- Report: #1004844
Complaint Review: Absolutely New Inc - san Francisco California
Reported By:
Chris81 -
Deltona, Florida, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Absolutely New Inc
650 Townsend St Suite 475 san Francisco, 94103 California, United States of America
Phone:
415-865-6200
Web:
Categories:
Business Rating:
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Absolutely New Inc John Ruege Didn't fulfill contract and gave me a Dear John letter saying they were out of business san Francisco, California
I signed with Absolutely New Inc in Feb,2012. I had an invention I wanted to pursue. Absolutely New told me it would cost 13,120.00 to get this started. I gave them the money. They sent me a binder and Compact Disc in the mail. I then receive a letter stating they went to 1 tradeshow trying to market my invention. I never received conformation that they actually attended. So I wait awile then call 3 months after. After trying to get in touch with them I receive this letter.
November 6, 2012
Dear AbsolutelyNew, Inc. (ANI) Inventor Client,
It is our unfortunate duty to inform you that ANI has terminated its inventor services business due to negative economic forces and its inability to obtain further outside investment. Like many struggling companies today, ANI's obligations to its banks and investors greatly exceed the value of the company's assets. Outforce, LLC a business and-financial advisory firm, has been retained by ANI's secured creditors to sell the assets of the company. The banks and investors have a perfected security interest in all of ANI's assets, which legally entitles them to repayment before any unsecured creditors, such as the inventor clients.
In this case, it is extremely unlikely that even ANI's secured creditors will be made whole - undoubtedly and unfortunately leaving nothing for unsecured creditors. No lawsuit or attempt to perfect a security interest will change this fact. With no prospect of financial recovery it would be an unproductive waste to attempt to obtain a refund directly from ANI, or its officers and employees - who are not personally responsible for ANI's obligations because it is a corporation. Your best potential for any compensation is the bond that ANI deposited with the California Secretary of State in accord with Business & Professions Code 22389, et
seq. Claim and other information can be obtained from the California Secretary of State (http://www. sos. ca.go v/).
Because ANI was the fairest development option for many inventors, the demise of its inventor services business is a loss for the entire invention community. While some ANI clients may have their invention success delayed, they can still succeed - but only by persevering and looking ahead rather than behind.
Sincerely, OutForce, LLC
Now how do I get my money back? The contract was good for 1 year. They didn't fulfill there obligation and would this borderline fraud? Any help will be appreciated.
November 6, 2012
Dear AbsolutelyNew, Inc. (ANI) Inventor Client,
It is our unfortunate duty to inform you that ANI has terminated its inventor services business due to negative economic forces and its inability to obtain further outside investment. Like many struggling companies today, ANI's obligations to its banks and investors greatly exceed the value of the company's assets. Outforce, LLC a business and-financial advisory firm, has been retained by ANI's secured creditors to sell the assets of the company. The banks and investors have a perfected security interest in all of ANI's assets, which legally entitles them to repayment before any unsecured creditors, such as the inventor clients.
In this case, it is extremely unlikely that even ANI's secured creditors will be made whole - undoubtedly and unfortunately leaving nothing for unsecured creditors. No lawsuit or attempt to perfect a security interest will change this fact. With no prospect of financial recovery it would be an unproductive waste to attempt to obtain a refund directly from ANI, or its officers and employees - who are not personally responsible for ANI's obligations because it is a corporation. Your best potential for any compensation is the bond that ANI deposited with the California Secretary of State in accord with Business & Professions Code 22389, et
seq. Claim and other information can be obtained from the California Secretary of State (http://www. sos. ca.go v/).
Because ANI was the fairest development option for many inventors, the demise of its inventor services business is a loss for the entire invention community. While some ANI clients may have their invention success delayed, they can still succeed - but only by persevering and looking ahead rather than behind.
Sincerely, OutForce, LLC
Now how do I get my money back? The contract was good for 1 year. They didn't fulfill there obligation and would this borderline fraud? Any help will be appreciated.
2 Updates & Rebuttals
The Outlaw Josey Wales
Golden Meadow,United States of America
great now flyrider copy and paste
#2Consumer Comment
Tue, January 29, 2013
o bob from irvine has taught u well o little one
Flynrider
Phoenix,Arizona,
USA
You are an UNSECURED creditor.
#3Consumer Comment
Tue, January 29, 2013
" Now how do I get my money back? The contract was good for 1 year."
You need to realize that when a company goes out of business, their contract is worthless. Contracts are only as good as the entities that sign them. In this case, a liquidated corporation (i.e. effectively a non-entity).
" They didn't fulfill there obligation and would this borderline fraud? "
I have no idea what " borderline fraud" is. Something is either fraudulent or it isn't. A corp. that ceases operations and goes into liquidation is not fraud. It is a normal (if unfortunate) business procedure and it happens every day.
While it is true that they didn't fulfill their obligation, the reason for that is because the company ceased doing business. You have that right to try and reclaim what you are owed, but their letter to you is essentially correct.
Secured creditors have first crack at the company's assets. As an unsecured creditor, you stand a s****.>
Companies go out of business every day and most will end up with debts that go unpaid. This may be the first time it's happened to you, but probably won't be the last.
