[Asterisk-Users] LiveVoip is Bankrupt

[Wiley Siler]

Actually, if you look at my posts from a month or two ago, you can see
that they not only had to have known, they were publicly stating that
they were expanding.  Joop personally told me that they were going to
offer Vonage type of service and that they were opening service in the
UK.  He actually was exceedingly verbose and never gave hint to the fact
that they were in trouble (not that he would).   This should be no
surprise to anyone.

I just hope they burn for it...

W


-----Original Message-----
From: asterisk-users-bounces at lists.digium.com
[mailto:asterisk-users-bounces at lists.digium.com] On Behalf Of trixter
http://www.0xdecafbad.com
Sent: Sunday, June 26, 2005 8:46 PM
To: Asterisk Users Mailing List - Non-Commercial Discussion
Subject: Re: [Asterisk-Users] LiveVoip is Bankrupt

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
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