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July 25th, 2012, 00:14
Originally Posted by crpgnut View Post
Can they sue him from gross stupidity and incompetence?
Well there are a lot of people who launch businesses with earnest intentions and make stupid mistakes. This is part of how we learn to become better businesspeople. Many great companies were started by people who failed many times before.

If we all got sued for this, it would make people less inclined to start new companies. After all, the point of setting up a business entity is so you aren't personally liable. Schilling secured loans with his personal property and lost his own capital contributions, which were tens of millions of dollars. As long as he was keeping his personal and business assets separate, I don't see why he should lose personal assets not tied to the company.
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