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Rumour Lingy Goes Bust

  • Thread starter Thread starter dmc333
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Ironically he should have tapped Bomber on the shoulder, I'm sure he and his menagerie of colourful mates would have had some great investment tips!
 
Ishmael_ said:
Ironically he should have tapped Bomber on the shoulder, I'm sure he and his menagerie of colourful mates would have had some great investment tips!
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He should have, cause bomber made an absolute motza on land development at armstrong creek. Millions of dollars.

The he got bored, essendon ruined him in the doping saga and he got on the glass bbq.
 
JEagle said:
Financial Literacy

Accountants aren't generally useful in that scenario, unless they themselves have considerable experience in the area. Leases should be viewed by a qualified and experience lawyer. That's who gets called when there is a leasing dispute. A friend of mine makes a very good living just from matters relating to leases.
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It's not even necessarily that. There's no suggestion that the lease itself was flawed, more that the business model didn't stack up against the rent they agreed to pay.
 
Taylor said:
That forestry/farm land scheme was absolutely shocking. The guys who owned the business I worked for at the time funneled tens of thousands of dollars into it as a means of reducing their tax liability, on a vague idea that particular types of land being bought would achieve that result - but instead the only people who actually had their money safe were the accountants suggesting the idea who took their commission on the sale of the interest in the scheme and moved on.

People will do whatever they think will get them an edge on making or keeping more money, and salespeople know it.

That boss used to complain about the tax code being too complicated, and it is, but he made it worse for himself trying to spend as little as possible to save as much as possible and costing a fortune.

If you're looking for easy access to capital then football players who left school and became rich would be an easy target.
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A bloke I worked for invested in that stuff. Paid insurance for years but started getting dividends about a year or so ago. Heaps of cashed up business owners in Alice springs bought into it.
 

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The 747 said:
Amusing. Ling apparently has significant business interests but signed a lease "without understanding the terms". Caveat emptor Lingy.
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Why would he need to understand it? Probably saw the coach and players all getting under the table special deals and just assumed he was in the money.
 
1970crow said:
A bloke I worked for invested in that stuff. Paid insurance for years but started getting dividends about a year or so ago. Heaps of cashed up business owners in Alice springs bought into it.
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Half of WA invested in Timbercorp. Absolute sh*tshow that was all down to management. Then there was olives, wine etc. All this stuff is fraught with danger. There's nothing wrong with blue chip shares and quality properties, both resi and commerical.
 
WillHayward said:
Frank Costa got a royal send off but has to be asked.

Was he a crook?
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Wash your mouth out with soap! Anyone prepared to take it up to the Mafia controlled fruit & vegetable market in Melbourne in the 1970's & 1980's, is worth his weight in gold
 

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The 747 said:
Do tell....
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Similar circumstances to Lingy it sounds like but Costa not involved. Close to Melb CBD, not Geelong.

A Leigh Matthews Trophy winner also involved as a business partner, but that person is making good coin from the media so they should be able to navigate out of it.
 
zeggie said:
Similar circumstances to Lingy it sounds like but Costa not involved. Close to Melb CBD, not Geelong.

A Leigh Matthews Trophy winner also involved as a business partner, but that person is making good coin from the media so they should be able to navigate out of it.
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This is the rumour board, I think you can post a rumour that someone is rumoured to be in financial trouble....
 
Years ago, went to a work function at a pub/restaurant that Ling co-owned with a couple of other Geelong players. There was about 40 in our group, was a hot night, and after less than 2 hours they ran out of beer. The bar staff ended up going to a local bottle shop and bought slabs. The place ended up being sold not long after.
 

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