I'm gonna need a community note on this "context"
By what logic was this $1.5 B not collectible in the first place?
Edit: Also
> The Onion estimates its total bid value is $7 million.
By what logic was this $1.5 B not collectible in the first place?
Edit: Also
> The Onion estimates its total bid value is $7 million.
If you have a judgment of $1M with a use-by date of 30 years, then that's collectable if and only if the person's current assets plus future earnings add up to $1M.
* (multiplied by)
> use-by date of 30 years
So then it would be $1.2B "uncollectible" not the whole $1.5B.
But also... what is a Use-By date on collections? Is there a statue of limitations on non-dischargable debt? This sounds made up.
For example: When you do due diligence while buying a house or a company, collections are one of the things you need to check. How far back do you need to check the archives? It would be unreasonable to require you to go all the way back. So there's a limit, and it's set so high that it doesn't matter for everyday life, yet low enough that the lawyers and notaries who check the archives can do their job practically.
Where I live, a collection expires after 30 years, but it may be much less, there are usually other relevant rules. A single-digit number of years is not unusual in case of collections against a person.
(BTW, you're confusing revenue with either profit or cash on hand. Profit is revenue minus costs, and the costs are usually a much bigger than the profit.)
> Where I live
Lovely but not the case here. There is no "Use-by" date on Jones's debt. Even if he dies his estate will still owe the debt.
It may be $7 million in total value, but I believe the actual money was $1.75M. The other $5M would be uncollectible debt being forgiven.
Obviously he doesn't have $1.5 Billion liquid, no one does. But to try dismiss most of the debt as "uncollectible" while discussing how one of the many assets Jones owns is worth millions of dollars... That *literally is process of collections*.
Hence the sarcastic request for a community note.