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"Relics Appears Rescued" Topic

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776 hits since 4 Sep 2017
©1994-2018 Bill Armintrout
Comments or corrections?

Covert Walrus04 Sep 2017 5:34 p.m. PST

Just passing this along from my sources – link

Personal logo Editor in Chief Bill The Editor of TMP Fezian04 Sep 2017 6:00 p.m. PST

Maybe they will pay the delinquent advertising bill? grin

David Manley04 Sep 2017 8:28 p.m. PST

In the "Sad Demise" thread you said that Tor weren't TMP advertisers.

Doctor X05 Sep 2017 1:20 a.m. PST

Maybe "they" are the new owners who currently owe money.

Don't see much sense in shaming the company that sold out.

Personal logo Editor in Chief Bill The Editor of TMP Fezian05 Sep 2017 5:04 a.m. PST

In the "Sad Demise" thread you said that Tor weren't TMP advertisers.

Shut down for non-payment, David.

David Manley05 Sep 2017 5:33 a.m. PST

I suspect their reasons for shutting down ran rather deeper than not being TMP advertisers, or not having paid a TMP bill, Bill :)

Anyway, I'd be amazed if any company who bought the range from Tor also saddled themselves with any outstanding liabilities. I don't think life works like that (although it would be handy if it did, I have a few "lifetime service plans" with companies that closed down and another company bought them out)

robert piepenbrink Supporting Member of TMP05 Sep 2017 12:49 p.m. PST

Can't speak for UK bankruptcy law. Under American law, you sell off the assets--as these people appear to be doing--and the proceeds are divided among the creditors, so if Tor actually owed you money--as in advertising provided and not paid for--you'd have a claim, but probably not worth pursuing. (If the assets sold for half their outstanding debts, you'd get fifty cents on the dollar--less your legal fees.) But no, whoever buys an asset doesn't assume the obligations, any more than you'd owe for something bought at a Sherrif's auction or an estate sale.

Now, if the company is still profitable but owes a heap of money, you have what in the US is a "Chapter 11"--the current owners are wiped out, and the creditors become the new owners, but the company continues. In that case, the warranties might still be worth something.

Don't count on it.

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