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ivoryElephant 2257 desperate attention whore postings DAW Level: "Seventeen Magazine Model" 11-06-02, 03:32 PM (EST) "Clay filed for Bankruptcy" http://www.thesmokinggun.com/archive/clayjordan1.html Personally, we can't stand the guy, but there's no doubt that "Survivor" contestant Clay Jordan could actually use the $1 million winner's prize. The 46-year-old Louisiana restaurateur piled up debts totaling $420,250, according to a bankruptcy case that was closed out in January, just months before Jordan shipped off to Thailand for the filming of the CBS reality show. The deadbeat Chuay Gahn tribe member was unemployed and collecting $949 in monthly unemployment benefits when a federal judge signed an order wiping away Jordan's whopping six-figure debt. What follows is a list of Jordan's unpaid bills, including ten separate credit card accounts and a variety of tabs related to his failed grub operation. (6 pages) WINNER: Preseason pick: Clay Ep. 1 analysis: Brian Rooting for: Helen UTR Winner: Jake "I don't want to lose it"- Jake: in reference to his hat   Top

Subject     Author     Message Date     ID    RE: Clay filed for Bankruptcy Brownroach 11-06-02 1  RE: Clay filed for Bankruptcy managerr 11-06-02 2  RE: Clay filed for Bankruptcy SherpaDave 11-06-02 3    RE: Clay filed for Bankruptcy Brownroach 11-06-02 7        RE: Clay filed for Bankruptcy erikman 11-06-02 8            RE: Clay filed for Bankruptcy Fast Eddie 11-07-02 11            RE: Clay filed for Bankruptcy Brownroach 11-07-02 14  RE: Clay filed for Bankruptcy SaphireLady 11-06-02 4    RE: Clay filed for Bankruptcy erikman 11-06-02 6  RE: Clay filed for Bankruptcy FesterFan1 11-06-02 5    Spoiler value and the media snoocharoo 11-06-02 9    RE: Clay filed for Bankruptcy HobbsofMI 11-06-02 10  RE: Clay filed for Bankruptcy AndreaJD2B 11-07-02 12  RE: Clay filed for Bankruptcy OceanSkater 11-07-02 13    RE: Clay filed for Bankruptcy smrtNsassybnkr 11-07-02 15

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Brownroach 15341 desperate attention whore postings DAW Level: "Playboy Centerfold" 11-06-02, 03:39 PM (EST) 1. "RE: Clay filed for Bankruptcy" Wow. Helen was wrong. Clay needed the money more than any of them!   Top

managerr 1959 desperate attention whore postings DAW Level: "Herbal Healing Drugs Endorser" 11-06-02, 04:23 PM (EST) 2. "RE: Clay filed for Bankruptcy" So wait--CBS promoted him as a restaurant owner, when in reality he was unemployed since his restaurant went under?   Top

SherpaDave 8326 desperate attention whore postings DAW Level: "Playboy Centerfold" 11-06-02, 04:42 PM (EST) 3. "RE: Clay filed for Bankruptcy" So, from a spoiler POV, hearing from some bankruptcy lawyers right about now would help. Would this be something he'd do if there was a good chance he'd win a million, i.e., take care of the bankruptcy stuff BEFORE he got the money so it couldn't be touched? Or can that million, should he win it, still be seized by creditors? In other words, would he likely have done this if he knew he was still in the running for the big prize? If not, perhaps we can eliminate him from any Final Two speculation once and for all. But I don't know. Shakes? Aya? Criminals From the Neck Up   Top

Brownroach 15341 desperate attention whore postings DAW Level: "Playboy Centerfold" 11-06-02, 05:58 PM (EST) 7. "RE: Clay filed for Bankruptcy" Well the case was closed out months before he went to Thailand and probably, as Fester points out, before he was cast and maybe even before he applied for S5. I would bet that he didn't decide to apply for the show until after the bankruptcy was settled. Hey, his financial debt was cleared, but he had no source of income and nothing else to do -- why not try to win a million dollars on a TV show? Any amount he wins must be untouchable by his creditors, because you know Clay would have checked into that first. Plus, I can't believe this wouldn't have come up in his background check, so lawyers connected with the show must have had to examine the liability issues with a fine-tooth comb as well.   Top

erikman 324 desperate attention whore postings DAW Level: "Cooking Show Host" 11-06-02, 08:02 PM (EST) 8. "RE: Clay filed for Bankruptcy" i don't know how good ther check up system is they let brian get by.that would be funny if clay won and would'nt have to pay of his debts.   Top

Fast Eddie 625 desperate attention whore postings DAW Level: "Reality Show Commentator" 11-07-02, 08:46 AM (EST) 11. "RE: Clay filed for Bankruptcy" Somehow I doubt if any of the people who got screwed by his bankruptcy would find it funny. I don't know Clay's details, but I've been involved in a bankruptcy and saw lots of little people - secretaries, clerks, etc., lose weeks of wages they could ill afford to lose. We personally lost about 10% of our year's income. The bankrupts (who had been taking about $250K per year out of the company for years) then flew off to the Cayman Islands.   Top

Brownroach 15341 desperate attention whore postings DAW Level: "Playboy Centerfold" 11-07-02, 11:51 AM (EST) 14. "RE: Clay filed for Bankruptcy" But the CBS spokesperson said they knew along about Brian's "other career". Don't tell me you don't believe CBS.   Top

SaphireLady 2491 desperate attention whore postings DAW Level: "Seventeen Magazine Model" 11-06-02, 04:46 PM (EST) 4. "RE: Clay filed for Bankruptcy" http://www.geocities.com/Area51/Corridor/5177/adopted.html Having reviewed the list of credit it seems like it all has to do with the failed buisness. People have businesses fail everyday so I think this really does put him in a bad light. I really did not see anything that appeared personal, like a house or a car or some such item as that.   Top

erikman 324 desperate attention whore postings DAW Level: "Cooking Show Host" 11-06-02, 05:20 PM (EST) 6. "RE: Clay filed for Bankruptcy" i hope he wins now. clay can say what he wants, i can see cbs threatning to sue him, you can't get blood from a stone. now we know why he did'nt say what his job was.   Top

FesterFan1 5947 desperate attention whore postings DAW Level: "Playboy Centerfold" 11-06-02, 05:13 PM (EST) 5. "RE: Clay filed for Bankruptcy" I don't know if we have any entrepreneurs in our midst, but isn't this the logical conclusion when a business goes under? I can't tell from the paperwork whether this is a Chapter 7 or Chapter 11 filing, nor do I know which small business men and women typically file for. Since he was cleared in January, it means that the process probably started a month or so before that. When would he have been cast for the show? I seem to recall that applications for S5 were still being accepted during S4's run, which would put it before Clay was cast. Mrs. Fester used to do bankruptcies when she was in private practice. I'll have her take a look and see what she can determine, and, more importantly, if it has any spoiler value Fester   Top

snoocharoo 1 desperate attention whore postings DAW Level: "American Cancer Society Spokesperson" 11-06-02, 08:32 PM (EST) 9. "Spoiler value and the media" It's funny how we keep getting info and scoop on these people from the media isn't it? Jed's DUI, Brian's porno career (pre show),Tanya's dad (again pre-show), Gdiva's sexual harrassment article, Penny's wedding, John's sermon buff incident. Notice too the pattern. With the exception of Porno Brian and Tanya's dad all of this info has come to us during the show and shortly after the subject became the bootee. Penny is the anomaly, but her wedding story came out 1 or 2 weeks ago and ironically her Survivor story began. Jed wasn't booted the week SmokingGun published his DUI, he was booted the following, and Gdiva had a 1 week time differetial betweeen the NE article and her boot. So what does this tell us? It suggests to me that Clay's time may be running short along with Penny's. Just an observation. Please feel free to correct me on any info I have incorrect, my short-term is shot. Snoocharoo   Top

HobbsofMI 16065 desperate attention whore postings DAW Level: "Playboy Centerfold" 11-06-02, 11:16 PM (EST) 10. "RE: Clay filed for Bankruptcy" I believe in February of this year the bankruptcy laws changed and made it harder for anyone to file Chapter 7....I don't know about Chapter 11. I dated a bankruptcy Lawyer back then. I think this made it harder for people to wipe away credit card debit. So this could be another reason why Clay would do this at that time.   Top

AndreaJD2B 9 desperate attention whore postings DAW Level: "American Cancer Society Spokesperson" 11-07-02, 10:38 AM (EST) 12. "RE: Clay filed for Bankruptcy" I am a bankruptcy attorney and the article did not give a lot of information. First Clay's business may have filed for bankruptcy or Clay as an individual may have filed, two entirely different scenarios. Businesses file for Chapter 7 (liquidation of business) or Chapter 11 (continue operating and reorganize the debt). Individual file for Chapter 7 (same as for companies) or Chapter 13 (similar to a business Chapter 11 and they pay back a portion of their outstanding debt). The amendments to the bankruptcy code making it more difficult for individuals to file the preferred Chapter 7 have not been passed into law . . . yet. Republican takeover it is now imminent. What's missing from the documents is the actual bankruptcy petition which would clear this right up because it would contain the name of the debtor outright. I find it interesing the article only included the schedules which would be attached to the actual petition. The schedules shown are required by all bankruptcy debtors. I agree with someone who said it looks like trade creditors for the restaurant. Interestingly, he lists no former employees as creditors so they may have been paid in full prior to the bankruptcy. Bottom line is if the bankruptcy has been discharged the creditors can not touch Clay, period. They may attempt to get him to reaffirm the debt. But the bankruptcy courts frown on this particularly if it is an individual as opposed to a business. Also, Clay can still be a wealthy "individual" though he has a business that is bankrupt. The benefit of incorporating is that your business assets are separate from your personal assets. So your business creditors can not touch your personal assets, without "piercing the corporate veil" which in most states is no easy task. Bankruptcy 101, Class dismissed.   Top

OceanSkater 315 desperate attention whore postings DAW Level: "Cooking Show Host" 11-07-02, 10:55 AM (EST) 13. "RE: Clay filed for Bankruptcy" I read an article from the Monroe news where people were stopping at the restaurant to meet him and get their picture taken with him. The waitress and his wife were mentioned as not saying anything about the outcome of the show. So the restaurant is still open, or was as of about three weeks ago, I'm going to look for the article.   Top

smrtNsassybnkr 332 desperate attention whore postings DAW Level: "Cooking Show Host" 11-07-02, 12:53 PM (EST) 15. "RE: Clay filed for Bankruptcy" FYI, when a business files a Chapter 11 Bankruptcy, the business simply re-organizes their debt, and continues to conduct business. This would explain why the restaurant is still open. If he filed Chapter 7, I doubt the business would still be open. Hope this clarifies. Essentially Clay could have got back on his feet professionally after the BKO (bankruptcy) and continue to run a very successful business. Lessons learned can be quite important. With a little better management skills and cash flow analysis, getting on the right track wouldn't be so hard to do. (I happen to be a banker so I've seen this a lot) Now add a million dollars, and Mr. Clay would be a very happy man. Too bad.....I'm willing to bet he gets to the final 4 at MOST.   Top

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