KMOS and Amiga Inc Debt Settlement

[asian1]

Hi
I am confused by statement from Mr Bolton Peck about Amiga Inc debts to him (old court case). He claimed that Amiga Inc had not pay him.

The court had ordered Amiga Inc to pay Mr Peck's salary.
When KMOS take over Amiga Inc, they should bring fresh money / capital.

Why don't KMOS use the fresh money to pay the Amiga Inc's debt to Mr Peck and Mr Fontenot?
It's a "tiny" sum (US$ 117 thousand) for bona fide / good investors.

When investing in an existing company, the investors should know the assets and the debts of the company. All debts should be settled to get a good fresh start.

If KMOS refused to do this, what will happen to new employees of Amiga Inc?
Do they have to sue KMOS / Amiga Inc to get their salary?

Is it possible that someone else (3rd party) hold the money and did not give it to Mr Peck?

[Argo]

Okay, what brought this up now?

Yes, the court ordered Amiga, Inc. to pay Mr. Peck's past due wages. They just need sufficient revenue and capital to do so.

KMOS are the owners of Amiga, Inc. Only the investors can bring in fresh money/capital. Transfer of money from one company to another, especially if one owns the other is not quite simple. At least in the US. It's one of the reasons Microsoft is a large monolithic company and will try to avoid being forcefully broken up. US law does not allow companies to shuffle money around to subsidiaries/child companies at will. Each unit/subsidiary/child company has to float or sink on their own. Companies are not allowed to filter money in to a company they own to keep it afloat when it is experiencing losses.
Though assumably the same investors are behind both Amiga, Inc. and KMOS. What their motivations are, beyond profit and recouping their investment, I have not clue.

[asian1]

>US law does not allow companies to shuffle money around to subsidiaries/child companies at will. Each unit/subsidiary/child company has to float or sink on their own. Companies are not allowed to filter money in to a company they own to keep it afloat when it is experiencing losses

Hi
AFAIK If I am the existing owner / personal investor in the old Amiga Inc, I can create a new holding company XYZ and invest my own money (fresh money) for new shares in Amiga Inc.

Amiga Inc can use this money to pay the debts.

If Garry Hare choose to ignore the Court orders, imagine his reputation:
1. To new / future investors:
What happen if the investor ask for part of the profit and annual report?
Will Mr Garry Hare give the report and the money, if the investor win a lawsuit against Amiga Inc?

2. To suppliers / bank:
What happen if the supplier / bank ask for payment?
Will Mr Garry Hare give the money, if the supplier / bank win a lawsuit against Amiga Inc?

3. To new /future employees / programmers:
What happen if I ask for salary? Will they pay me?
Will Mr Garry Hare pay the salary, if the employee win a lawsuit against Amiga Inc?

Because this matter is related to official court order, sooner or later the investor, supplier, banks, and excellent programmers will find information about this serious problem.

[kgrach]

@asian1

You have posted this on quite a few sites.
Man on a mission?
How do you know this matter was not settled?
Besides it is a matter for the courts not you.

All you seem to be interested is in  posting this FUD on as many sites as possible.

kgrach

[TheMagicM]

Before you post something like this or anything related to red vs. blue or anything financial..ask yourself..

"does anyone really care"

If you say yes to your own question...then try..

10 Print "Does anyone REALLY care???"
20 GOTO 10


EDIT by me..
if it gets out of hand this thread gets deleted.  

[Tigger]

Argo wrote:

KMOS are the owners of Amiga, Inc. Only the investors can bring in fresh money/capital. Transfer of money from one company to another, especially if one owns the other is not quite simple. At least in the US. It's one of the reasons Microsoft is a large monolithic company and will try to avoid being forcefully broken up. US law does not allow companies to shuffle money around to subsidiaries/child companies at will. Each unit/subsidiary/child company has to float or sink on their own. Companies are not allowed to filter money in to a company they own to keep it afloat when it is experiencing losses.

Argo, you are pretty confused on this situation.  Nothing in US law prevents the transfer of money of a company to its subsidiary, especially when neither are publically traded.   Once we get into publically traded entities we potentially could have issues, but this isnt the case here.  In addition, this has absolutely nothing to do with Microsoft, in which the case is exactly the opposite of what you are talking about (only 2 of 5 divisions actually make money).
    -Tig

[Tigger]

kgrach wrote:

How do you know this matter was not settled?
Besides it is a matter for the courts not you.

First of all we know it has not been settled because Bolten hasnt been paid (Matt hasnt either).   Its not a matter for the courts unless you believe every bill is a matter for the courts.  The courts decided that Amiga Inc was wrong and owed money to Bolten, Matt and others, now its a bill that is owed by Amiga Inc, and needs to be paid, selling themselves though two companies and then renaming themselves doesnt make the debt go away.
      -Tig

[Argo]

Well, the though is irrelivant now KMOS megerd Amiga, Inc. into itself and was renamed Amiga, Inc.  Since Amiga, Inc. was never disolved, nothing has changed. The judgements still stand. What's being done about them, haven't a clue.

[Kronos]

kgrach wrote:
All you seem to be interested is in  posting this FUD on as many sites as possible.

No thats not FUD (maybe you should reread the definition of what "FUD" actually stands for), it isn't even trolling.

It is the most important question regarding KMOS-AInc:

Are they gonna be a respectable company, or is it just the old sh## in a new bag ?

[ikir]

@kronos
For people like you they will not be respectable... ever. So why whondering? You and the others will continue to slandering Amiga Inc whatever they say.

@asin1
Pathetic. Why you don't ask to Amiga themeselves, new emails are on www.amiga.com

[asian1]

>Pathetic - send e-mail

Hi
I had sent e-mail to Amiga Inc about Linux LiveCD, CeBIT and other matter but no one send any reply.

I do not know if the Mr Peck is spreading FUD or not.
There are several possible scenarios:

1. Mr Bolton Peck had received the payment, but he is a liar and try to deceive Amiga community about the matter. The whole issue is just a defamation attempt.

2. Dr Garry Hare / Amiga Inc had sent the payment, but someone hold it / keep it illegally. Or Dr Garry Hare had sent the payment to the wrong address / account.

3. Dr Garry Hare is not aware of the court order and Amiga Inc debts to its former employees. Perhaps there is a document mixed up at Amiga Inc.

4. Dr Garry Hare try to send the money, but he is unable to contact Mr Bolton Peck and Mr Fontenot.

5. Dr Garry Hare is ignoring the court order.

Dr Garry Hare have opportunities to clear the matter on IRC chat, because I had send the question to MrBot, but apparently MrBot refused to forward my question to Mr Garry Hare.

At the clarification, I hope  Dr Garry Hare will answer the important question, but he did not answer it.

I try to post about this question on "Comment"  in Amigaworld.net but it was deleted (twice)

This matter is very important because this will affect Amiga Inc and Dr Garry Hare reputation.

[restore2003]

@asian:

As i have asked before, why is this so important for you? Is it YOU that is awaiting to get paid?

[T_Bone]

restore2003 wrote:
@asian:

As i have asked before, why is this so important for you?

Because people like to know these things before they start rooting for and advocating a product. Nobody likes to go out crusading for the acceptance of, and advocating for, a product that someone turns around and taps you on the shoulder to tell you the manufacturers of said product murder babies.

Not that anyone around here is murdering babies, but you know what I mean.

If you want to attract advocates, become transparent to the questions.

restore2003 wrote:
@asian:

As i have asked before, why is this so important for you? Is it YOU that is awaiting to get paid?

Maybe it's important to him for the same reason I don't buy Microsoft products.

Microsoft are convicted criminals with dubious un-ethical business practices, and have done nothing to make things better.

Amiga Inc have been found guilty in a civil court of withholding money which legally belongs to Bolton and Matt.  Until they pay up, many people may find them to dodgy a company to invest in(their products) for personal moral/ethical reasons.

Hardly FUD.

[dammy]

As i have asked before, why is this so important for you? Is it YOU that is awaiting to get paid?

It clearly shows the integrity of Amiga Inc and that is important for everyone who even thinks about buying a product from them.  This has been going on for too many years and shafting their former employees like this is a clear signal not to trust Amiga Inc.  Rather pathetic actions of Amiga Inc, don't you think?  Shouldn't all public preasure should be brought to bear on Amiga Inc to make a amends?  Why are you trying to discourage this from happening and thereby protecting the wrong doer?

Dammy