Terrible Ilitches

A place for general talk about the Red Wings, the NHL, hockey and prospects.
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Pop Zeus
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Terrible Ilitches

Post by Pop Zeus »

Stumbled across this page today.
https://www.facebook.com/TERRIBLEILITCH ... e_internal
Interesting stuff. Gave it a follow.


Barbrady
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Re: Terrible Ilitches

Post by Barbrady »

Shocked! Probably wrote off all those vacant lots at a loss and had an effective tax rate of like 3% too.
_sg_
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Re: Terrible Ilitches

Post by _sg_ »

I was not aware of the whole intentional depreciation side of this story. That seems pretty crazy.
El Jefe
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Re: Terrible Ilitches

Post by El Jefe »

OK, I'm not a social media guy, so I'm not getting this. Is this a Facebook page dedicated to denigrating the Ilitch family?
Pop Zeus
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Re: Terrible Ilitches

Post by Pop Zeus »

El Jefe wrote: Fri Nov 05, 2021 11:45 am OK, I'm not a social media guy, so I'm not getting this. Is this a Facebook page dedicated to denigrating the Ilitch family?
Their real estate and development practices.
Barbrady
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Re: Terrible Ilitches

Post by Barbrady »

Pop Zeus wrote: Fri Nov 05, 2021 12:34 pm
El Jefe wrote: Fri Nov 05, 2021 11:45 am OK, I'm not a social media guy, so I'm not getting this. Is this a Facebook page dedicated to denigrating the Ilitch family?
Their real estate and development practices.
"Development" in gigantic sarcastic air quotes.
Pop Zeus
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Re: Terrible Ilitches

Post by Pop Zeus »

district detroit.jpg
district detroit.jpg (170.04 KiB) Viewed 1082 times
Playing on the Facebook meme
CoconutBackwards
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Re: Terrible Ilitches

Post by CoconutBackwards »

I avoid Facebook like the plague, but this is right up my alley.

Fuck these assholes.
El Jefe
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Re: Terrible Ilitches

Post by El Jefe »

Well, I don't know anything about what the Terrible Ilitches are doing downtown, but that Facebook group gets it wrong in their first sentence.
For decades, the Ilitches have used LLC's addressed to UPS boxes or law offices to hide the vast amount of property they have accumulated and neglected.
One, that isn't why you use LLCs. It may be an unintended benefit to them in these circumstances--doubtful, actually--but there is no way that had anything to do with these decisions. LLCs often use PO boxes and law offices for their addresses. What address do you want them to use? For the law offices, that is often where the registered agent is located, so it's natural to do such a thing.

Two, if one above were true, how do we then know about it? Apparently, the LLC address employed is not a very good vehicle for hiding the things they are accused of hiding. All you need to do in any state is go to that state's Secretary of State website and do a search, and you will find out all of this stuff. It's not a secret. The owners, shareholders, officers, registered agent...it's all there.

LLCs are used for liability protection and certain tax advantages. What address they use isn't relevant to anything. Would it hide less if they had everything addressed to one of their houses? No, it wouldn't, because all of the same information is still available at the SecState's office.

When something starts off so inaccurate, I tend to be very skeptical of the remainder of the content. Could be quite accurate, I don't know, but it's likely to make me stop reading.
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