Hyperion bankrupt?

[dammy]

Well, my point was that the company as a whole is not going straight to liquidation. Not sure what has happened/will happen to the ones near me.  But yes, very much agreed that they're great for acquiring "right away" parts. For an amateur like me who doesn't understand all the nuances of part numbers of online vendors (who often don't have detailed pictures either) being able to examine a part in person at RadioShack is very handy.

Radio Shack filed voluntary for Chapter 11 bankruptcy in order to have the courts give them protection from their creditors.  What has happened to Hyperion is not a voluntary but involuntary so that means their creditor(s) took them to court in order to force them into bankruptcy.  When that happens, typically, the court will force liquidation (after giving a 30 day notice for other creditors to file for their fair share of any proceeds from those sales which I think ends March 4th, 2015) in order to resolve outstanding debts.  

This is extremely serious and unless Hyperion can show there was either procedural mistake during the hearing or new evidence to be add into for the court to be considered, I highly doubt the courts will reverse themselves.  That means the curator (Bert) is now running Hyperion while he does his due diligence and audit Hyperion's book keeping in order to confirm that the state and all creditors get what money is due from liquidation.

Bigger question is what is Amiga Inc going to do now.

[dammy]

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.

Being taken to court in a forced bankruptcy is significant if actually leads to a hearing.  Being taken to court by a third party (which has standing to do so) and having the court agree that the company is insolvent and assign a curator is devastating.  This is not a couple of clicks of the mouse on a government db, this involves man power (I don't know how Belgium works their curator, but in the USA, curator's fees/costs are taken out of liquidation money) and such will build momentum to get this shoved through the system and finalized.

Curator will more then likely be auditing Hyperion's books, which may prove to be interesting in itself.

[dammy]

If it's just a case of proving that key paperwork wasn't handed to Ben on time and he is able to pay the creditor then it is not significant.

I thought Ben said it was a third party (vs a creditor)?  Just who is this third party that has standing with the courts to force Hyperion into bankruptcy?  

If they can't do the above then it becomes significant but reports so far suggest it isn't at that stage.

It if was just a creditor looking for their money, perhaps if it was insignificant if the debt was settled prior to the hearing. But this, in Ben's words, is a third party and they had the courts agree with them. Courts have assigned a curator who is calling for all claims against Hyperion and decide if liquidation is the only possible reasonable outcome.  That sounds damn significant in my opinion.

Anyway I thought you'd be furious about this.  Big gubmint interfering with business and all that.

Should you, as the big government cheerleader, be happy this has happened?  Or are you just holding off until big government has audited all the accounting for tax purposes and has liquidated Hyperion?  Now that's the power of Big Government only a Statist could love.

[dammy]

All that is required to have standing to begin bankruptcy proceedings generally is for the company to have an outstanding, unsettled debt to you. E.g. paying an invoice too late and not heeding whatever statutory required warnings to pay.

Creditors are not third party.   If you pay your debt late, how could they take you to bankruptcy court?  They can't.  If you haven't paid a bill can they take you to court for bankruptcy?  No, you take them to court and get a ruling from the court that they owe you money and then you proceed to collections phase.  Which will take years and more court hearing to shake any money out of the debtor which is why most business will right it off as a loss since they will spend more money then they could ever get back.

Ben didn't show up, but the court ruled against him (which is standard), but the Third Party would have to show Hyperion's financial records in order to convince a judge that the company is insolvent.  That's the riddle with this, how does a third party get standing to take Hyperion to court and to show a judge that it's reasonable and prudent to rule the company is insolvent without proof?  Third Party is not a creditor (if it was, it wouldn't be a third party) so what is it's interest (and the legal standing) to proceed with the hearing?

Obviously this key bit of information Ben doesn't want to share with us.

[dammy]

My ability to read Belgianese is somewhat limited, and I won't even bother with translators, but didn't that Insolvency request specify that the hearing won't be until March 4th?

If so, Hyperion will probably be in business at least until then. After that, it's up to the courts/creditors.

No, it was declared insolvent on Jan 26th.  Today (Feb 26th) is the deadline for creditors (that would be including Devs that were never paid for their OS4 work) to file with Bert with their statement on what Hyperion owes them.  March 4th is when Bert compiles everything and presents a report on what to do with Hyperion (including liquidation option).  If a Dev does not file in a few hours, Hyperion is then free from ever having to pay that Dev for their work.

Now Ben has filed an appeal against the original (default) ruling.  However if the courts grant Ben another hearing, all Bert's work is going to be momentum working against Hyperion especially after the financial audit and all the debt that I doubt was ever included in Hyperion's book such as debt owed to Devs.  It's going to take a miracle.