You couldn't pay your debts. You were not a Lannister. You lost everything. Your company borrowed more than it could pay back. And you went into receivership and then bankruptcy. The judge controlled the fate of your 1,000 workers. And he wanted them to keep working. So he performed a debt-ectomy, quickly rinsing your company of those debts, paying off the few creditors he could and then returning the company to operations, telling the banks, "Too bad for you" when they wanted to collect all of their principal and accrued interest.
He bought everyone a "That's How The Cookie Crumbles" t-shirt.
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Finance: What is a 1099?0 Views
Finance, a la shmoop. What is a 1099? Well it's a tax form for the rest of us the
non fully employed, the non recipients of crappy health care and benefit plans, the [Man looks shocked at his medical bill]
non recipients of fancy corporate business cards those of us who choose to [Business card for Brett Corporate]
go it on our own as consultants, contractors, day laborers and
independents who self employ under the yoke of many masters trying to make our [A contractors diary]
own little way in the world, yeah. Corporations who hire contractors in
whatever form, must deliver to those contractors a form 1099 which outlines [Corporation giving out 1099s to contractors]
and stipulates the details of the job performed for the contractee. That 1099
is a direct conduit to the IRS holding out their arm to shake your hand and [The form 1099s are sent to the IRS]
then turning it 90 degrees to the right. [IRS's hand out expecting something]
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