Phoenix Associates Land Syndicate (fka PBLSQ)

[MrPastorious]

So you are saying that the companies we bought reported false information as to the value of thier assets to the IRS? And those assets are only worth what we paid for them? Does that mean I don't really have an extra $8,000 dollars in my pocket for selling the car???
PBLS HASN"T BEEN SELLING "CARS" THEY HAVE BEEN BUYING THEM
No. I am saying that pbls bought those assets at lower than what they were carried for on the books of the previous owners. Book value is an accounting measure that DOES NOT neccessarily reflect market value. Those assets will be reflected on their books at aquisition cost. If a company pays more than what it the assets are on the books for (which PBLS did not do), the difference is accounted for in "goodwill".
Yes, those assets are only worth what you paid for them, WHEN you bought them. Any asset is only worth what is can be sold for.
Again, PBLS hasn't sold any of the businesses.
You do not carry that car on your books at 18k just because you believe you can sell it there.