Replies to post #84134 on NSAV Holding Inc (NSAV)

[Eagleshine]

Nice talk I agree whatever he did it by lawyers and accountants

[Until2020, formerly Until2017]

The debtor cannot just willy-nilly transfer the debt to another.

(( I DID NOT SAY IT WAS CRIMINAL, I said it was fraud
If there is a trial, it could become a criminal act. .. Gen-
erally, there is no trial unless it is a massive and hurtful
fraud. ))


Can you transfer your $32,478.65 in C.C. debt to your
homeless and bankrupt cousin Vinny ?


The entity to which that funny-money character Tilton
(( Supposedly)) transferred the debt :

(i) Has no operations
(ii) Has no HQ address
(iii) Has no assets
(iv) OWNs NOTHING productive
(v) Has ZERO REVENUE
(vi) Has zero profits


Transferring the debt to a subsidiary which has the
SIX CHARACTERISTICS ABOVE - - is prima facie
fraud, and is identical in essence to you :


TRANSFERRING YOUR C.C. DEBT TO YOUR
BANKRUPT AND HOMELESS COUSIN VINNY.


The NSAV subsidiary that "caught" the debt, is as
bankrupt and homeless and situationless as Vinny.


This is just too easy, and there is no advisory
opinion from the "lawyers" that, in their opinion,
this is ethical and will survive a legal challenge.


BTW, it won't.



Until2017

[Major Profits]

Personally, I think Until is correct on this, not you.

I think you are forgetting that James Tilton is STILL President of Net Savings Link, Inc. He took over for Steven Baritz, and that means that James also took on all the debt!!! (Frankly, I don't know how much debt there is but if there is any, it is still there).

Which raises questions for me. James knew everything that was going on as he has been President of NSAV since Jan. 23, 2016.

https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11448819

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On January 23, 2016, James Tilton was appointed to our board of directors. Thereafter Steven Baritz resigned as a director. On the same date, James Tilton was appointed by our board of directors to replace Steven Baritz as our president, principal executive officer, secretary, treasurer, principal financial officer and principal accounting officer. At the time of Mr. Baritz's resignation as a director and when he was replaced as an officer, Mr. Baritz did not have any disagreements with us relating to our operations, policies or practices.

And there is this that seems to show that, indeed, the new corporation can be liable for the debts of the subsidiary!! And it mentions an actual court case and lawsuitS!

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=131867228

(No link provided for the following):

Under Capitalization
If a subsidiary is under capitalized–if it is insolvent from its inception and has no assets whatsoever, that may be grounds for piercing the corporate veil. For example in Garden City Co. v Burden, a corporation owned an irrigation canal and its subsidiary that had no assets was responsible for operating and maintaining the canal. When the canal flooded, plaintiffs successfully sued the parent corporation. The Court held that because the operating company had no assets and owned no property it would be inequitable to allow the parent company to escape liability under the pretext of the separate identity of two corporations.

Now, it seems to me that if nobody decides to sue Net Savings Link, Inc then this might not matter but if they they will be able to pierce the corporate shield that James thinks he has just made for himself and HIS acquired Net Savings Link, Inc. debt!!

And there is this:

http://www.nolo.com/legal-encyclopedia/personal-liability-piercing-corporate-veil-33006.html

Need to Pierce a Corporate Veil?

If you are a business or service provider who provided goods or services to a company and didn't receive payment, you are on the other side of the problem. You may have tried to sue for payment, but when you attempted to collect the court judgment or debt, you found out the company is "defunct" (closed down) and has no assets. If you're lucky, the defunct company's owners may still have assets (and may even plan to go on to use their assets and contacts to start a new corporation or LLC). You may be able to access the owners' assets by piercing the corporate veil. We'll discuss this further below.

Corporate Liability for Business Debts.

Corporations and LLCs are legal entities, separate and distinct from the people who create and own them (these people are called corporate shareholders or LLC members). One of the principal advantages of forming a corporation or an LLC is that, because the corporation or LLC is considered a separate entity (unlike partnerships and sole proprietorships), the owners and managers have limited personal liability for the company's debts. This means that the people who own and run the corporation or LLC cannot usually be held personally responsible for the debts of the business. But, in certain situations, courts can ignore the limited liability status of a corporation or LLC and hold its officers, directors, and shareholders or members personally liable for its debts. When this happens, it is called piercing the corporate veil. Closely held corporations and small LLCs are most likely to get their veils pierced (corporations that are owned by one or just a few people are called closely held corporations, or close corporations for short).

The above are LEGAL OPINIONS and and ACTUAL COURT CASE! Please provide evidence of what YOU contend is the truth.

TIA

JMOs (with some FACTS thrown in)

$NSAV