Joined: 10-Apr-2003 Posts: 1161
From: Norrköping, Sweden
@T_Bone
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T_Bone wrote: @samface
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samface wrote:
OK, let's try this again:
It would require a court of law to determine if a company is in the state of insolvency and declare it bankrupt.
That's completely irrelevant, we aren't talking about bankruptcy, the contract specifically mentions "insolvency" by name.
It says "Bancruptcy/Insolvency" with no further definition.
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A court does not need to "declare" you insolvent, you are insolvent by nature of assets < debts, and these numbers are the responsibility of the Corporation, alone.
Sigh... And who do you think is in position to determine wether the company is in a state of insolvency or not? You see, that's what matters here. A creditor (Hyperion) may claim that a company (Amiga Inc.) is insolvent, but the issue can only be settled by the courts. Wanna try this again or did it finally become clear to you now?
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Eeehm... haha! Sorry for laughing but, the thing is, you are accusing me of not reading and not understanding what people say while at the same time failing to see what I'm trying to say. In the context of corporate book keepings, your skill as a layman to "tell if the bottom line is less than or higher than zero" is completely irrelevant. Where "the line" actually ends up after an auditor has done your book keeping can be completely different than by the estimates of a layman.
So? We know the assets were less than the debts, because the assets HAVE been sold, and the debt remains. Even a Layman can figure that one out... (Or are you one of those people who think laymen can't... oh nevermind )
Again, what debts and exactly how recent is that information? If you don't answer me this, you don't know if any debts are still not paid and cannot pursue this reasoning until you do.
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Do you think the assets sold for more than the debt? Where is it then?
Even better, tell me how much debt is still not paid.
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Maybe you have money on the bank that you think proves that your company's financial status is "above the line" but an error in your book keeping says that they are owed to someone else. Or the opposite might just as well be true; you don't have any money on the bank but an error in your book keeping says you payed way too much taxes last month and need only collect it from the state. These things happen all the time, even though it's criminal to not have your book keepings in order.
Are you following me yet?
No. You are talking about Amiga Washington as if they still have books. They don't, they've been dissolved, and no assets remain, only debts.
WTF? Can you not grasp the concept of a hypothetical situation for the sake of proving a point? Besides, you're wrong.
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Any bookkeeping errors are moot, the books are closed.
If a court declared them bancrupt and/or insolvent, they would have to have something to base that on and if I'm not mistaken, such documents are even a matter of public records. Furthermore, it's a criminal offence to not have your book keepings in order and I don't know about the U.S. but atleast here in Sweden, you have to save all your book keepings for atleast 10 years. It's for this reason that Swedish book keeping archives ignites very easy and go down in flames peculiarly often. Are you saying this happened to Amiga in Washington?
Last edited by samface on 18-Jun-2007 at 04:01 AM.
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