talking about retainers made me think of the estate - i recall reading that “Anna’s mortgage” remaining on the Studio City house was $1.3m less $700K, and that is why her assets were only about $10K (less property taxes overdue), so we were told by Ron Rale
but wait a minute - if the [way-below] ownership transfer is correct, and recognizing that corporations are entirely separate stand-alone entities, then it isn’t Anna personally that owes any remaining mortgage on the house, nor should Anna personally have made $700K in payments - Hot Smoochie Lips, a calif. corporation, owed the mortgage, and the payments should have been made in that corporate entity name out of the income of the corporation. Any mortgage still due at time of sale, should also be the responsibility [debt]of the corporation.
In addition, Anna would have had to have sold the home to the corporation for ‘due consideration’ [’gifting’ it would be highly unusual but would still require a paper trail]. Was the purchase agreement filed with the Franchise Tax Board? Was the original financing refinanced in Hot Smoochie lips name?
if there was some sort of off-the-wall agreement that in the event of the death of one partner in the corporation, the remaining partner assumed all ownership, then that would logically also include all the existing debts of the company as well as all the assets of the company. This agreement would have to be documented by the corporation.
If the corporation was subsequently sold in 2007, as appears, then there should be some sort of escrow for sale, as well as purchase agreement, in which all the assets and all the debts are line-itemed. This also would become part of the corporate records and would have to be documented.
If Rale/Stern are claiming in estate proceedings that only a single partner/corporate officer [Anna] was liable for debts of the corporation, {the mortgage remaining balance] and yet proceeds of the sale in mar 2007 (?date) went entirely to the remaining partner/corporate officer [Howard dearest] then it seems fuzzy math in play by charging the remaining balance on the mortgage against Anna’s personal estate
On 4/11/2005, the house of Anna Nicole Smith, located at 3646 Avenida Del sol, Studio City, CA 91604, was purchased by Vickie Lynn Marshall for $1,335,000. On 4/11/2005 the Grantee is in the name of Vickie Lynn Marshall. One day later, on 4/12/2005, the Grantee was changed to: Hot Smoochie Lips Inc.
three puzzle pieces connected - probable cause?:
**1. Aug ‘06 - Daniel meets with Harding - allegedly expresses fear of HKS, allegedly expresses desire to hire Harding; money is discussed “He told me that Stern had given orders to the staff that any time that he would call to hang up on him,” Harding said of Daniel. “And the boy was frightened to death of Stern, according to what he told me.” [source: CNN, Nancy Grace]
**2. Aug 22 ‘06 - email from Anna to third party: “My son hates me, I can’t even talk to him right now, I have too much stress as it is, but it kills me, my heart is broken”.
[therefore, sometime on or about Aug 22, Anna and Daniel had a fight (over the phone)(phone records?) - so bad that Anna used the word, ‘hate’ - could it have been over Daniel wanting money to hire Harding? expressing his feelings about Stern? Was any of the topic of the ‘hate’ discussed further in the email quoted? Did Anna tell Stern about Daniel ‘hate’ reason?]
[Aug 25 ‘06 - methadone shipment from Kapoor]
**3. Sep 7-8? ‘06 - (phone record?)
Anna Nicole recalls the conversation she had with Daniel following the birth of Dannielynn and remembers how excited he was.
“I called him and I told him that I just had his baby sister and he was so, so excited.
When I told him, he was like, ‘I have a baby sister?’ And I said, ‘Yes, pumpkin, you have a baby sister.’ And he said, ‘Really momma? Can I drive her around? Can I hold her?’ And I said, ‘Yes, pumpkin, you can.’ I gave the phone to Howard and they got the tickets and everything.”
http://www.theinsideronline.com/news/2006/11/8988/index.html
Sep 9 ‘06 - “Don’t leave me down there,” Daniel said.
“I won’t,” Ray promised.
Daniel boarded the plane.
Page 36, Blonde Ambition, Rita Cosby
I THINK...Putting an asset into a corporation in this case is a way of separating it from your other assets, keeping it from being subject to liens against any estate.
But there's usually State taxes involved in a corporation and something had to be filed with the IRS at some point.
I'm not sure of the importance of the whole thing EXCEPT that Larry and Dannielynn are living (hiding) there....right next door to KE...one of the monsters of this bizarre scenario.