BFL Labs Bankruptcy and Refund Clawbacks

newb4ever

newbie

Activity: 6

Merit: 0

Quote from: joeventura on May 28, 2014, 09:15:13 AM

You are not a vendor or creditor of BFLs you are a customer.

Your refund cannot be "clawed back" as you put it.

Only recent payments to vendors and suppliers can be recovered.

Relax.

@JoeVentura: awesome, glad someone knows what happens in this case!

@BurtW: sounds bad for your friend, thanks for letting us know, knowledge might come in useful some day! I'll learn to stay away from near-BK-customers, or to charge them way more for my services to account for the risk!

BurtW

legendary

Activity: 2646

Merit: 1136

All paid signature campaigns should be banned.

This happened to a buddy of mine. He was a consultant working at a company. They paid him for his services. Then they went bankrupt. He had to send the money back to the bankruptcy court.

joeventura

hero member

Activity: 854

Merit: 500

You are not a vendor or creditor of BFLs you are a customer.

Your refund cannot be "clawed back" as you put it.

Only recent payments to vendors and suppliers can be recovered.

Relax.

newb4ever

newbie

Activity: 6

Merit: 0

This post got me banned from BFL forums, which I totally expected. Are any of you lawyers? When BFL goes bankrupt will my US$60K+ refund get clawed back?

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TOPIC: Refund Clawbacks when BFL goes Bankrupt

Some people got out of Bernie Madoff's ponzi scheme before the bottom fell out and came out whole, or way ahead.

After the whole Madoff thing fell apart, those who still had investments with him had pennies or less on the dollar to recover. Lawyers for those unlucky investors have tried suing other investors who got out in time to improve the settlement for their clients.

So ... in this SIMILARLY FRAUDULENT SITUATION here, when BFL goes bankrupt and doesn't have enough to refund all the Monarch pre-orders, will lawyers go after some of the refunds handed out earlier? Of course, a ruling of FRAUD will mean some personal assets of BFL staff might be in play, too, for settlements. I wonder how discovery of BTC assets will go in that case?

Topic: BFL Labs Bankruptcy and Refund Clawbacks (Read 890 times)