Mr. Knoll's Funding Source (1 Viewer)

[Nitrohaulic]

AAAAAHHHHH, Maybe you want to re-read the article. The STOCKHOLDERS took it in the a$$. Stockholders are just regular people that maybe invested their 401k or IRA money in the bank's stock looking for a decent return. Then again, maybe it was funding for their kid's education.

Maybe if you had money in that bank you might be whistling a different tune.

Pat

And if that stock is buried in a well diversified mutual fund that owns stock in many companies within the same industry, the stocks of that company's competitors should go up while that one is going down. That should make up your losses.

If you own single company stocks, you might as well be in a casino with the same money. Ask people who had their entire retirements in Enron how that works. They learned the hard way. We can learn by watching.

 

[mike cummings]

banks screw people out of money every day.

how so? If you are referring to the interest they charge on money loaned, that is not screwing, it is called doing business. If you don't want to pay a bank interest on money you borrow from them, then don't borrow from them.

 

[Larry]

Err the tax is collected for fuel burned on public roads and Hwy's.
A dragstrip or circle track is not public.
There is a formula for using exempt fuel on public roads.
I agree however that 45 million gallons is a bit much.
For that I'm sure someone noticed. They usually do after about 5 years.

 

[rocketman]

Forget the head injury it had nothing to do with this enterprise.

 

[Randy]

how so? If you are referring to the interest they charge on money loaned, that is not screwing, it is called doing business. If you don't want to pay a bank interest on money you borrow from them, then don't borrow from them.

It's just another way big business takes away from working Americans. It's a conspiracy created by large corporations who also want to give tax breaks to the rich.

 

[Nitrohaulic]

Err the tax is collected for fuel burned on public roads and Hwy's.
A dragstrip or circle track is not public.
There is a formula for using exempt fuel on public roads.
I agree however that 45 million gallons is a bit much.
For that I'm sure someone noticed. They usually do after about 5 years.

I looked it up. Non highway "business" use. I'm sure the government would say most of Torco's customers were non business if they were bracket racers.

Still doesn't mean he didn't find some other way of creatively interpreting some legal wording. If you think the government won't do THAT against YOU when it can? The amounts may be questionable but, until he's convicted, I wouldn't call him a criminal based on his methods just yet.

At the same time, as I've already posted, I know the feds have something like a 98% conviction record. I still wouldn't call someone a criminal since they could be in the 2%, which still doesn't guarantee you're innocent. Right?

 

[Nitrohaulic]

It's just another way big business takes away from working Americans. It's a conspiracy created by large corporations who also want to give tax breaks to the rich.

If it's legal and you're a business that doesn't take advantage of something? Your competitor does and you're out of business!

 

[mw6789]

banks screw people out of money every day. Kudos to them for screwing back!

Never saw a bank yet that held a gun to my head and forced me to make a loan.

 

[Ted]

I'm sure there will still be people on here lauding this guy for his "contribution" to the sport and making so many people's dreams come true.

There were some good rides out there while it lasted!

 

[Jenn]

Well, we finally know where all the money came from. Mr. Knoll apparently got part of his endless funding from a 15 million dollar loan from the Michigan Chemical Bank. The loan was proped up by wholesale gasoline excise tax rebates from the US Government. He was literally getting between 3 and 9 million dollars per quarter from the IRS until they finally witheld payment.

All this so Mr. Knoll could be a big shot in drag racing. Meanwhile, the bank is saying that Mr. Knoll is playing peek-a-boo and "hide and seek" with regulators, creditors and the Feds as he hides out in Northern Michigan.

And the bubble headed bleach blonde,
who comes on at five,
she can tell you 'bout a plane crash,
with a gleam in her eye,

 

[rocketman]

Well this has been the 50.00 question: Where did all of this money come from? I personally know people that got screwed in this deal so I'm an interested party. Plus I have my own axe to grind.