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Debtor in Possession ....
Posted by: decocritter
Date: June 20, 2006 09:55PM
was printed on a co-workers pay check this week.

The company is a service company with very little assets and a high profit product.

We are all contract employees and this company still owes me a $2500. Should I be worried???
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Re: Debtor in Possession ....
Posted by: Buzz
Date: June 20, 2006 10:01PM
wouldn't do any more work w/o $$$. get caught up, then set a "worry" threshhold that you absolutely will not exceed. if the threshhold is reached, no more work til $$$ paid, and start looking elsewhere in the mean time. we shouldn't have to work in Mal-Wart conditions in this day and age...



Sometimes it is what it is...
and then there's times when it's really better.



==
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Re: Debtor in Possession ....
Posted by: Effin Haole
Date: June 20, 2006 10:06PM
What Buzz said!



Strength without compassion is brutality. Compassion without strength is weakness.

We must train our minds to desire what the situation demands.
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Re: Debtor in Possession ....
Posted by: decocritter
Date: June 20, 2006 10:08PM
Yes - I agree. I have their IBM Thinkpad that will not be returned until I happen to get paid. I don't want the laptop.
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Re: Debtor in Possession ....
Posted by: ztirffritz
Date: June 20, 2006 10:31PM
Can I have it?



**************************************
MacResource User Map: [www.zeemaps.com]#
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Re: Debtor in Possession ....
Posted by: BigGuynRusty
Date: June 20, 2006 10:36PM
Quote
decocritter
Yes - I agree. I have their IBM Thinkpad that will not be returned until I happen to get paid. I don't want the laptop.

I hope you're joking, I know that you are pissed right now, but that is theft, plain and simple.
A young lady in my old apartment building tried that when she didn't get paid at her contract job, she spent six-months in jail. She used to have top secret clearance, not anymore.

BGnR
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Re: Debtor in Possession ....
Posted by: macphanatic
Date: June 20, 2006 10:40PM
You can run OSX86 on the Thinkpad :-)
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Re: Debtor in Possession ....
Posted by: decocritter
Date: June 20, 2006 10:46PM
Like I said - I don't want the laptop.

They owe me more money than it is worth. If they don't pay me -that is theft, since they made a cash profit 85% over what my pay for each job is and all of the clients have paid for the work I did in full.

I don't see how a company can file bankruptcy when they scam the cash profits for a low overhead business. Other than a few laptops and digital cameras and advertising brochures, they don't have any assets or costs to produce their product. Everything they do is paid for by the client up front.
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Re: Debtor in Possession ....
Posted by: BigGuynRusty
Date: June 20, 2006 11:14PM
Quote
decocritter
Like I said - I don't want the laptop.

They owe me more money than it is worth. If they don't pay me -that is theft, since they made a cash profit 85% over what my pay for each job is and all of the clients have paid for the work I did in full.

I don't see how a company can file bankruptcy when they scam the cash profits for a low overhead business. Other than a few laptops and digital cameras and advertising brochures, they don't have any assets or costs to produce their product. Everything they do is paid for by the client up front.

That is called "Doing Business", it is really screwed up. The bankruptcy laws were written for businesses. Sad thing is that all they have to do is change the name of the business and everything is free and clear for them to start all over.

Why do you think Hollywood production companies have the same name as the movie they are making? If anyone sues, or the movie fails, the company no longer exists, the cash is in the pockets of the hollywood fat cats, who are creating a new production company for the next movie.

BGnR
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Re: Debtor in Possession ....
Posted by: decocritter
Date: June 20, 2006 11:18PM
Well I don't think they would give up their name, as their biggest clients are large insurance companies that give them a lot of business based on a 7 year track record.

I hope they are just reorganizing and don't run a good product into the ground.
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Re: Debtor in Possession ....
Posted by: mikebw
Date: June 20, 2006 11:50PM
From a legal standpoint- Not paying you may be illegal, but that doesn't give you the right to break laws on your own either. Not that you said you were going to 'steal' anything, but if you did it probably wouldn't help you in court.
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Re: Debtor in Possession ....
Posted by: Filliam H. Muffman
Date: June 21, 2006 01:03AM
Quote
decocritter
I don't see how a company can file bankruptcy when they scam the cash profits for a low overhead business.

It us usually an indication that one of the managers has a coke habit, a half dozen too many girlfriends, or is trying to fund a lifestyle they would like to become accustomed to.



In tha 360. MRF User Map
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Re: Debtor in Possession ....
Posted by: outcast
Date: June 21, 2006 10:11AM
Of course if they don't pay you, you could "lose" the laptop.

I don't recommend that procedure and I think it is amoral, but the option is yours.

outcast
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Re: Debtor in Possession ....
Posted by: cbelt3
Date: June 21, 2006 10:16AM
In the end, a POS thinkpad is NOT worth your:
Freedom
Reputation
Ability to be employed elsewhere
Also do NOT be tempted to 'confiscate' data or customer lists or anything like that. In this day and age, using a computer for anything other than your hired purpose is gonna get you jailed before you can say "WTF ?"

Your best bet is to check into your local worker's agency (Unemployment, compensation, etc) for your rights. If they are not paying YOU, they are probably also not paying FICA, FUTA, SSI, Workman's Comp, etc.
Are you still working there ? Are their customers aware of their status ?
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Re: Debtor in Possession ....
Posted by: vision63
Date: June 21, 2006 02:41PM
Her money is her "property," since she earned it. If they don't pay her, they're stealing from her.
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Re: Debtor in Possession ....
Posted by: Racer X
Date: June 21, 2006 04:18PM
In the eyes of the law, and the IRS, it is the companies money until she cashes her paycheck.

If the company goes belly up, you need to be the first to file in small claims court to get your money. If they didn't set their business up properly, you can go after the owners personal property. Their is a heirarchy about debtors, and usually it is based on chronology.



Edited 1 time(s). Last edit at 06/21/2006 04:20PM by Racer X.
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Re: Debtor in Possession ....
Posted by: decocritter
Date: June 23, 2006 11:02PM
Quote
cbelt3
In the end, a POS thinkpad is NOT worth your:
Freedom
Reputation
Ability to be employed elsewhere
Also do NOT be tempted to 'confiscate' data or customer lists or anything like that. In this day and age, using a computer for anything other than your hired purpose is gonna get you jailed before you can say "WTF ?"

Your best bet is to check into your local worker's agency (Unemployment, compensation, etc) for your rights. If they are not paying YOU, they are probably also not paying FICA, FUTA, SSI, Workman's Comp, etc.
Are you still working there ? Are their customers aware of their status ?


I don't want their laptop.

I am forty seven years old and MY reputation is beyond reproach. I have been offered a reference from each and every client I have done a job for. I would never hang the client out to dry or expose their assets in connection with their name unless given permission to do so (and I can't imagine that ever being necessary or useful) Several have given me permission to use their items as comps and comparisons as long as I don't say WHO the items belong to.

The company has no data to confiscate, nor any worth confiscating - It is only valuable to the client as part of an end report, which has already been done.

There are no customer lists - I have brought them many of the clients.

I have not been told of any problems that the company might be having other than what my co-worker has recently told me about her check. These folks have always been slow to pay. Each job is a contract job.

It seems this company is the one that has its reputation on the line.
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