Fuchs wrote:
Oh boy, another anonymous poster playing though. I am so impressed by your paranoid "reasoning". Do you have any experience with collecting?
As Frank pointed out, sometimes people just want to make someone pay. And not just in the monetary sense. I have seen some creditors pay money just to make sure a debtor loses his car - the car was worth 500 franks, and auctioning it off cost 1000 franks, and they happily paid it just to deprive the debtor of his car. I do assume Coleman racked up enough bad feelings from a lot of people so they'd happily pay money to get him his just desserts.
Second, as I stated a on past threads, a bankruptcy suit is also a way to force payments. And in such cases the sooner you get paid the better - there usually is not enough for all creditors.
Third, the sooner you press your suit the less time the debtor has to make money disappear (aka, funnel it somewhere else).
Fourth, while I do not know if there a similar mechanic in the US as over here, a bankruptcy case brought to the end in Switzerland often is the condition needed to get at the money of the members or owners of a company. That would be very logical in cases where money was co-mingled - one would have to demonstrate (by the bankruptcy suit) that the corporation has not the money to pay its debts, and that the money was funneld to the owner/shareholder in order to get at the co-mingled money.
Fifth, while you may not have any idea about business, or the law, most businesses fail not because of debts, but because of cash flow troubles - they have enough assets, but people don't pay them on time, or not at all, and they end up not having the cash to pay their creditors. Wildfire may very well need the money so badly that an additional 2 month delay might spell ruin for it.
Oh boy, more Fuchs fail. You keep asking to get spanked. Why yes, I have had the "pleasure" of duking it out with other creditors for my take in bankruptcies. It's a painfully slow process once people start arguing amongst themselves over divisions, but it's pretty fair all things considered.
#1 is irrational, from a business perspective. Wildfire seems to want to keep their game line running, not axe LLC in the back. So that's out the window.
#2 and #3 show you don't understand bankruptcy. Maybe things are different in Switzerland, but we don't queue people up based on when they get to the courthouse door. There's an order set by law and the court assigns your place in the payment line. Acting "sooner" won't change what you're going to get. And have you checked out the whole clawback thing? Extra time to "make money disappear" isn't really an issue, since the bankruptcy court and trustee can undo bad deals. And they can go back for several years. And fraudulent representations and filings in a bankruptcy are a crime, so trying to play shell games and hold onto the cash could lead to prison ass poundings! Joy! So, there's no real reason to act now and pay for lots of extra hearings instead of waiting for the licenses to be assigned to someone else, at which point it's clear that IMR can't raise revenue. $0 coming in = slam dunk, even if Frank is right and they'd refuse to file voluntarily.
#4 is wrong, too. As a small business owner, you can be damn sure I'm interested in keeping my liability shield intact. Bankruptcy has nothing to do with whether the veil is pieced and personal liability kicks in. Either you fucked up your finances and you're now personally liable for your business obligations or you aren't. Whether it's a contract suit, bankruptcy or something else isn't terribly important. I can be personally liable for a slip and fall that happens in my shop if my money and the business money aren't handled right.
#5 is complete bull. I'm familiar with business matters, which is
exactly why I'm baffled by the attempt to force a bankruptcy now.
Wildfire isn't getting the money any faster this way than if they wait a few weeks for the licenses to lapse! So long as IMR has a revenue steam, they can fight the petition. As soon as they lose the revenue stream, they drop and spread 'em faster than drunk girls on prom night. I know that if my firm had cash flow problems, we'd not go pissing money away on an apparently ill advised suit. How many hours do you think their attorneys' billed for preparing the latest batch of motions and appearing at the hearing? Legal services aren't cheap. That cost them at least a thousand dollars. Probably twice that. Possibly more. And it got them dick. How did that help cash flow? And how is getting money locked up in a bond going to help their cash flow?
I understand Wildfire needs to get paid and don't want to see them dragged down by all this because CTech is awesome, but
wanting to get paid now and actually getting paid more quickly aren't the same thing.
Worst case, IMR miraculously keeps the license, the petition is dismissed, and Wildfire falls apart under the weight of damages. Best case, IMR loses the license, the bankruptcy is a slam dunk afterwards, and Wildfire's pre-loss legal expenses are a waste. It would have been better to throw money into a hole, douse it in lighter fluid, and drop in a match than kick the suit off when they did.
Unless Stansel is paying the attorneys and Wildfire is just along for the ride?
