Pursuant to nothing in particular, it is now five months to the day when the Saskatchewan Court of Queen's Bench ruled that I could register my 2010 judgment for malicious defamation against Lloydminster's Patrick Ross, and that the interest rate on the outstanding amount would rise from two per cent to five per cent:
It is further worth noting that the $7,500 already seized from Patrick was for long-outstanding cost awards, and did not decrease the amount owed related to the 2010 judgment itself; in short, Patrick still owes me what is described above in its entirety, plus the inevitable Saskatchewan sheriffs' charges which are being relentlessly added to his bill on a daily basis.
This is such a great story, someone should make a documentary.
P.S. As I have mentioned before, Patrick seems determined to drag this out interminably, year after year, dodging and weaving and so on as his debt to me increases inexorably, but here is the distinct danger associated with that.
I'm sure Patrick assumes that, in between gigs, he will always have his parents' (now father's) primary residence in Lloydminster to hang out in while he ponders his next epic failure. But here's the flaw in that logic.
Patrick's mother has already passed away, and I have it from moderately reliable sources that his father is not in the best of health. And if the worst happens, one hopes Patrick doesn't think he will simply assume ownership of that property via inheritance. Oh, no ... I can assure one and all that, come that day, I will make sure that, if Patrick is handed that property, I will file immediately to seize it from him.
So if Patrick wants to drag this out for years, all he's doing is hastening the inevitable when he will have to move out of that house in Lloydminster and, still being an undischarged bankrupt, he will not be able to purchase his own place or even rent an apartment.
In short, if Patrick wants to play stupid and self-destructive games, well, I'm a patient man and I will give him all the rope he needs.
8 comments:
That's actually a decent rate of return; it's like investing $100,000 and getting a guaranteed 5% annual return. You could do worse.
Anon: A number of people have made that observation. At this point, if Patrick handed over $500/month, he would barely be covering the accruing interest.
Make no mistake -- Patrick *will* eventually pay me the full amount he owes me, and as long as he insists on refusing to face reality, his debt is now going up by over $5,000 per year.
Feel free to do the math.
Potential scenario regarding the home of his parents in Lloydminster:
In failing health, Dad sells the home, and uses the funds to pay for living in a retirement residence for his remaining years. By the time he goes, there may not be a whole lot left in the bank.
Of course, that still means that Patrick has to solve the problem of where to live in between under-the-table jobs - because seniors homes don't exactly look kindly on residents "subletting" their suites to guests.
With the price of property these days, that might not work out too badly for him. Assuming he doesn't currently have the dough to pay, if he runs out the clock until he has that property, he then has an asset. With what real estate is worth these days, at that point the loan he could take out against it counts as a pretty small mortgage and he could get an interest rate, well, significantly lower than 5%. Pay you off in full and still have the place, just slightly encumbered.
Of course, I don't know how bankruptcy law interacts with that. Given how badly he's screwed the whole thing up over the years, I won't be surprised if you tell me the place would have to be sold before he ever gets a sniff of ownership, and he'd just end up with a lump sum of "whatever's left after the place is sold off". But again, property prices being what they are, it would be a pretty LARGE lump sum, just not as nice as actually having a home.
So, yeah, I would figure when he inherits the place, unless he actually keeps on obstructing so hard that jail time becomes an issue, he's free and clear and you're 120 grand richer, or whatever the final total ends up. He'd probably still have a pretty awful credit rating for a while.
PLG: All theoretically reasonable, but keep in mind that, while Patrick might be gleefully finding loopholes to not pay me at the moment, what he owes me is just going up. The longer he drags this out, the more of that house I will be able to take.
All this assumes Patrick is the sole beneficiary of his dad's estate. Any siblings?
Also, it's worth keeping in mind that the Lloydminster, SK real estate market isn't as explosive as say Vancouver or Toronto. Even within Lloydminster, there is now a sharp preference for building on the Alberta side of the border.
So, Twatrick and his family shouldn't count on real estate appeciating in value.
Anon: There are siblings, but if Patrick thinks he can game the system by having them inherit everything, then quietly hand it back to him under the table, I can assure you that will fail spectacularly badly.
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