BLOGGER: "Alex Jones Is . . . Abusing Bankruptcy Law."
I can’t be the only one who loves reading about distressed assets. But even if they’re not your bag, this Petition essay about Alex Jones filing for bankruptcy is . . . something:Quote:
On Sunday April 17, 2022, three companies (formerly) owned by Mr. Jones -- InfoW LLC, IWHealth LLC and Prison Planet TV LLC (collectively, the "debtors") -- filed for chapter 11 bankruptcy under SubChapter V in the Southern District of Texas (Judge Lopez). Each of these entities are holding companies for IP assets: they are NOT the entities that control the content that has been spewed over the years on Mr. Jones’ devil’s spawn, InfoWars.
More specifically, InfoW owns copyrights/domains related to "Infowars.com". IWHealth owns cash flow from royalties and/or an agreement from Youngevity, a company that sells vitamins and mineral supplements affiliated with Mr. Jones. And Prison Planet TV owns copyrights/domains related to prisonplanet.tv (lol). Infowars itself -- "a conspiracy-oriented website and media company" -- is operated by non-debtor Free Speech Systems LLC ("FSS"). InfoW and Prison Planet TV license their IP and domain names to FSS but, according to the debtors, they have, as indicated above, no control over InfoWars' content.
Alex Jones owns 100% of non-debtor FSS. He also owned (operative past tense) 100% of the equity of each of the three debtors but he conveniently assigned those equity interests before the bankruptcy filing to what has been dubbed the "2022 Litigation Settlement Trust".
In sum: Alex Jones can’t even file for bankruptcy like a responsible human being.
What Jones is doing here is shuffling his assets and liabilities -- it is called a "Texas Two-Step" . . .
Read the Full Essay HERE
I could not have explained it better!