Really, if you think about it, this has the potential to destroy confidence in our entire way of living. Can you imagine retailers having to worry about the source of legal tender when selling merchandise? The potential to claw back against the ordinary course of business for 3 months or one year let alone 6 years would send our economy reeling.
<< <i>Really, if you think about it, this has the potential to destroy confidence in our entire way of living. Can you imagine retailers having to worry about the source of legal tender when selling merchandise? The potential to claw back against the ordinary course of business for 3 months or one year let alone 6 years would send our economy reeling. >>
Then again, how do people get by with running up big tabs on their CC before they file for bankruptcy? Looks like the CC company gets stuck holding the bag.
"Then again, how do people get by with running up big tabs on their CC before they file for bankruptcy? Looks like the CC company gets stuck holding the bag. "
Precisely...then they add all those scumbags non payments up, and add the costs (albeit small) on to everyone else.
No way merchants can be held liable for bankrupt customers that bought something from them before they filed for bankruptcy. It could kill some companies and how would you defend against it, outside of buying some sort of insurance against it.
<< <i>I would suggest filing a grievance against the attorneys involved in the appropriate venue for extortion. I do not think their behavior will be viewed favorably by the Bar Association, and their cost to defend themselves against such a grievance will greatly exceed their fees in the case.
OINK >>
It's interesting you mention that. I showed the letter to a colleague of mine who, while not licensed in this state, is a practicing attorney licensed in two other states. He said that not only is it laughable, but the attorney is completely misrepresenting the legal codes cited in the letter. If this were either of the two states he practices in, he says that the attorney would be vulnerable to an ethics complaint (best case) or outright charges of fraud.
He did say though, that based on his experiences thus far, for some reason there is virtually no ethics oversight in this particular state, which presumably is why the attorney thinks he can get away with crap like this. >>
I am stunned that the Bar association in such a large state would not take up an ethics complaint.
<< <i>He did say though, that based on his experiences thus far, for some reason there is virtually no ethics oversight in this particular state, which presumably is why the attorney thinks he can get away with crap like this. >>
<< <i>He did say though, that based on his experiences thus far, for some reason there is virtually no ethics oversight in this particular state, which presumably is why the attorney thinks he can get away with crap like this. >>
<< <i>"Then again, how do people get by with running up big tabs on their CC before they file for bankruptcy? Looks like the CC company gets stuck holding the bag. " >>
CC company takes that risk when they issued a card. The remedy is to tighten up on issuing cards and perform better risk assesments. Keep in mind that with a CC there is no down payment or required collateral. Easy credit has its consequences, just look around.
The price of gold is set by faith, or lack of, in the currency it is priced in.
<< <i>"Then again, how do people get by with running up big tabs on their CC before they file for bankruptcy? Looks like the CC company gets stuck holding the bag. " >>
CC company takes that risk when they issued a card. The remedy is to tighten up on issuing cards and perform better risk assesments. Keep in mind that with a CC there is no down payment or required collateral. Easy credit has its consequences, just look around. >>
I was alluding to the fact that some folks run up their CC knowing that they will be filing for bankruptcy. Assuming that they buy some durable goods with the CC, does the trustee have the power to seize any of the assets for a return or sale in order to help the CC Company recover some of the money?
<<CC company takes that risk when they issued a card. The remedy is to tighten up on issuing cards and perform better risk assesments. Keep in mind that with a CC there is no down payment or required collateral. Easy credit has its consequences, just look around. >>
I am sure their losses due to lenient credit policy is way more than offset by the interest rates they charge on unpaid balances.
<< <i>I'm no attorney, but this seems utterly bogus to me. It's not a phishing scam, but it may be a fishing expedition on the part of the law firm.
I just received a letter today regarding a bankruptcy proceeding. The owner of the company used company funds to buy coins back in 2008. These were eBay sales paid through PayPal. They are claiming that since these were fraudulent transactions, that I am now obligated to refund the cost of those transactions to the bankruptcy estate.
I'm no attorney, but this seems bogus on a number of different levels:
1. Statute of limitations. These were material goods purchased 5.5 to 6 years ago. Goods were paid for. Goods were delivered. How is the vendor obligated to make good on these years after the fact?
2. Isn't the normal procedure that those goods are liquidated in the bankruptcy? In other words, you sell the goods in question since they are assets in the bankruptcy, you don't go after the original seller of the goods and say they must compensate at original purchase price years after the fact.
If weren't for the fact that it enumerates the dates, dollar amounts, and the exact coins in question, I would have thought this was a phishing scam.
Weird. >>
I still think it is a phishing scam. People devise ways to get information. I would ignore it.
Let them eat silence. Your part in this ended 6 years ago. The form letter they sent you has no doubt been sent out to virtually everyone with whom this individual did business. They are just fishing for money anywhere they can, hoping that someone is intimidated enough by the letter to fall for it. If I'm in your shoes, it's really simple. No summons, no reply.
BAJJER...yes, there is now a look-back clause in bankruptcy...I don't know the time period, but if you bought a bunch of stuff in the last xx months before filing, they can go after it. Alternatively, they may just not allow it meaning you file but those debts are not discharged and you are still on the hook.
My response, if there was one, would be simple: Dear Atty, yes we warrant all coins as authentic and as described when sold. Please return for a full refund less our 25% handling fee.
bob
Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
Comments
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Really, if you think about it, this has the potential to destroy confidence in our entire way of living. Can you imagine retailers having to worry about the source of legal tender when selling merchandise? The potential to claw back against the ordinary course of business for 3 months or one year let alone 6 years would send our economy reeling. >>
Then again, how do people get by with running up big tabs on their CC before they file for bankruptcy? Looks like the CC company gets stuck holding the bag.
Precisely...then they add all those scumbags non payments up, and add the costs (albeit small) on to everyone else.
No way merchants can be held liable for bankrupt customers that bought something from them before they filed for bankruptcy. It could kill some companies and how would you defend against it, outside of buying some sort of insurance against it.
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
<< <i>
<< <i>I would suggest filing a grievance against the attorneys involved in the appropriate venue for extortion. I do not think their behavior will be viewed favorably by the Bar Association, and their cost to defend themselves against such a grievance will greatly exceed their fees in the case.
OINK >>
It's interesting you mention that. I showed the letter to a colleague of mine who, while not licensed in this state, is a practicing attorney licensed in two other states. He said that not only is it laughable, but the attorney is completely misrepresenting the legal codes cited in the letter. If this were either of the two states he practices in, he says that the attorney would be vulnerable to an ethics complaint (best case) or outright charges of fraud.
He did say though, that based on his experiences thus far, for some reason there is virtually no ethics oversight in this particular state, which presumably is why the attorney thinks he can get away with crap like this. >>
I am stunned that the Bar association in such a large state would not take up an ethics complaint.
Take the letter and roll it up tightly. Then light the tip and use it to then light a nice fat cigar.
...if you are contacted again you can tell them to, "Suck it Trebek!"
"Don't you want to see what I wagered Trebek?"
<< <i>He did say though, that based on his experiences thus far, for some reason there is virtually no ethics oversight in this particular state, which presumably is why the attorney thinks he can get away with crap like this. >>
So you're in Illinois, too?
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
<< <i>
<< <i>He did say though, that based on his experiences thus far, for some reason there is virtually no ethics oversight in this particular state, which presumably is why the attorney thinks he can get away with crap like this. >>
So you're in Illinois, too? >>
Yes. Check his profile.
<< <i>"Then again, how do people get by with running up big tabs on their CC before they file for bankruptcy? Looks like the CC company gets stuck holding the bag. " >>
CC company takes that risk when they issued a card. The remedy is to tighten up on issuing cards and perform better risk assesments. Keep in mind that with a CC there is no down payment or required collateral. Easy credit has its consequences, just look around.
The price of gold is set by faith, or lack of, in the currency it is priced in.
<< <i>
<< <i>"Then again, how do people get by with running up big tabs on their CC before they file for bankruptcy? Looks like the CC company gets stuck holding the bag. " >>
CC company takes that risk when they issued a card. The remedy is to tighten up on issuing cards and perform better risk assesments. Keep in mind that with a CC there is no down payment or required collateral. Easy credit has its consequences, just look around. >>
I was alluding to the fact that some folks run up their CC knowing that they will be filing for bankruptcy. Assuming that they buy some durable goods with the CC, does the trustee have the power to seize any of the assets for a return or sale in order to help the CC Company recover some of the money?
>>
I am sure their losses due to lenient credit policy is way more than offset by the interest rates they charge on unpaid balances.
OINK
Edited to add that if this takes on a life of its own, refer them to eBay.
That should be fun for them.
<< <i>I'm no attorney, but this seems utterly bogus to me. It's not a phishing scam, but it may be a fishing expedition on the part of the law firm.
I just received a letter today regarding a bankruptcy proceeding. The owner of the company used company funds to buy coins back in 2008. These were eBay sales paid through PayPal. They are claiming that since these were fraudulent transactions, that I am now obligated to refund the cost of those transactions to the bankruptcy estate.
I'm no attorney, but this seems bogus on a number of different levels:
1. Statute of limitations. These were material goods purchased 5.5 to 6 years ago. Goods were paid for. Goods were delivered. How is the vendor obligated to make good on these years after the fact?
2. Isn't the normal procedure that those goods are liquidated in the bankruptcy? In other words, you sell the goods in question since they are assets in the bankruptcy, you don't go after the original seller of the goods and say they must compensate at original purchase price years after the fact.
If weren't for the fact that it enumerates the dates, dollar amounts, and the exact coins in question, I would have thought this was a phishing scam.
Weird. >>
I still think it is a phishing scam. People devise ways to get information. I would ignore it.
They are just fishing for money anywhere they can, hoping that someone is intimidated enough by the letter to fall for it.
If I'm in your shoes, it's really simple. No summons, no reply.
RIP Mom- 1932-2012
when sold. Please return for a full refund less our 25% handling fee.
bob