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Kim Dotcom's legal team exits as Megaupload founder runs out of money

By Shawn Knight
Nov 26, 2014
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  1. Kim Dotcom's once lavish lifestyle is but a distant memory. During a recent teleconference at London's unBound Digital event, the Megaupload founder revealed that his legal team recently resigned because he ran out of money. Dotcom said he spent $10...

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  2. Uncle Al

    Uncle Al TS Evangelist Posts: 1,673   +778

    Wow .... just looking at that house; can you imagine how many irobot vacuums it would take to keep it clean?!?!?!?!
     
    dms96960 and sakis2011 like this.
  3. davislane1

    davislane1 TS Evangelist Posts: 3,553   +2,359

    They really cleaned his clock.
     
  4. insect

    insect TS Evangelist Posts: 315   +114

    This is why you always settle with the government... they have unlimited money... you don't. Unfortunate for justice, but true.
     
  5. davislane1

    davislane1 TS Evangelist Posts: 3,553   +2,359

    I was actually admiring the irony of a fat man owning a property with a full-size tennis court.
     
    dms96960, Raoul Duke and TheDreams like this.
  6. Kibaruk

    Kibaruk TechSpot Paladin Posts: 2,510   +502

    Lol, tell that to the international debt.
     
  7. Rippleman

    Rippleman TS Guru Posts: 562   +173

    $10,000,000 for a single case? Someone got hosed... no way it could cost that much. Even with a legal team of 3 lawyers each at @ $200 hour based at FULL time is only $180,000 a year.
     
    dms96960 likes this.
  8. yRaz

    yRaz TS Evangelist Posts: 1,901   +943

    $180,000 a year for five years per lawyer
     
  9. stewi0001

    stewi0001 TS Evangelist Posts: 1,183   +528

    yea, to me it's like a medieval castle siege. You keep pounding them, till their supplies run out.
     
  10. insect

    insect TS Evangelist Posts: 315   +114

    Economics tells us U.S. debt is very low to U.S. assets and income - the equivalent of a you having $1K in the bank, getting $100 each week in income, and owing someone $100 (The actual numbers are 17 Trillion in Debt, 17 Trillion in GDP/year, and 113K Trillion in Assets). We could pay it off whenever we wanted, just have to write the check. So why not? Because the amount the U.S. owes some countries is equal to half or more of their GDP. Take Belgium for example (which is our 3rd largest debt-holder behind China and Japan): We owe them about 354 billion dollars. That is about 70% of their GDP (source: http://www.treasury.gov/ticdata/Publish/shla2013r.pdf). If the U.S. wrote them a check for that amount it would effectively reduce the value of their currency by about half (or to say it another way, things would cost twice as much nearly overnight) and crash their economy. In other words, the U.S. holds all the chips in the world economy. If we gave all the chips back out then the world economy would crash. In-fact, most countries would just loan it back to us at lower interest rates (which are near zero anyway) just to balance their own economies.

    The U.S. carries just enough debt to be able to pay it off whenever they want and borrows what they need to keep the U.S. economy going during slow-downs and/or to fund emergencies/wars (which result in technologies the U.S. sells to other countries increasing U.S. GDP). This is why the U.S. is coming out nearly unscathed (relative to Europe, Russia, China, South America) from the world-wide recession.
     
  11. Lionvibez

    Lionvibez TS Evangelist Posts: 1,103   +346

    200 bucks an hour are these University students?

    I work at a lawfirm our junior associates have a rate of $500 an hour and our partners are $1000.
     
  12. Jamesbrah

    Jamesbrah TS Enthusiast Posts: 59   +11

    Good post, very interesting.
     
  13. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 8,555   +2,898

    And nine times out of ten (being optimistic), you help no one because they can't afford your rates.
     
    Steve likes this.
  14. Rippleman

    Rippleman TS Guru Posts: 562   +173

    so your juniors make $4,000 a day? and your partners make $8,000 a day?
     
  15. Trillionsin

    Trillionsin TS Evangelist Posts: 1,318   +134

    Since it got taken down, I've never been back to Megaupload. Something just didnt seem right in the whole thing.
     
  16. Hasbean

    Hasbean TS Enthusiast Posts: 98   +22

    [QUOTE="insect, post: 1441995, member: 11257
    This is why the U.S. is coming out nearly unscathed (relative to Europe, Russia, China, South America) from the world-wide recession.[/QUOTE]

    Ok... I'll have a pint of what he'a having.
     
  17. Hahahahahahaha! Not so smart huh Kim?

    Maybe he'll have to cut back on his food bill, shock horror!
     
  18. Kibaruk

    Kibaruk TechSpot Paladin Posts: 2,510   +502

    What are you smoking m8???

    "We could pay it off whenever we wanted" oh my god, yeah I have debts, lots of them, I could pay them anytime I want but like paying interests, cause 'Murica!

    "Nearly unscathed", in what Fanta world are you living in.

    Well thanks for the big laugh and the lesson on fanta-conomics.
     
  19. Lionvibez

    Lionvibez TS Evangelist Posts: 1,103   +346

    The rate the firm charges the clients and the piece of pie the lawyers gets are two different things friend.
     
  20. Lionvibez

    Lionvibez TS Evangelist Posts: 1,103   +346

    This is corporate law.

    And companies can certainly afford it.

    This firm has been around over 70 years and that wouldn't be the case if no one could afford it.

    Not the same as you hiring a lawyer to get you out of a traffic stop.
     
  21. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 6,498   +2,051

    Man thats such a pittance, how do they survive? And they say crime doesn't pay. It doesn't look like it from where I'm standing. Lawyers in general are a lot shadier than the already shady characters they represent.
     
  22. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 6,498   +2,051

    They're not in it for any noble cause, they're in it to fleece you. People will pay anything to stay out of the slammer and the more money they have the less likely they are to wind up in it but if Dotcom somehow finds his fat butt in the lockup imagine the weight he can lose trying to outpace his fellow acquaintances.
     
  23. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 8,555   +2,898

    And what exactly would that serve after everything that landed him in trouble was confiscated and his total wealth stolen by lawyers? I consider it stolen because of the amount and the fact the lawyers are turning their backs. Yeah, what would that serve? We already have bragging rights to destroying someones life. Sending him to prison after this is overkill and completely redundant. It only shows how much worse we are, than he is.
     
  24. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 6,498   +2,051

    Jail time for him is debatable, he probably has an ace to play somewhere along the line. It's a pity the laws don't apply equally to everyone but his show boating and arrogance hasn't helped his case much and you know how vindictive and narcissistic the human race can be. People generally tend to hate those that shamelessly flaunt their wealth. That said anybody in a position to do what he did with Megaupload would've done the same, myself included but I would've had the sense to be a bit more low key.
     
  25. Darkshadoe

    Darkshadoe TS Guru Posts: 571   +112

    1000s of rich sickos get off for some of the most vile crimes a man can commit, yet the government wants to make an example of this guy....<facepalm>

    Sure this guy is no Gandhi, but this is ridiculous. As fast as the governments shut down downloading sites, two or three more open up. It is a waste of money and a waste of our government's time. Even if Dot Com is found guilty, stripped of all his wealth, and put in prison for life, do you really think that is going to solve anything?
     
    DAOWAce and cliffordcooley like this.

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