I used to sue real estate developers for banks and insurance companies. Here is a typical asset deposition of a real estate developer, circa May 1992:
Q. So, here is a financial statement you provided to a bank in January of 1992, correct?
A. I guess.
Q. Is that your signature? Did you fill this form out?
A. I guess.
Q. Well, is there someone out there filling out forms and signing your name without your knowledge?
A. No. That is probably my signature.
Q. So what does this balance sheet say your net worth is?
A. About $3.7 million.
Q. And the balance sheet you provided today says your net worth is negative $6.9 million?
Q. How has your net worth plummeted so badly?
A. Well, the real estate market really went down.
Q. In 4 months you have lost almost $11 million of net worth?
A. It is a bad market.
Q. What happened to the $750,000 of cash you listed in your January application?
A. I spent it.
Q. On what?
A. Dinner, nights out, living expenses, stuff like that.
Q. Isn't it actually the truth that you began hiding those assets from my client since the day you got sued?
My general opinion of real estate developers -- lying sacks of shit.