I hope I don't get my friggin head handed to me by my deep throat connection..you won't hand me my head will you NE14????,lol I am not an accountant nor an attorney so I'll paraphase with some sort of lay analogy wrapped into one... as best I can having given the previous caveat about my training. Let say 3 years ago PBLS was to build a home and had a contract to do so..they started building and the party to the contract decided they didn't want the job finished and verbally told PBLS to stop. The contract overrides the verbal retraction of the contract and they finish the job. The owner owner sues them for 10,000,000 for not stopping the work.Its a ludicrious and possibly even malicious /fraudulent attempt to extort money in this extremely litigious would we live. Suit is filed. PBLS isn't worried but in the accounting end of the company ,their auditor/slash accountant says they have to recognize this as a "contigency debt" in that if hell freezes over they might be liable for the damages. Life go on and recently Paul Alonzo relieved of this debt and being without merit..Well the ********* laden debt now is not a possible liability ...so that debt contingency no longer is a theoritcal -10,000,000 hanging in limbo. I have already exhausted what and how I can explain this . I only wanted to point out that the company has not paid out money from and play to clear up a real tangible debt..they just don't have this contingency debt pending. I am good for only one more comment on this subject..so make it good,lol..I hope this helps to some degree I thought it was outstanding when I heard it.
