(03-21-2024, 01:48 PM)mikesez Wrote:

(03-21-2024, 11:41 AM)Sneakers Wrote: Didn't I already explain to you that the ownership structure of these assets might prohibit him from selling them at all?

You said you didn't know what the ownership structure was.
And you never suggested what it might be.
If he can't sell it, does he really own it?  If he bought it, why can't he sell it? How does this magic conversion from "can be sold" to "can't be sold" take place?

There's no magic, it's simple asset protection.  Simply because you don't understand it, does not make it impossible, or even overly complicated.  

What do you want him to sell, golf courses?  Why do you assume the golf course owns the land?  I would expect each two LLCs for each course, one to hold the land, the other to run the business and lease the land from the first.  Add a third if there is a hotel on site.  If the course has a long-term lease for a very minimal payment, where is the immediate value in the land?  If the lease takes all the course profit and it's a break-even entity, where is the value to a buyer?  Does he have controlling interest in any of these entities, or do his descendants and/or business partners own more than 50%?  His last name on the sign doesn't make him the only owner, or even an owner at all.

For the nth time, until you know the ownership status, operating agreement and any associated contracts, of any legal entity he owns, in whole or in part, you have absolutely no way of knowing if he can sell or mortgage any of its assets.

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