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Steve (Slick) Willy, 45, just got out of jail. As a reformed citizen on parole, Slick decides to go into business for himself. He starts a collections company to help companies collect debts. The terms of his parole stipulate that he pay restitution payments to the federal government of $400 a month, or 10 percent of his income, whichever is greater. As his parole officer, you notice that after a year out of jail, Slick makes some interesting purchases. First, he buys a new Jaguar, which he drives to parole meetings.
Second, he moves into an expensive neighborhood on the north side of town and takes a cruise to Jamaica with his 19-year-old girlfriend. Yet, he has never been late making his $400 monthly payments to the federal government. After obtaining a subpoena for his bank records, you notice that he has only $1,000 in his account. About this time, you receive a call from a man who is making payments to Slicks collection company. He states that Slick is threatening to break his legs and hurt his family if he doesnt pay Slicks company. The man says Slick demands the checks be made out to a woman, not a company.
This complaint convinces you to investigate Mr. Willy and his girlfriend. A search of UCC filings in the county shows that Slicks girlfriend owns three cars costing a total of $85,000, a $360,000 house, and a company called TakIt From You. You check her bank account and see that more than $45,000 is moving through the account each month. You decide to dig through Slick and his girlfriends trash a few times each month. In these searches, you find evidence that supports the following: three car payments totaling $2,000 per month; a $2,600 monthly mortgage payment; a credit card balance of $6,500, with $200 monthly payments; a balance of $13,500 owed to Home Shopping Network, with $600 monthly payments; $350 food payments during the past two weeks; and a $3,650 payment to Jamaican Cruise Lines. After searching the girlfriends trash, you talk to her neighbors, friends, and co-workers and determine that she and Slick spend between $1,500 and $2,500 a month on miscellaneous items and trips. One neighbor tells you that Slick just gave his girlfriend a diamond ring that cost $4,500. Slicks girlfriend works as a waitress at a small restaurant and makes only $16,500 a year. (Note: Assume that both Slick and his girlfriends net worth last year were zero.)
Question: Use this information to prepare a net worth analysis of Slicks girlfriend. (Ignore interest in your calculations.)
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