donskar wrote:I'm at work, therefore using as few brain cells as possible. That may be why I am totally confused by this:With the help of a former Henkel employee and some fake letterhead, he signed up to sponsor the team for a 3-year deal worth over $130 million dollars. Apparently, he then used the contract as collateral to obtain some $65 million in loans, out of which, $16 million is still missing.
The contract bound the fraudster to paying Brawn $130 million+. How could he use money he owed as collateral to borrow more?
Is this not like going to a bank and saying, "I want to borrow $65 million."
"Collateral? Certainly. As collateral, I am obligated to pay another organization $130 million over the next three years. I will use that debt as collateral to go more deeply into debt."
Now, if he was selling space on the Brawn car, as Marlboro apparently does with Ferrari, that's different.
Welcome to Western society's system of buying and selling things that dont actually exist and then being surprised when the whole economy collapses.