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03/21/17 11:05 AM
03/21/17 11:43 AM
03/21/17 1:56 PM
Crow T Robot wrote:No, it all depends on the sale of assets.
The bankruptcy trustee sells all the assets, then looks over who is owed money, and, depending on how much money they get from the sales, they then determine who gets what.
Usually it's the top 20 creditors, mainly because the sale of assets is a lot less than what is owed. The trustees usually feel that someone who is owed a small amount isn't really out that much, so he's usually SOL.
If, for example, a printer is owed $10,000, and a subscriber is owed $30, who's hurt more by the debt owed? Naturally the printer. So he's the most likely to get the bulk of the money collected. If they paid everyone, with the small amount received from the sale of assets, the subscribers would probably wind up getting 1 cent back. It's not worth the time, energy and paperwork to send out checks for a penny to 100 people or so.
But the lawyers and courts take their cut first. And then if anything is left the divide it up among the people owed. It all depends on who they owe, and how much they owe.
I was involved in a bankruptcy case many years ago. I was an employee of a company that went belly up. I got those legal letters every couple of months. I was told that we, the employees, were actually at the top of the list - The employees came first. I was owed a week and a half's salary. Well, when all was said and done, we got nothing. After the sale of what little assets they had, and the legal fees, there was nothing left to hand out. But it took about 2 1/2 years of legal crap to wind up with nothing.
03/21/17 2:02 PM
Hausenfan wrote:I just opened my mail to find a Notice of Chapter 7 Bankruptcy case with regard to Tim and Donna Lucas. It indicates the debtors are seeking a discharge.
I hope they can recover. These are hard times for a lot of people.
03/21/17 4:32 PM
03/21/17 7:30 PM
03/21/17 9:07 PM
Crow T Robot wrote:And this is totally different than the Spiderbaby scandal.
Tim and donna tried their best to make Video Watchdog not only a great magazine, but a profitable one (or at least one that didn't lose money). Sadly, many magazines go down the tubes for a variety of reasons. The Monster Times back in the 70's. Famous Monster & the whole Warren publishing empire in the 80s. Then Famous Monsters again a few years ago. It's tough to make money on a monster mag. Ask Scary Monsters. Ask Monsters From The Vault. Ask Fangoria. Ask Starlog. Tim and Donna didn't intentionally try to rip people off. At some point they just looked at the money coming in and felt they couldn't pay off the debts. It happens.
03/21/17 9:18 PM
03/22/17 12:08 AM
03/22/17 12:42 AM
03/22/17 4:09 AM
03/22/17 7:46 AM
03/22/17 8:27 AM
03/22/17 11:53 AM
03/22/17 12:11 PM
lsohgirl wrote:One thing, not quite related, that I've found unusual. Tim Lucas is someonewho takes pride in the Rondo Awards he and the magazine have won over the years. Andhe has won a bunch! But like several other key fans, he washed his hands of makingcomments, or participating, at the Classic Horror Film Board some years ago...
03/22/17 12:46 PM
lsohgirl wrote:One thing, not quite related, that I've found unusual. Tim Lucas is someonewho takes pride in the Rondo Awards he and the magazine have won over the years. And
he has won a bunch! But like several other key fans, he washed his hands of making
comments, or participating, at the Classic Horror Film Board some years ago.
A shame as he is one of the best writers, and most informed critics, around.
03/22/17 1:04 PM
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