Since I don't practice with my JD, just my CPA (way too many degrees and alphabet soup) I may not be very qualified to accurately reply to this question. Any amount you are looking for is a personnal and business choice (yes, lawyers are businessmen) of that particular practitioner. The participants in action have no idea of your liquidity or equity. Equity does not guarantee a bank would be willing to loan, say 85%, equity to cover judgement. One biggy is your life insurance or if you and your sole beneficiary perish together leaving estate and remainder beneficiaries who my never see estate. Remember, the party initiating the action does not know your liquidity. If it looks like it worth it to the attorney and his client, it's their call. If one attorney says 200K, it's his call. Another one may say 100K and since the guy is still working and has lived in his house for 15 years, he's got equity and the ability to borrow, so we're in.
With all that malarky said, I sold my KR as an airplane. I go by the theory if you live with your head buried in the said the only part of you seen is your backside and you never see anything new. If action is taken, I'll get it continued for a couple years but boy will I have fun with what I've got until then. Dana Overall Richmond, KY RV-7 slider/fuselage http://rvflying.tripod.com do not archive >From: "ROBERT COOPER" <kr2coo...@msn.com> >Reply-To: KR builders and pilots <kr...@mylist.net> >To: "krnet" <kr...@mylist.net> >Subject: KR>KR sale and libality >Date: Tue, 29 Apr 2003 17:39:36 -0400 > >Most of us work a lifetime to retire in dignity and worry that a law suit >could wipe us out financially. Most KR builders are not rich but I'm sure >that some have a net worth that would attract an attorneys attention. I >wonder if there is a net worth that is a cutoff to an attorney. Must you be >a millionaire to be attractive target for an attorney or is 1/2 or 1/4 mil >worth suing? If so and your net worth is in excess of that figure you may >be better off giving your KR to a museum or destroying it. Dana or any >attorney, comments please. > >Jack Cooper >mailto:kr2coo...@msn.com >http://www.jackandsandycooper.com/kr2 >Fayetteville, NC. >_______________________________________________ >see KRnet list details at http://www.krnet.org/instructions.html _________________________________________________________________ MSN 8 helps eliminate e-mail viruses. Get 2 months FREE*. http://join.msn.com/?page=features/virus
