I mean, a family insider comes along and says, “Hey, Judge. Unfreeze the asstes, they’re really mine. Yeah, yeah, don’t mind the deeds and equitable and legal title. You see, I gave my nephew $50m to buy the assets. We had an agreement, yeah, you know …”

Judge: “OK, where’s the agreement?”

Uncle: “You know, a gentlemen’s agreement, like back in the good ol’ days.”

Judge: “Motion denied. You need a signed writing for any agreement to purchase land. It’s called the Statute of Frauds and it goes back to inception of property law in merry old England. Please don’t let the door hit you on the way out.”

I’m still surprised that three creditors haven’t come along and put the young man and his entities into bankruptcy. That would be a huge blow to PNC b/c they’d be unsecured schmos, with a real chance to lose. (Tangentially, I read HSBC returned the $23m Dwek wired immediately after he kited the check, which would change the picture.)

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