NetNews Offline 2/NetNews Offline Volume 2.iso/news/comp/sys/amiga/misc-part2/11723

Text File | 1996-08-05 | 6.4 KB | 134 lines

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From: CRAIG <[e-mail]>
Subject: Re: Wonder Computers International Launched
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Date: Wed, 10 Apr 1996 12:08:02 GMT

Jason - Compton wrote:
>
> Let's see.  I'll do a little catching up here.
>
> singh ([e-mail]) wrote:
> : In article <[e-mail]>, CRAIG <[e-mail]> wrote:
>
> : > Michal L. Rybarski wrote:
> : > >
> : > > CRAIG ([e-mail]) wrote:
>
> : > > : Big deal.... Do you know if Mark is planning to pay any of his old
> : > > : debts?
>
> The new company is supposed to fulfill the pending orders of customers of
> the old company, despite not having a legal obligation to do so.  As far
> as industry creditors, some sort of assurances will obviously have to be
> made.  What they are, I don't know, it's not my checkbook and I haven't
> been filled on the details.
>
> : > > Why would he?
> : > > IMHO if one files bancrupcy only to do the same business soon after means
> : > > that debts were so big he needed to cancel them(by filing the bancrupcy-
> : > > as fare as I know Wonders Computers was responsible for the debts up to
> : > > the value of their assets and Mark personally doesn't own you a penny... :(
>
> Yeah, he doesn't HAVE to but this market is not exactly large enough for
> such wholesale alienation to go on.
>
> : > > : There may be alot of end users out there that loved WCi but ALOT
> : > > : of businesses that he dealt with, got screwed out of ALOT of money. I
> : > > : know, because we are one of them.
> : > > : Craig :>
> : >
> : > Just because he files bankruptcy doesnt mean everything is ok. I have
> : > the legal paper work of what WCi owes and its millions of dollars. All
> : > those companies that got screwed are not just going to say 'oh well'.
> : > It's unfortunate that the law makes it able to claim bankruptcy, lose
> : > you debts, and then buy back your business at pennies on the dollar.
> : > Legally, Mark doesnt owe us anything, but it's the principal that
> : > matters.
> : > -Craig :>
>
> Mark has not purchased the company.  The majority of the capital to
> acquire the selected assets came from a private investor, previously
> unassociated with WCi.  Whatever conspiracy theory you guys are hatching
> just doesn't exist.
>
> : I have to say I sympathise with you. I learned in business school that
> : bankruptcy is in fact a business tactic used by way too many unscrupulous
> :companies. A company gets in over it's head, the same guy incorporates a
> :new company, the new company bids o n the assets, gets them at a discount,
> :while the creditors get a fraction of what they are owed.  Small airlines
> :are notorious for this, but other concerns do it as well.  It appears this
> :is what happened to you.
>
> Life doesn't always work like an MBA lecture.  Not all companies that
> enter bankrupcty are unscrupulous.  Some of them run out of money at just
> the wrong damn moment in time, when everything seems to be going well
> but you get rocked with something you didn't anticipate.
>
> Wonder's demise in January was not a planned event.  It was not intended
> to harm the market Wonder had worked hard to help.  That would be patently
> stupid.  What good could come of causing the major players in the Amiga
> market to lose money?  None.  What good would come of interrupting
> business in a precarious market for months?  None.
>
> The recall of Wonder's major bank loan was not an event planned or
> initiated by Wonder.  It was an unfortunate occurrence that the company
> was not prepared for.  The new financing of the company will avoid such
> future catastrophes.
>
> : Hopefully the word will get out and both creditors and customers alike
> : will steer clear of this weasel.  The rumor I heard was that Wonder
> : computers business practices were never all that intelligent.  I also
> : think it very much degrades Compton's integr ity as a journalist to be its
> : press agent.
>
> Life doesn't always work like MBA lectures, Lisa.  If there were two Jason
> Comptons, we'd split the jobs between us.  But there's only one of me, and
> I can do both.  So I do.  Because nobody else will.  I've handled the two
> so well in fact that to this very day people are surprised to find out
> that I work and have worked for Wonder since August.
>
> Amiga Report is the way in which I do good things for the Amiga and Amiga
> users, because I enjoy it.  I get a lot of recognition, which I enjoy.
> Doing work for Wonder is the way in which I do good things for the Amiga
> and Amiga users and actually make enough money to support my Amiga Report
> habit.  I'll defend that choice as long as you like.
>
> As far as your "weasel" reference--suffice it to say that you've never met
> the man, I'll venture have never done business with him, and are totally
> and wholly unaware of what the past few months have meant to him.
> Shutting down the dream he built over the past few years wasn't a joyride.
>
> : Very sorry to hear of your loss; it's just my opinion but it is a side
> : of business I utterly disdain. :(
>
> The side of business you are referring to is the side where good
> intentions don't mesh with the will of the banks, I suppose.  Because
> that's what happened.
>
> Jason Compton
> Promotional Director, Wonder Computers Int.



No one is saying that Mark did this on purpose. But at least he could
have let us know something was up. He called us to send out a several
thousand dollar order, UPS RED and on NET TERMS. It was for some
Canadian Computer Show. Kind of strange how a company can do a computer
show, make a quick buck, not pay the people who just supplied him with
the product he sold, and then go out of business and claim bankruptcy.
We are not mad, just upset. We went out of our way many times for Mark
but not any more. Maybe if he called all his screwed creditors and
apologized of some sort, we might feel a little better.
-Craig :>