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08-04-2020, 05:38 PM | #21 |
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Re: NHRA roles for bankruptcy
In the early 1980`s, I first heard of a bankruptcy "strategy". The story went like this: max out your lines of credit, whatever anybody would give you, take it. There never was any intention of paying the bills.They payed back pennies on the dollar, if at all. Terrible deal for honest vendors. Not saying NHRA would do anything like that, but many people did.
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08-04-2020, 05:41 PM | #22 | |
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Re: NHRA roles for bankruptcy
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Unless somehow a company, individual, or organization would have liabilities or obligations exceeding assets or capital to cover then nothing should force (no pun intended) them to choose bankruptcy as an option. |
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08-04-2020, 06:48 PM | #23 | |
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Re: NHRA roles for bankruptcy
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Julie Jordan 7549 STK |
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08-04-2020, 08:01 PM | #24 | |
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Re: NHRA roles for bankruptcy
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Specifically on the NHRA it appears that compensation for upper management and the board of directors are their greatest ongoing liability. Why would the board want to put their organization into potential receivership or at the mercy of a bankruptcy judge that would determine their ongoing compensation as they are working through a reorganization? Their compensation would appear to be the first thing at risk of significant reductions by a judge. |
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08-04-2020, 08:21 PM | #25 | |
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Re: NHRA roles for bankruptcy
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Julie Jordan 7549 STK |
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08-04-2020, 08:31 PM | #26 | |
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Re: NHRA roles for bankruptcy
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VPs, Boards, etc....how they compare to the compensation ratio of the corresponding NHRA executives to revenues versus other ancillary liabilities. |
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08-04-2020, 09:34 PM | #27 |
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Re: NHRA roles for bankruptcy
Maybe this would clarify where I am going with the compensation ratios a little better with the NHRA. It is fairly well known that they don't pay the track help much at all and that they seem to produce VPs like weeds. If you look at their most recent available tax returns they had been running at about a 15% compensation to revenue ratio.
But the last couple of years that are available to review they have increased that to about 20% without a material change in revenue. I would venture to guess that the 2018 and 2019 filings would reflect a percentage of greater than 20%. It is information like this along with the reduction in tech, payouts, increased entries, and other things that make the upper execs at the NHRA appear to be lining their pockets at the expense of others such as the racers. |
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08-04-2020, 10:32 PM | #28 |
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Re: NHRA roles for bankruptcy
And of course, everyone believes to other makes too much money. I've been away for a while, but a $30 per hour employee actually costs the company around $50 when figuring the costs for workers comp, social security, retirement, 401 matching, insurancex2, life insurance, osha's compliant.
So, ya want to start a company, or bitch about one.
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