[Asterisk-Users] LiveVoip is Bankrupt

[trixter http://www.0xdecafbad.com]

On Sun, 2005-06-26 at 20:49 -0600, Rich Adamson wrote:
> > With lawyers a dime a dozen these days, I can't imagine that LiveVOIP
> > didn't make sure to put every protection they could in their terms of
> > service or what have you. Most people don't even read them, or just
> > don't care what it says. I know nothing about LiveVOIP, so I'm not
> > trying to suggest that they were indeed shady -- just letting people
> > know that chargeback rules aren't a fix-all.
> 
> Since that was an LLC operation and unless management pierced the corp
> vail, the LLC has far more liabilities then it does assets so the LLC
> is bankrupt. There is a legal pecking order as to who receives payments
> after the assets are disposed. As user's of the service, we're on the
> bottom of that list and will probably take at least a year or two
> to reach closure.
> 

LLC/Corporations do not protect officers of the company if the officers,
through official job duties, commit crimes.  Taking money for services
you know you cant provide.  Its prima facia if you sell below cost and
cant prove that you thought you have VC money or something else to
offset that 'promotional' period and then file bankrupcy.  This is to
prevent someone from basically doing a ponzi scheme, where people late
in the game are paying for the people today, eventually the bubble
bursts and the late comers are left holding the bag.  While this is
specific to US law, livevoip in this case was a US based company so that
applies.  This may not apply to other companies doing basically the same
thing in other jurisdictions.  And I dont know that they were doing
this, but I am certain they didnt decide to file bankrupcy and file the
same day, there had to be a period when they started to file but kept
accepting new customers knowing those customers werent going to get what
they paid for.


-- 
Trixter http://www.0xdecafbad.com     Bret McDanel
UK +44 870 340 4605   Germany +49 801 777 555 3402
US +1 360 207 0479 or +1 516 687 5200
FreeWorldDialup: 635378
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