Word: simpson
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However, while Simpson is indeed beset by payment demands from lawyers, contractors, gardeners, housekeepers, bodyguards, accountants and even the IRS, he is far from broke. In fact, most Americans would still consider him quite wealthy. A TIME/CNN investigation into Simpson's finances, which involved searches of public records and court documents and interviews with key sources, has found he is worth $3 million and probably more. Most of that money is untouchable, meaning that Simpson can look forward to a comfortable retirement even if there is a large judgment against...
Where is this money? Is it, as some have theorized, locked away in opaque offshore havens such as Belize or the Isle of Man? (The Goldmans were so concerned that Simpson might have tried to hide money offshore that they engaged international sleuth Kroll Associates to find it.) The truth is closer to home. While Simpson may have stashed some funds overseas, the bulk of his remaining wealth is sunk into completely legal, completely domestic havens: two pension and retirement funds that he set up long ago and that now hold at least $2.5 million, according to sources close...
These funds, which were established by Simpson's financial adviser, Leroy ("Skip") Taft, back in the early 1980s, cannot be touched by outsiders even if Simpson files for bankruptcy. Yet they can easily be turned into cash for Simpson's own use prior to retirement. He can borrow from his retirement funds, and has already done so on several occasions. Simpson can use these funds to buy real estate, something he has done repeatedly in the past. And the pensions begin to pay off their untouchable annuities five years from now, when Simpson turns...
...estate of his children and which will be available to pay expenses such as schooling. He owns a small equity interest in his multimillion-dollar home, but that is expected to be consumed by legal fees. Defense lawyer Baker and moneyman Taft have already slapped liens on it. Simpson also has a life-insurance policy, believed to have a substantial cash value, that would be available to pay him an annuity. It too is beyond the reach of the plaintiffs...
...that appears to be left for the plaintiffs to seize is Simpson's $250,000 San Francisco condo, where his mother Eunice lives and which he apparently has left unencumbered and vulnerable; a $213,000 real estate lien, of which he is the beneficiary; miscellaneous home furnishings; and whatever money he may have in bank accounts. The plaintiffs can attach up to 25% of his nonretirement income too, though he earns virtually nothing now, since most of his traditional sources have dried up. Even if the Goldmans and Browns succeed in gathering these modest amounts, it may seem cold comfort...