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(Philly.com)   If you bought into SCK Investments, it scks to be you   (philly.com) divider line 14
    More: Followup, SCK Investments, SCK, water heaters, Camden County, wood flooring, countertops, South Philadelphia, furnaces  
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1614 clicks; posted to Business » on 30 Jul 2013 at 9:27 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



14 Comments   (+0 »)
   
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2013-07-30 09:44:14 AM
When they said the housing market is exploding, I didn't think they were being literal.
 
ZAZ [TotalFark]
2013-07-30 09:52:14 AM
What used to be a two-story home at 428 Daly St. was apparently its first investment, the only Pennsylvania property under SCK's ownership since the business was incorporated in January 2012, listing an address at 2653 S. Camac St.

If you're into risky investments -- the classic case is operating a taxi -- you should have one corporation per thing you own.
 
2013-07-30 10:29:31 AM
So basically SCK Investments consists of a husband-wife realtor team who decided to start flipping houses.
 
2013-07-30 10:36:27 AM
I hope they have a good contract with the sub who was working on the gas line.  That's who should really take the brunt of this.
 
2013-07-30 10:40:30 AM

MugzyBrown: I hope they have a good contract with the sub who was working on the gas line.  That's who should really take the brunt of this.


Yeah, it looks like SCK themselves was doing things right, and sometimes shiat happens. Hopefully they have some good insurance.
 
2013-07-30 10:57:23 AM
<conspiracy>

it's all insurance fraud. they bought the property cheap, insured the shiat out of it. they said they had almost completed the interior, but never really did any interior work, only some outside cosmetic stuff to make it look like they had to those who see it from the street. now they still have all the things they say they installed, will collect on insurance and sue the shiat out of the contractor that blew the place up

</conspiracy>

/bored
 
ZAZ [TotalFark]
2013-07-30 11:06:36 AM
Hopefully they have some good insurance.

The business was structured so loss can not exceed investment. My earlier mention of taxis refers to a classic case on "piercing the corporate veil." Fleet owner incorporated each taxi as a separate business and bought the legal minimum insurance for each. In due course something bad happened and insurance wasn't enough. New York court of appeals said you can't sue the real owner in case of accident, you have to sue the corporation with no assets.
 
2013-07-30 11:11:42 AM

arcas: So basically SCK Investments consists of a husband-wife realtor team who decided to start flipping houses.


A smart husband and wife team who decided to incorporate and not risk their personal assets.
Also it appears all the work was being done with proper permits (not the norm for Philly) and the contractor was licensed to do the work so one assumes they also had insurance.
 
2013-07-30 11:38:43 AM
SCK Investments was an LLC, they did not go public and now, it's never gonna be. The End!
 
2013-07-30 01:30:27 PM
Hopefully, no goats were involved
 
2013-07-30 10:06:17 PM

Dead for Tax Reasons: <conspiracy>

it's all insurance fraud. they bought the property cheap, insured the shiat out of it. they said they had almost completed the interior, but never really did any interior work, only some outside cosmetic stuff to make it look like they had to those who see it from the street. now they still have all the things they say they installed, will collect on insurance and sue the shiat out of the contractor that blew the place up

</conspiracy>

/bored


I thought the same thing when they got to quoting the random neighbor about how much had been done inside.

So who is SCK Investments L.L.C.?  They tell us about Steve ("S") and Cathy ("C").  Oh, that random neighbor, just happens to be Keith ("K").

Coincidence?
 
2013-07-30 10:10:54 PM
Something, something, Eagles season.
 
2013-07-30 11:32:52 PM
t.fod4.com
 
2013-07-31 02:54:42 AM
Ah, the fun of LLC's.
 
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