Subscribe to this topicForums > L&L Credit Reporting Agency and Business Services > Topic: Bankruptcy
| May 14th 2008, 06:15 Scott Nestler |
Re: Bankruptcy | |
| Lindsay, How can you post liquidation schedules without reviewing them with your Board of Directors? |
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| May 14th 2008, 06:35 Lindsay Druart |
Re: Bankruptcy | |
| To my knowledge, there is no need to nor is that legal anyway since everything LCA did was in lindens. The RL didn't guarantee any operations in SL. As for this supposed debt, personally, I think there is a piece to the puzzle missing...well a few pieces, one being Sully but I don't feel like fussing about it anymore. No matter how I approach the situation, which initially was discovery as this whole deal was done horribly wrong from the first email, someone is going to start with the personal attacks and such so....eh. LCA assumes the debt and closes its doors because of it. |
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| May 14th 2008, 08:00 Scott Nestler |
Re: Bankruptcy | |
| Lindsay, Doesn't the RL company pay the hosting fees in USD for LCA's website? Isn't LCA just another division of L&L as you stated to "I'm done with these divisions." http://www.slcapex.com/forums/topic/LNL/1885?page=2 Please let me know we need to file a RL claim with a Bankruptcy Court. |
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| May 14th 2008, 08:34 Lindsay Druart |
Re: Bankruptcy | |
| No, the RL company does not pay the hosting fees. That cost is split between LCA and LNL since they exist on the same server. LCA is a virtual division of the RL company, but neither is dependant on the other. This was done to insure that if one virtual division failed it was not a domino affect on the others nor the RL company and opens a door to continued research and development with the possibility of resurfacing. LCA is a virtual company and not eligible for RL Bankruptcy Court and for the record, I would never file bankruptcy real life for anything anyway, business or personal. If you are implying that I file RL bankruptcy for the RL company, that would open up a huge can of worms that in most cases is probably not legal but even past that, would force me to file for personal bankruptcy in addition to the business bankruptcy. Not only would I have to file but all the founders would as well. For that matter, no bankruptcy court would allow filing for a $2000 debt anyway. |
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| May 14th 2008, 08:52 Scott Nestler |
Re: Bankruptcy | |
| If LCA and LNL split the costs of the server are you converting income from those 2 divisions into USD to pay the hosting company? |
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| May 14th 2008, 08:55 Lindsay Druart |
Re: Bankruptcy | |
| Yes, via Paypal. The cost is like $38.90 a month. What are you getting at Scott? Just say it. | ||
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| May 14th 2008, 09:14 Scott Nestler |
Re: Bankruptcy | |
| Your RL transaction with the SL division makes the SL division a part of the RL company. Especially if all of the RL transactions are tied together into a single paypal/bank account. They are financially tied. The same basis applies to any RL corporation with a presence in SL. I have 3 separate RL corporations, they have separate Federal ID's, banks accounts and such. Any transaction between the corporations is treated the same as with any outside vendor or consultant. A invoice is generated and a check is written. Any bankruptcy court would view any other action as a shift in assets/liabilities and seize assets across all companies/divisions and place you in Administrative receivership. iVentures is a RL accountant, I would suggest that you consult with him on this for a few minutes or your time. You may want to end this thread and call this something else that Bankruptcy, the term far exceeds your intent. |
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| May 14th 2008, 09:36 Lindsay Druart |
Re: Bankruptcy
Edited by author May 14th 2008, 09:37 |
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| Understood and it is part of the RL company but not reliant. Even then, I am still not really getting the point of arguing the term itself. There is no possible way to actually FILE bankruptcy for LCA. I would think that would be an understood but fine....I would change the name of the thread if I could. | ||
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| May 14th 2008, 10:24 Sportsbets Writer |
Re: Bankruptcy | |
| Risk Factors The only risk factor we foresee is database stability. As the database grows it may become slower and we have to upgrade to hold the information. |
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| May 14th 2008, 11:07 Scott Nestler |
Re: Bankruptcy | |
| Lindsay, How can you close a company because it has debt when there is money in the bank? "How many times must I say that I am not closing for monetary issue? And yes the LCA debt has a lot to do with it. The bank account isn't empty but that doesn't mean I can afford that debt either." You have openly acknowledged the debt and now it's time for you to make a reasonable plan for repayment of that debt. |
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