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Old 10-14-2012, 01:02 AM   #1
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Robert Kiyosaki declares bankruptcy!!!

Rich Dad Poor Dad author goes into Chapter 7 bankruptcy! Link
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Old 10-14-2012, 01:28 AM   #2
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Re: Robert Kiyosaki declares bankruptcy!!!

I think this is more like his company (1 out of 10+) files for bankruptcy, not Robert Kiyosaki personally.
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Old 10-14-2012, 02:41 AM   #3
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Re: Robert Kiyosaki declares bankruptcy!!!

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I think this is more like his company (1 out of 10+) files for bankruptcy, not Robert Kiyosaki personally.
pretty much, the lawsuit can make a lot companies go under
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Old 10-14-2012, 05:35 AM   #4
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Re: Robert Kiyosaki declares bankruptcy!!!

Oprah has made so many careers. It's unreal.
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Old 10-14-2012, 05:51 AM   #5
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Re: Robert Kiyosaki declares bankruptcy!!!

Why doesn't he just ask Rich Dad how to make money?
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Old 10-14-2012, 05:59 AM   #6
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Re: Robert Kiyosaki declares bankruptcy!!!

poor dad probably trying hard not to enjoy some sick schadenfreude right now
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Old 10-14-2012, 09:04 AM   #7
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Re: Robert Kiyosaki declares bankruptcy!!!

I like this. The guy is a terrible scammer and deserves bad things happening to him.

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I think this is more like his company (1 out of 10+) files for bankruptcy, not Robert Kiyosaki personally.
I've only casually heard about this but from the little I know there will almost certainly be an attempt to pierce the corporate veil and a pretty good chance it will be successful.
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Old 10-14-2012, 09:07 AM   #8
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Re: Robert Kiyosaki declares bankruptcy!!!

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Oprah has made so many careers. It's unreal.
While Oprah did endorse the book and that was huge Amway was also a big part of it. Kiyosaki endorsed Amway (despite that people still took advice from this retard) and Amway made his books required reading for all the suckers who got pulled into Amway.
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Old 10-14-2012, 11:08 AM   #9
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Re: Robert Kiyosaki declares bankruptcy!!!

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I've only casually heard about this but from the little I know there will almost certainly be an attempt to pierce the corporate veil and a pretty good chance it will be successful.

I don't know a ton about it, but my dad has worked in 3 different companies all started by the same guy after selling a previous one, and starting another.

The 2nd one he raised bunch of money, flew around the country in private jets looking at companies to buy (business model was buy xyz company, fix it, then flip it) and never bought anything. He leased office space in downtown Chicago and got them to do 100's of thousands of dollars on remodeling/furnishing.

When nothing happened with the company he bankrupted it and just started another one, leaving everyone else owed money to holding the bag.

Again, not sure how all this plays out but with the right set up and a good attorney on your shoulder I'm pretty confident you can have multiple companies that are successful and bankrupt one and not be responsible personally.

Always been curious about this though.
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Old 10-14-2012, 01:44 PM   #10
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Re: Robert Kiyosaki declares bankruptcy!!!

Strategic corporate bankruptcy.
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Old 10-14-2012, 02:27 PM   #11
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Re: Robert Kiyosaki declares bankruptcy!!!

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Again, not sure how all this plays out but with the right set up and a good attorney on your shoulder I'm pretty confident you can have multiple companies that are successful and bankrupt one and not be responsible personally.

Always been curious about this though.
It used to be a lot harder to pierce than it is now although this will vary by jurisdictions. There are several ways to accomplish this and often it focuses on the owner no respecting the dichotomy between corporation and personal or not completing the formalities required. I have no idea if Kiyosaki did any of that and I actually would say he likely didn't. The courts will also make you personally liable if the purpose of the corporation was to avoid liability. From what I've read it appears that was Kiyosaki's intent. I have no idea if the Learning Annex is going to attempt this but I suspect they will since the amount of money makes it worth taking the shot.

At a minimum this is bad publicity which will hopeful reduce his ability to scam people in the future.
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Old 10-14-2012, 02:40 PM   #12
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Re: Robert Kiyosaki declares bankruptcy!!!

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It used to be a lot harder to pierce than it is now although this will vary by jurisdictions. There are several ways to accomplish this and often it focuses on the owner no respecting the dichotomy between corporation and personal or not completing the formalities required. I have no idea if Kiyosaki did any of that and I actually would say he likely didn't. The courts will also make you personally liable if the purpose of the corporation was to avoid liability. From what I've read it appears that was Kiyosaki's intent. I have no idea if the Learning Annex is going to attempt this but I suspect they will since the amount of money makes it worth taking the shot.

At a minimum this is bad publicity which will hopeful reduce his ability to scam people in the future.
If Kiyosaki practices what he preaches in his book "Loopholes for the Rich" about totally separating the Corporation from Self then there is probably no opportunity to pierce the "corporate veil" in this case.

He's got at least 11 corporations from what is presupposed by the article and is probably very strict in terms of corporate veil piercing defense.
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Old 10-14-2012, 02:55 PM   #13
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Re: Robert Kiyosaki declares bankruptcy!!!

The only way the business that got sued could have liabilities that-- even before the judgement-- greatly exceed assets is if stuff was transfered out. Transferring assets to another corporation with the intent of frustrating creditors can be grounds for piercing the corporate veil.
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Old 10-14-2012, 04:47 PM   #14
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Re: Robert Kiyosaki declares bankruptcy!!!

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Strategic corporate bankruptcy.
This. All American icons of business have done this several times (Trump etc). I know Kiyosaki will bounce back better than ever though. I know I am rooting for him. His book Wish it, want it, do it really changed my life.
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Old 10-14-2012, 06:45 PM   #15
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Re: Robert Kiyosaki declares bankruptcy!!!

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This. All American icons of business have done this several times (Trump etc). I know Kiyosaki will bounce back better than ever though. I know I am rooting for him. His book Wish it, want it, do it really changed my life.
I think you're confusing him with noted author Brian Griffin.

Why is everyone calling him a scammer? Has he actually been implicated in fraudulent scams or is everyone just calling him a scammer because they think he overcharges for the services he provides?
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