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Paterno=Shrewd Businessman

Posted: November 15th, 2011, 9:26 pm
by WPIAL~Titan
The old fox wasn't wise enough to use his power and influence to stop child abuse, but he was smart enough to sell the house to SuePa for $1...Now that $594k asset can be protected when the avalanche of civil suits begins. Brilliant business move!

Again more proof of Paturdo's arrogance and selfishness. He fought in the courts for years to keep his salary from being made public, which proves his propensity to cover things up. What a sanctimonious zero.

Success With Honor.

http://www.nytimes.com/2011/11/16/sport ... .html?_r=2

Re: Paterno=Shrewd Businessman

Posted: November 16th, 2011, 10:50 am
by say_oww
From the article -

Lawrence A. Frolik, a law professor at the University of Pittsburgh who specializes in elder law, said that he had “never heard” of a husband selling his share of a house for $1 to his spouse for tax or government assistance purposes.

“I can’t see any tax advantages,” Frolik said. “If someone told me that, my reaction would be, ‘Are they hoping to shield assets in case if there’s personal liability?’ ” He added, “It sounds like an attempt to avoid personal liability in having assets in his wife’s name.”

Two lawyers examined the available documents in recent days. Neither wanted to be identified because they were not directly involved in the case or the property transaction. One of the experts said it appeared to be an explicit effort to financially shield Joe Paterno. The other regarded the July transaction, at least on its face, as benign.


Whatever the reason for the transfer, it doesn't do anything to help his case.