saying he did - I have no insider knowledge), then it could be considered as "acting against the best interest of the company".

Thing is, I don't think Grant would need to do that even if he wanted to give some company money to Scientology. The CoS runs many organizations that are recognized as charities. Corporations are allowed and make donations to charities all the time. I know my company does.

Don't ask me about the legal technicalities, I do not work in legal. But I know there is a formal process to make donations and that its regulated.

 

[Lee #28]

Fascinating to Google Cardone Capital....and see the results. He obviously really controls his Web Presence... It looks like the entire first page is full of his own links or those of others of his ilk. No real news links.

I suppose this company is so small....that regular news wouldn't even cover it...

Over on page 2....I did find this page that looks like a chat site for those involved in REITS.... But the most recent post is 2 or 3 days ago.

Grant Cardone Capital suspending distributions to all investors

Just heard Grant Cardone (Cardone Capital) is suspending distributions to investors for April, May and June. Not surprised. REIT sector is getting

www.biggerpockets.com

I really can't see how this could happen within 15 days of April 1st. ( in other words....some rental income shortage that delayed his mortgage payments...)

Could be something else happened...

All speculation....on my part.

 

[Dotey OT]

Does anyone know his donor status to the ideal org in Miami?

 

[Enthetan]

I mean if he would have done some weird under the table money transfers to scientology organizations (I'm not saying he did - I have no insider knowledge), then it could be considered as "acting against the best interest of the company".

Again, pure speculation follows.

Another possibility might be involvement in some inurement scheme. He's involved in real estate. "Ideal Orgs" is involved in real estate, and in renovations of real estate. One way to launder funds might involve transfer of renovations materials from one entity or another, or use of SO slave labor for private profit.

Again, the above is pure speculation.

 

[Dotey OT]

I think that the jet probably exists as an asset in his marketing company. Thats an asset held in that company. And surely this property that is involved is an asset in another corp, he said in that video he is surrendering those. So this thing is a little more advanced than happening in the last few weeks. It's been going on for a bit, one would think. We have any attorneys around here?