Will ePassporte pay out ?

[AdultKing]

We have all seen payment processors fold and give many re-assurances of a payout that never eventuates. ePassporte being a major p2p system has now also folded and many of the events to date bear the hallmarks of history repeating itself.

Who thinks ePassporte will pay out, or are these emails from them holding out false hope while they clear the decks ?

[nikki99]

I dont think so

[AdultKing]

Interesting to see a few skeptics ;)

[richart3]

will payout

[PornMD]

Not looking too good...their last message is basically a "stop pestering us/the scum behind us". Chris Mallick who has come here in the past hasn't showed his face here at all through this whole debacle. Just reeeeeally not looking good. I hope for the sake of people who still have money tied up there that they'll do the right thing, but my guess is you all just got fucked.

[harvey]

We have all seen payment processors fold and give many re-assurances of a payout that never eventuates. ePassporte being a major p2p system has now also folded and many of the events to date bear the hallmarks of history repeating itself.

Who thinks ePassporte will pay out, or are these emails from them holding out false hope while they clear the decks ?

[will76]

i dont see the option for:

LOL are fucking serious, no way in hell.

[AdultKing]

The way I see things is this.

For ePassporte to be able to pay out everyone that is owed money then they would have needed more than 100% of what is owed in the bank at the time they pulled the plug.

Let's say they have to pay out $50 million as an example. On the day they closed their doors they would have needed in excess of $50 million available to the company on hand.

The reason for this is that they had to terminate staff, pay lawyers and accountants, cover the costs of running even a skeleton operation, plant and equipment being leased would still have to be paid, hosting still needs to be paid for etc.

However most financial services companies, Banks included never have 100% of deposits in security and cash, no bank can survive a run on accounts because the security is just not held.

It would surprise me if on the day the doors closed they had even half of the funds available to pay out every single account.

In any liquidation the secured creditors get paid first. I am sure ePassporte has plenty of them for leasing computers, office furniture, cars, etc. What ePassporte are asking us to believe is that they have the financial means to pay all the secured creditors AND pay out the wallet account holders who are effectively unsecured creditors.

Some people *may* get paid. A good delaying tactic will be to pay a few people so word gets around boards like this that some people have been paid, this will buy them more time while the process of winding up the company's affairs takes place, by which time there will be no money left to pay the rest of the wallet account holders.

The claim then will be 'oh we tried but the money ran out' or they will blame it on Visa with holding payments or something like that.

[Cash]

They will not pay, 100%.

[Davy]

In any liquidation the secured creditors get paid first. I am sure ePassporte has plenty of them for leasing computers, office furniture, cars,

You forgot the private jet with which this fat fuck is flying around.

[Platinumpimp]

You forgot the private jet with which this fat fuck is flying around.

Then you think he actually care.

[seeandsee]

they will pay gold para-shuts first

[AdultKing]

You forgot the private jet with which this fat fuck is flying around.

Private jets have been known to crash

[RaiderCash_Dominik]

I don't think they will payout. This just a time game.

[blofer80]

The way I see things is this.

For ePassporte to be able to pay out everyone that is owed money then they would have needed more than 100% of what is owed in the bank at the time they pulled the plug.

Let's say they have to pay out $50 million as an example. On the day they closed their doors they would have needed in excess of $50 million available to the company on hand.

The reason for this is that they had to terminate staff, pay lawyers and accountants, cover the costs of running even a skeleton operation, plant and equipment being leased would still have to be paid, hosting still needs to be paid for etc.

However most financial services companies, Banks included never have 100% of deposits in security and cash, no bank can survive a run on accounts because the security is just not held.

It would surprise me if on the day the doors closed they had even half of the funds available to pay out every single account.

In any liquidation the secured creditors get paid first. I am sure ePassporte has plenty of them for leasing computers, office furniture, cars, etc. What ePassporte are asking us to believe is that they have the financial means to pay all the secured creditors AND pay out the wallet account holders who are effectively unsecured creditors.

Some people *may* get paid. A good delaying tactic will be to pay a few people so word gets around boards like this that some people have been paid, this will buy them more time while the process of winding up the company's affairs takes place, by which time there will be no money left to pay the rest of the wallet account holders.

The claim then will be 'oh we tried but the money ran out' or they will blame it on Visa with holding payments or something like that.

So how much expnses they had since all this happend? 1 million? its still 2% out of 50 mil.

[AdultKing]

So how much expnses they had since all this happend? 1 million? its still 2% out of 50 mil.

You're missing the point, the point is how much of what is owed would they have sitting in the bank ?

I reckon they have less than half and alot of that will be siphoned off.

[michael.kickass]

After all this time, I'm starting to lose hope.

[2intense]

yes