Bitcoin Forum
December 17, 2017, 02:31:46 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: BFL Labs Bankruptcy and Refund Clawbacks  (Read 771 times)
newb4ever
Newbie
*
Offline Offline

Activity: 6


View Profile
May 28, 2014, 12:46:45 PM
 #1

This post got me banned from BFL forums, which I totally expected.  Are any of you lawyers?  When BFL goes bankrupt will my US$60K+ refund get clawed back?

---

TOPIC:  Refund Clawbacks when BFL goes Bankrupt

Some people got out of Bernie Madoff's ponzi scheme before the bottom fell out and came out whole, or way ahead.

After the whole Madoff thing fell apart, those who still had investments with him had pennies or less on the dollar to recover. Lawyers for those unlucky investors have tried suing other investors who got out in time to improve the settlement for their clients.

So ... in this SIMILARLY FRAUDULENT SITUATION here, when BFL goes bankrupt and doesn't have enough to refund all the Monarch pre-orders, will lawyers go after some of the refunds handed out earlier? Of course, a ruling of FRAUD will mean some personal assets of BFL staff might be in play, too, for settlements. I wonder how discovery of BTC assets will go in that case?
1513521106
Hero Member
*
Offline Offline

Posts: 1513521106

View Profile Personal Message (Offline)

Ignore
1513521106
Reply with quote  #2

1513521106
Report to moderator
1513521106
Hero Member
*
Offline Offline

Posts: 1513521106

View Profile Personal Message (Offline)

Ignore
1513521106
Reply with quote  #2

1513521106
Report to moderator
1513521106
Hero Member
*
Offline Offline

Posts: 1513521106

View Profile Personal Message (Offline)

Ignore
1513521106
Reply with quote  #2

1513521106
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513521106
Hero Member
*
Offline Offline

Posts: 1513521106

View Profile Personal Message (Offline)

Ignore
1513521106
Reply with quote  #2

1513521106
Report to moderator
joeventura
Hero Member
*****
Offline Offline

Activity: 714



View Profile
May 28, 2014, 01:15:13 PM
 #2

You are not a vendor or creditor of BFLs you are a customer.

Your refund cannot be "clawed back" as you put it.

Only recent payments to vendors and suppliers can be recovered.

Relax.

BitCoinRateWatcher.com One stop for latest rates from MtGox, Bitstamp, CampBx, Coinbase and Bitpay all on one mobile friendly screen.
BurtW
Legendary
*
Offline Offline

Activity: 2114

All paid signature campaigns should be banned.


View Profile WWW
May 28, 2014, 01:24:36 PM
 #3

This happened to a buddy of mine.  He was a consultant working at a company.  They paid him for his services.  Then they went bankrupt.  He had to send the money back to the bankruptcy court.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
newb4ever
Newbie
*
Offline Offline

Activity: 6


View Profile
May 28, 2014, 06:03:01 PM
 #4

You are not a vendor or creditor of BFLs you are a customer.

Your refund cannot be "clawed back" as you put it.

Only recent payments to vendors and suppliers can be recovered.

Relax.

@JoeVentura:  awesome, glad someone knows what happens in this case!

@BurtW:  sounds bad for your friend, thanks for letting us know, knowledge might come in useful some day!  I'll learn to stay away from near-BK-customers, or to charge them way more for my services to account for the risk!
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!