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Tesla founder Elon Musk took to a witness stand Monday to defend his company’s 2016 acquisition of a troubled company called SolarCity against a lawsuit that claims he’s to blame for a deal ...
“I recommend people meet with a bankruptcy lawyer when their monthly income doesn’t allow them to pay their basic living expenses and continue making payments on their debts as they come due ...
SolarCity partnered with banks, large corporations, and the asset-backed [112] market to create project finance funds to finance its lease and power purchase agreement (PPA) options. Among SolarCity's better-known financing partnerships was a $280 million fund created with Google to finance residential solar installations in June 2011.
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
The so-described "SolarCity debacle" [2] led a group of Tesla shareholders to file a lawsuit alleging Musk breached his fiduciary duties and unjustly enriched himself in Tesla's buyout of SolarCity in 2016. [3]
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
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