Thanks Son, We're Broke!

The details are in and it's clear that the Serin parental units have filed a Chapter 13 bankruptcy petition and repayment plan, apparently to avoid foreclosure on their house, trampoline and Casey's guest cell in the basement.

Reading through the filings, it's tough to say how much of the amazing credit card debt is related to Casey, but we believe a significant proportion of it is. Obviously, we have no way of knowing whether it's that debt that pushed them over the edge, or whether it would have happened in any case. But its clear that a chapter in Casey and his family's life is now over. For now, the foreclosure proceedings against them have been stalled, maybe for long enough that his sister will be able to finish high school before they are forced to get out. Life will continue.

Sadly, life will also continue in a manner that allows Casey to mooch for the forseeable future, which is too bad.

The filings:

Bankruptcy filing and attachments

Repayment plan

Repayment order

And that's the way we are at FalseCasey HQ, where we still think it's better to rent right now.

MyParentsAreFacingForeclosure.com

It looks like the end is near for the Serin family's property-owning days. According to the Sacramento Court records, the Notice of Default on their property has been changed to a Notice of Trustee Sale. This typically means that sometime in the next month the guy in the funny hat outside the courthouse will auction off the Serin home, just as he did with one of Casey's properties way back when.

We're not sure what Casey will do then. There has been very little leaking out about this and his Facebook wall has been invisible for some time. There was some discussion in some circles about the fact that Casey's debt was at least 10% of his parents' obligation, and while there's no real corroborating evidence, that seems about right to us. How it might be impacted by a parental bankruptcy is unclear.

Prior to going blank on Facebook, Casey also alluded to possibly traveling and leaving the country for a while. He was discussing WWOOFing as one possibility of getting to the island of his dreams, and also mentioned something about some guy with big plans for an island resort in Fiji who was going to hire him into a great "opportunity." It's unclear if any of this came together.

What is clear is that the Serin parents will be renters for a long time to come, probably in a more modest home which won't have space for a moocher in his own bedroom. Casey's future looks like it'll involve sleeping on the sofa in some 2-bedroom condo where his parents and younger sister each get a room and he gets told that he can have his own space when he gets a job and pays for it.

For Casey this will be a major disaster. Sleeping on the sofa will mean rising at a normal hour with the rest of the family. It'll mean no late-nite blogging and Facebooking. It'll mean no getting high and acting stupid. And it's now winter, so sleeping in his vansion in the inaccessible snow-covered foothills will no longer be an option.

It sucks to be Casey's family in the best of times. While we have our quibbles with the way they've handled the boi, we do wish them well through their hard times. It sucks even more to be Casey though, but at this point we find it difficult to wish him anything but the roughest of times as he has clearly earned them.

Finally, we wonder how Casey missed the opportunity to start a blog about all this?

And that's the way things are at FalseCasey HQ, where we're late but had to stick around long enough to pass this news along.

We've been out of it

Believe it or not, there are some things going on in our lives that don't involve Casey, like the crazy hooker/pornstar/cokehead we've been nailing every night, while mostly still thinking about Angel's Big Fake Tits.

But we've taken note of TrueCasey's bizarre Island project, and just commented about it on his blog. We have no faith that he will actually publish it, so here it is, complete and unedited:

FC 12:36 pm on August 28, 2009

Well, We just did some math.

In order to accommodate all your sponsors, you will need to have a minimum of 501 rooms in the resort. Pretty simple math, the total number of days committed to sponsors in each cycle is identical to the number of dollars raised per month. 500,500.

There are 1000 days in each cycle.

500,500 (total room-days per cycle) / 1000 (days per cycle) = 500.5 (rooms)

Can’t build half rooms, so you need to make it 501. Plus you’ll need one for yourself. 502. And whatever other friends you want to invite. Maybe 510.

Realistically, you probably need even more, because you need to allow for the fact that at times some rooms will be closed for maintenance, and not everybody is going to perfectly “fit” into a schedule that has the place at 100% capacity all the time.

So, you need about 600 rooms. And that’s just to accomodate the people you have made a commitment to. If you want to offer rooms to others, it needs to be even bigger. Since you’re on an island, you’ll also need employee housing and other facilities, which will add to the cost of construction and maintenance.

And you expect to be able to operate this resort on an ongoing basis with your sponsor’s money. $500,500 per month. Oh yeah, you plan to take 10% for yourself, so really you’ll have $450,450 per month available to build and operate this place, or $750 per month per room.

Most mid-grade motels in urban areas spend that much! Most resorts spend double that or more! And most of those aren’t on islands where everything is more expensive.

And that’s just operating costs. Even if you sold every single sponsorship tomorrow, it would take a few decades to save up enough money to build a 600 room resort. Look at this: http://www.hotel-online.com/News/PR2003_2nd/May03_HotelWaterParkStudy.html

Yup, that’s right. Contruction costs for a luxury resort type hotel start at around $250K per room and go as high as almost $600K. And that’s in the continental US. Again, add more on an island. Dude, you’re looking at a “starting price” of about $150m to build the place and it’ll probably be more. Even allowing for interest on the money you’re collecting, it’s almost 20 years! You need to register Island2032.com quick!

Bottom line is your plan is not feasible.

It’s also illegal. You can’t tell people “you’re a sponsor” and at the same time say “you’re entitled to future use of the facility”. Either people are sponsors, in which case they have no rights to anything other than the advertising they pay for, or they are investors, in which case they have partial ownership in perpetuity (and you need a license to sell the shares and they need to be qualified investors), or they are customers who are pre-paying for some future service, in which case you are pretty much committing fraud, because there’s no reasonable way to deliver what you’re promising for the amount of money you’re asking people to pay.

Sorry Casey, the numbers for this plan just don’t work out. The legal structure doesn’t work out. Faith is not a viable plan.

And that's the way things are at FalseCasey HQ, where it's too fucking hot, the air is full of smoke and we really want this shit to end.