A class action lawsuit would be nice, but it would also subject designated class representatives (and, indeed, anyone who joins the class) to undesired scrutiny) and ultimately, it would likely not matter, as Neteller could still seek bankruptcy protection after the lawsuit is filed -- leaving plaintiff(s) without recourse (assuming Neteller proceeded under U.S. bankruptcy law, which I'm not sure about). Moreover, I'm not certain what type of creditor status, if any at all, plaintiffs would have (likely depends on how the funds in the Neteller account are characterized . . . but I'm not certain on that point either). In the end, the risks of any potential litigation seem to outweigh the benefits. That being said, I want my damn money! What a bunch of jackholes.
nimue77 said:
If they get pummeled in court there could be huge fines, court fees, etc. I expect shareholders to sue if this gets ugly, with claims that they were mislead among other things. I hope you're correct that account holders would be first in line. By the time this is all over though, account holders might only get a fraction of what they had in there. There is more that meets the eye to this Neteller situation, other than "they have made shitloads of money". It's not that simple. And making "shitloads of money" obviously isn't enough to get account holders their money, as of this moment.
nimue77 said:
thus the reason they would not file bankruptcy but rather just close thier doors. Can't pay what you don't have. I am by no means a bankruptcy expert but in my estimation they do not have any real assets except some computers. if they close there will be nothing for anyone.
Can't pay what you don't have. I am by no means a bankruptcy expert but in my estimation they do not have any real assets except some computers. if they close there will be nothing for anyone.
Their most recent audited balance sheet says they are worth 230 million...how can you say they have no assets? The issue is our government telling them not to send the money...not neteller holding back.
Their most recent audited balance sheet says they are worth 230 million...how can you say they have no assets? The issue is our government telling them not to send the money...not neteller holding back.
As of the end of June 2006 they had 136 million in cash over and above what they hold in trust for customers. Now if they are crooked and the numbers are all made up and their auditors are crooked ala ENRON, then we have a money issue....but I doubt it. This is a business that has 70% margins. Again money is NOT the issue.
A class action suit would take at least 3-5 years and would yield customers .15 on the dollar at best..
SENDITIN said:
That's an opinion. If Neteller wanted to pay us back, they could have us go to the U.K. and pick up a check and there's nothing anyone could do. How can someone be stopped from giving someone else money, unless the source funds are disrupted or seized (which isn't the case here)? They simply do not WANT to pay U.S. customers at the moment.
...and I have an account with Neteller, not the U.S. government, so I think it's wise to keep the focus on the former. At least that way, you'd have the feeling that you could do something about it.
Not to beat a dead-horse, but it was Neteller, no the U.S. gov't, that told me my three checks (ordered Fri, Sat and Mon) were being sent out any moment on Tuesday.
Also, the fact that they allowed P2P transfers up until a few days ago flies in the face of the theory that a significant portion of their operating funds were frozen.
Also, the fact that they allowed P2P transfers up until a few days ago flies in the face of the theory that a significant portion of their operating funds were frozen.
They simply do not WANT to pay U.S. customers at the moment.
Disagree.....if the Feds weren't down their throat why on earth would they want the publicity of freezing US money? They have an extremely profitable business and knew all along at some point they would have to pull out of the US market. They don't need all of this hoopla either which I'm sure is causing non-US players to think twice about using their service. Obviously there are some back room negotiations going on that we aren't privy to.
Disagree.....if the Feds weren't down their throat why on earth would they want the publicity of freezing US money? They have an extremely profitable business and knew all along at some point they would have to pull out of the US market. They don't need all of this hoopla either which I'm sure is causing non-US players to think twice about using their service. Obviously there are some back room negotiations going on that we aren't privy to.
