Hyperion bankrupt?

[Boot_WB]

@Iggy

That would be true if bankruptcy proceedings were only just beginning.

The bankruptcy proceedings are over, Hyperion had their chance to defend, lots and lots of paperwork and warnings would have been sent to their registered offices, most likely by recorded delivery, over a protracted period.

It is very serious, and whilst Hyperion may be 'rescued' (or not, plundering the assets may be cheaper than refloating the sunken boat), i doubt the ruling will be annulled.

It may also prevent certain people from holding directorship positions in future.

Either way, Hyperion will probably play Greece to AEon's Germany, with analogously punitive measures exacted for the rescue.
In the long term, probably good for OS4 if it survives the legal drama. Mind you, many of us thought that with the Hyperion vs Amiga Inc outcome...

[vidarh]

ACTUALLY, as a former business manager, contractor, and business owner your are VERY wrong.
This is NOT, as you put it "a very serious matter".
Its an attempt to collect a debt.

And one that would backfire in my own country where I would petition the court for chapter 11 protection.

I agree. I've personally been on the receiving end of this, and "beat it". \

In our case it was a conflict over the validity of a debt, and we got "ambushed" with a bankruptcy hearing at a time we weren't available, even though we were clearly solvent. This happens all the time, and courts definitively are not happy when they realise. All kinds of other mistakes happens too (e.g. cases where the creditor has genuine reason to believe the company is insolvent, or even where the company itself believes it may be insolvent).

A lot of companies survive bankruptcy claims with only minor hassle. Of course, for that to matter in this case Hyperion must be solvent, or able to become solvent with the assistance of the administrator, and I have no idea if that's the case.

[Yasu]

Taken from Amigans:

Due to an administrative cock-up Hyperion weren't informormed about it until after the hearing. Now they have to appeal against the descision which will not be a problem, it will just take time. Development and Betatesting is going on as usual. No popcorn is required, don't panic and carry on as usual.

[James2002]

absolutely. there are certain people here who want to see hyperion fail, so they do everything to make it appear they have done. there are certain people here who want to see hyperion succeed, so they do everything to make it appear this is just a minor blip.

either way -- the only people who actually know anything for certain are the belgian courts, the receiver, mr. hermans and mr. de groote, and whomever filed the claim in the first place. everybody else is just guessing based on scant evidence. i highly suggest we wait and see what happens, both with hyperion and AOS4 development.

-- eliyahu

I like seeing people try to walk on water. :laughing:
I believe that it in appeal process. Based upon their facebook.
Message from Hyperion Entertainment Directors
The quote a famous writer: "the news of our demise is greatly exaggerated"
This is the result of an unfortunate administrative mishap by a third party and is in the process of being addressed/cleared up.
This may take a while as everything takes a while in Belgium whilst it comes to administrative and judicial matters.
Those dancing on our grave, sorry guys, no party here

[Iggy]

Again, and regardless of Belgium's ""one strike and your out" legal structure, this is NOT that serious a matter.
While I, like many of you, would wish Ben nothing but the worst of luck, it seems entirely likely that Hyperion will weather this difficulty without significant damage.

Governments, courts, and legal systems worldwide do not exist to hinder enterprise.
In fact, it is a common business principle that government and businesses partner to facilitate a beneficial business environment and assure financial success.

Would any of you care to challenge my virtually absolute conviction that this will all be worked out and that Hyperion will have no problem dealing with this...
Well, I'd be glad to rub your noses in your mistake over the months and years to come.

Jim

[vidarh]

@Iggy
That would be true if bankruptcy proceedings were only just beginning.

That the initial proceedings are over just means that the court did not see evidence that gave them reason to throw out the initial claim, and so had reason to appoint an administrator to protect the interests of the creditors.

That's neither a big deal, nor scary if the company is actually solvent, as in that case the finding of a bankruptcy is generally invalid and can be easily overturned.

It's not at all unusual for bankruptcy courts (in general; I don't know specifics of Belgian courts) to be lenient about notification, on the assumption that an operating business will e.g. regularly process it's mail, and that the consequences of being overzealous can usually be easily rectified before it causes damage (while the converse is often not true - people can and do take the money and run). For small companies it's not that unusual for it to result in unpleasant surprises - been there, survived that (by demonstrating we had the money, and settling with a creditor we had a conflict with).

Of course, if Hyperion is insolvent, then it *is* a big deal.

[Yasu]

A statement from Ben Hermanns (via AmigaWorld):

In Belgium anybody can file a bankruptcy claim even for 150 EUR or so. It
is a common pressure tactic used by parties who do not wish go to the usual
court process because most companies will pay rather than go through the
motions of fighting off a bankruptcy claim.

It is an abuse of procedure but in our case, matters came this far because
the company which handles our administrative seat did not hand over the
writ of summons in time for us to know about the claim.

We could easily have fended it off but now we need to overturn the judgment.

This was ofcourse not the intention of the claimant (quite the contrary)
but there you have it.

[QuikSanz]

@Iggy

"Well, I'd be glad to rub your noses in your mistake over the months and years to come."

And I will be here laughing at them with you!

Chris

[Oldsmobile_Mike]

I'm just having a difficult time accepting the idea that Ben Hermans was one day going to work, whistling some peppy song because everything is going his way. He goes to the office, say hello to his coworkers and recieve the good news that AOS 4FE is selling well. And then he sees a letter at his desk, he opens it and see that the court of Belgium has for no reason at all decleared Hyperion bankrupt.
"There must be some mistake. Why haven't I heard of this matter before? We are paying our bills and our taxes and even making some money". He calls the court and the judge in question tells him:
"Oh, some guy sent us a letter the other day claiming he hasn't been paid and that you have no money to pay him. Because we are the court of Belgium, runned by third rate burocratic saps we of course believed him on the spot and without making any kind of investigation of the state of the company we declared it bankrupt. Because that's what we do. Are you now telling me he was lying? But ... he seemed so honest! I ... Oops, I did it again. File a complaint and maybe, just maybe, we will be nice enough to do our job and fix this. Unless we are out for lunch. Good bye."
Ben Hermans hang up the phone, he stands quiet for some very long seconds shaking, and then shouts "DAMN THIS THIRD WORLD COUNTRY AND IT'S LOUSY JURIDICAL SYSTEM!! DAMN YOU ALL TO HELL!!"

Just quoting your post because it is awesome.  And also Exactly How The Legal System Works In My Country, in my experience.  

[Yasu]

Well, it seems my attempt of satire might be closer to the truth than intended

[Boot_WB]

this is both insulting and incorrect.

-- eliyahu

Ah, but which bit is which?

[Oldsmobile_Mike]

Ah, but which bit is which?

[Boot_WB]

Lol.

[Iggy]

VERY good.
My coworkers will love that one.
Might have to have a tee shirt made with that located in the upper left.

[Yasu]

Sooo, people my REALLY love Hyperion then?

[Iggy]

Sooo, people my REALLY love Hyperion then?

Not at all.
Frankly, were it possible, I'd like to see the moon fall on Ben.
However, this doesn't affect the fact that this legal proceeding is not significant.

AND, their are a few OS4 developers I actually like (even if they are using/developing the worse of the NG alternatives).