Joined: 2-May-2003 Posts: 2097
From: Rocket City, USA
Quote:
T_Bone wrote:
That would be another funny case. If X is the value of assets, and Y is debt, and X-Y= the same before and after the sale, how does the date of the sale show they were only insolvent after it? How does that change any numbers? If they are insolvent after the sale, then they obviously were before it too.
No, because there were two sales. US law defines insolvency as the state of owing more money then you have assets to cover them. First AI sold Itec the classic OSs including the contract with Hyperion. Several months later KMOS buys the trademarks, etc from AI, before KMOS does that, they buy the classic OS from Itec. If they took the money the money they got from selling the OS to Itec and spent it on hookers and beer, that doesnt mean it wasn't a legal sale, or that Itec didnt pay a fair price, its means AI mismanaged there money. Gee, we've never seen them do that before . I'm not sure Amiga trademark without the OS (ie what AI had after the sale to Itec), isnt worth more then the known debt. What
Quote:
That's irrelevant. Insolvency only deals with assets and debts. (Come to think of it though, taxes were one of their debts.)
Absolutely, but the problem is money owed to McEwen, Moss and Randy isnt counted because they are corporate officers. According to Bill that is most of the debt is talking about. Now you know I always say that number is low as a total, but if we are talking about insolvency under US code, money owed to corporate officers isnt part of corporate debt. McEwen paid $4.5M for the amiga trademarks, IP, etc in December of 1999, I think valuing that at less then $250K in April of 2003 is probably incorrect. In fact I think it probably had a value in excess of 7 figures given what the Commodore trademark sold for at the same time (22 Million Euro). But lets be honest TBone, you and I both know the courts arent going to let a bankrupty clause like this stand, the entire bankruptcy code is written around preventing companies from doing this very thing. These guys arent even clever enough to change corporate officers. -Tig
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Tigger 
. I'm not sure Amiga trademark without the OS (ie what AI had after the sale to Itec), isnt worth more then the known debt. What 
