Sam Leong Idol boh lui liao

[gz0707]

The financial guru behind New York Times bestseller Rich Dad, Poor Dad has filed for bankruptcy on one of his companies after losing a $24 million judgement.

This April, Robert Kiyosaki's Rich Global LLC was ordered to pay $23,687,957.21 to the Learning Annex and its founder and chairman, Bill Zanker.

Kiyosaki had used the Learning Annex platform to organize several high profile speaking engagements, including a 2002 appearance at Madison Square Garden. A U.S. District Court jury ruled Zanker and the Annex were entitled to a certain percentage of the profits from those engagements.

Zanker told the New York Post he was responsible for making Rich Dad, Poor Dad into the global name it is today.

'I took Kiyosaki's brand and made it bigger. The deal was I would get a percentage and he reneged,' Zanker said.

'We had a signed letter of intent. The Learning Annex is the greatest promoter. We put his 'Rich Dad' brand on a stage. We truly prepared him for great fame and riches. But when it was time for him to pay up, he said no.'

Rich Dad, Poor Dad, has sold over 26 million copies and earned Kiyosaki widespread fame as a financial commentator and celebrity fans.
Robert Kiyosaki


Will Smith said he was teaching his son about financial responsibility by reading the book and Oprah Winfrey endorsed it on her show.

Even Donald Trump liked his advice, co-writing the book Why We Want You to be Rich with Kiyosaki in 2006.

The book is so successful it's inspired a musical, Women Must Have Money, to be staged in Shanghai this November.

'Oprah believed in him, and Will Smith believed in him, but he didn't keep his promise to us,' Zanker said.

Mike Sullivan, CEO of Kiyosaki's Rich Dad Co., told reporters Kiyosaki would not put personal assets towards the judgement and claimed the judgement was far more than Rich Global LLC's value.

'The dealings we had with the Learning Annex were with a company that hasn't been in business for a number of years,' Sullivan said.

'I am not surprised Learning Annex is upset and angry, the money doesn't exist in that company, and we can't bring money out of the group.

'We have a few million dollars in this company, but not 16 or 20. I can't do anything about a $20 million judgment. We got hit for what we think is a completely outlandish figure.'

Read more: http://www.dailymail.co.uk/news/art...uptcy-losing-24m-judgement.html#ixzz28ybiLIIu
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[I_Hate_Pappies]

How can it be? Ah Leong's idol buanged? Financial guru? :oIo:

 

[gz0707]

After a long, lucrative career writing financial self-help books and giving seminars, “Rich Dad Poor Dad” author Robert Kiyosaki has filed for bankruptcy for one of his companies after losing a $24 million court judgment.
Kiyosaki’s Rich Global LLC filed for bankruptcy after being ordered to pay nearly $24 million to the Learning Annex and its founder and chairman, Bill Zanker.
US District Judge Shira A. Scheindlin in April ordered Rich Global to pay up $23,687,957.21 after a jury ruled Kiyosaki must give the Learning Annex a percentage of his profits after using their platform for speaking engagements, including a 2002 gig at Madison Square Garden. Rich Global filed for bankruptcy in Wyoming on Aug. 20.

Zanker told us, “I took Kiyosaki’s brand and made it bigger. The deal was I would get a percentage, and he reneged. We had a signed letter of intent. The Learning Annex is the greatest promoter. We put his ‘Rich Dad’ brand on a stage. We truly prepared him for great fame and riches. But when it was time for him to pay up, he said ‘no.’ ” This has taken years in court. I won even more money than I asked for from the jury, then he declared corporate bankruptcy. Oprah believed in him, and Will Smith believed in him, but he didn’t keep his promise to us.”

Kiyosaki published “Rich Dad Poor Dad” in 1994, and has since written 11 other books. He now does business through as many as 10 corporations.

Mike Sullivan, CEO of Kiyosaki’s Rich Dad Co., told us that Kiyosaki, said to be worth $80 million, was still doing very well thanks to investments in other companies: “The dealings we had with Learning Annex were with a company that hasn’t been in business for a number of years . . . I am not surprised Learning Annex is upset and angry, the money doesn’t exist in that company, and we can’t bring money out of the group.

“Robert and [wife] Kim are not paying out of personal assets. We have a few million dollars in this company, but not 16 or 20. I can’t do anything about a $20 million judgment . . . We got hit for what we think is a completely outlandish figure.”

 

[wikiphile]

Well guess who is the poor dad now

 

[gz0707]

Although he is right to encourage people to think out of the box and not strictly be a paid employee, I could not understand how he advised people to borrow money and gamble on properties. Maybe I didn't get it right, even after reading the book.

 

[I_Hate_Pappies]

Not wonder the call for recent donation here. Leong followed his guru's judgements.

 

[I_Hate_Pappies]

Although he is right to encourage people to think out of the box and not strictly be a paid employee, I could not understand how he advised people to borrow money and gamble on properties. Maybe I didn't get it right, even after reading the book.

The key words here are leverage and invest not borrow money and gamble.

 

[erection2015]

donations and Leong.......very compatible

good judgements and Leong ...... virtually non existent.

Not wonder the call for recent donation here. Leong followed his guru's judgements.

 

[streetsmart73]

Well guess who is the poor dad now

hi there


1. hahaha!
2. some hard truth of corporate america mah.
3. you can be some kingpin today, come tomorrow, the same individual can turn shit instantly.
4. some bad financial management too.

 

[Leongsam]

Well guess who is the poor dad now

Mike Sullivan, CEO of Kiyosaki's Rich Dad Co., told reporters Kiyosaki would not put personal assets towards the judgement and claimed the judgement was far more than Rich Global LLC's value.

Surely you can't be that naive. Without a director's personal guarantee, creditors have no legal claim to personal wealth or wealth held in other ltd companies. I'd be very, very surprised if Kiyosaki has not ring fenced most of his assets.

Like my hero RK, I too had a company go belly up through no fault of my own.

 

[streetsmart73]

Not wonder the call for recent donation here. Leong followed his guru's judgements.

hi there


1. hahaha!
2. is this called "sammy, thinking out of the box or what"?
3. sammy may even sell sbf to make some fast bucks, you will never know!

 

[I_Hate_Pappies]

hi there


1. hahaha!
2. is this called "sammy, thinking out of the box or what"?
3. sammy may even sell sbf to make some fast bucks, you will never know!

This is a money spinning place for him, what for he sells it.

 

[erection2015]

if he loses some more money , sammy will be out of the box for sure....kicked out of his shoebox unit he is renting.

2. is this called "sammy, thinking out of the box or what"?
!

 

[shOUTloud]

Although he is right to encourage people to think out of the box and not strictly be a paid employee, I could not understand how he advised people to borrow money and gamble on properties. Maybe I didn't get it right, even after reading the book.

Yep. I think he is a fraud cos he encourages multi level marketing and property speculation.

 

[gz0707]

Was there a Rich Dad?

Kiyosaki was one of the small-time mountebanks who made it to the big-time in the aughts by telling his forever falling behind audience that they could get ahead, they just had not learned how. The shtick behind the Rich Dad books was that Kiyosaki was sharing secret money-making strategies of the wealthy with his wage slave readers. The tips ran the gamut from ridiculous to illegal and downright hurtful and included advocating for insider trading, arguing for the purchase of multiple real estate properties with little or no money down and telling followers they could purchase stocks on margin via unfunded brokerage accounts.

The Learning Annex was one of Kiyosaki’s earliest backers, and helped arrange a number of his most prominent speaking gigs in the early aughts. They were not alone. Oprah Winfrey had him on her show, and PBS ran his programming during their fundraising weeks.

So how did Kiyosaki, whom the website Celebrity Net Worth estimates is worth a cool $80 million, come to this pass?

Well, he didn’t come to any pass. He now conducts much of his business not via Rich Global LLC but under the rubrik Rich Dad Co. And it’s a corporate bankruptcy, not a personal bankruptcy. When the New York Post, which broke the story, tracked down Mike Sullivan, Rich Dad Co. CEO, he informed them that Kiyosaki would not be putting any of his personal fortune toward the settlement. As for Rich Global, Sulivan claimed it only had a few million in its coffers.

Of course, you could argue that Learning Annex CEO Zanker should have known better. No one has ever proven that Rich Dad, the man who supposedly gave Kiyosaki all his advice for wealthy living, ever existed. Nor has anyone ever documented any vast reserves of wealth earned by Kiyosaki prior to the publication of Rich Dad, Poor Dad in the 1997.

 

[gz0707]

donations and Leong.......very compatible

good judgements and Leong ...... virtually non existent.

Does this mean screwballs going to conduct interview with boss Sam???

 

[erection2015]

who knows with these 2 guys....they provide 99% of the brain power here ......largely offset by cruxx though :p

Does this mean screwballs going to conduct interview with boss Sam???

 

[streetsmart73]

Does this mean screwballs going to conduct interview with boss Sam???

hi there


1. really looking forward to an "out-of-the-shoebox" interview for sammy!

 

[Vigilante911]

Corporate bankruptcy, not personal bankruptcy.

And Zanker is a moron.

 

[chorut]

Indeed, there is shelter in filing bankruptcy. Zanker will never smell the cash.