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NEWS: Nutech Loses Preliminary Legal Battle




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Faceman
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Joined: 11 Jul 2005
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PostPosted: Thu Nov 17, 2005 1:04 pm Reply with quote
So, uh, who's this Ken guy? I'm assuming he bought the rights to these shows from Japan, and then is licensing them to the US company for distribution?
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Kazuki-san



Joined: 21 May 2004
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PostPosted: Thu Nov 17, 2005 2:18 pm Reply with quote
Ken Groove is not a person. It's actually Ken Groove Productions, a Japanese company that produces and distributes anime, video games, and the like.
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Beatdigga



Joined: 26 Oct 2003
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PostPosted: Thu Nov 17, 2005 2:20 pm Reply with quote
Kazuki-san wrote:
Ken Groove is not a person. It's actually Ken Groove Productions, a Japanese company that produces and distributes anime, video games, and the like.


And they're claiming that they failed to be compensated for their licenses.

Seems like a tough battle for the defendant. If Groove proves checks bounced, then that stands as breach of contract.
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Faceman
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PostPosted: Thu Nov 17, 2005 2:49 pm Reply with quote
Ooooooooooooo, gotcha. Yeah, sounds like an uphill battle for the defendant, though if the accusations are valid then they had it coming.
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Joe Mello



Joined: 31 May 2004
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PostPosted: Thu Nov 17, 2005 3:05 pm Reply with quote
So that's why their stuff is 40% off. Cool

(Page through the right-hand ads and you'll eventually get the joke.)
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Abarenbo Shogun



Joined: 19 Jul 2005
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PostPosted: Thu Nov 17, 2005 4:17 pm Reply with quote
Wanna bet most of the assets "disappear" before they can seize them?
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darkhunter



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PostPosted: Thu Nov 17, 2005 6:02 pm Reply with quote
Lawyers win either way.
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Mohawk52



Joined: 16 Oct 2003
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PostPosted: Fri Nov 18, 2005 7:25 am Reply with quote
Nutech could fill for chapter 11 bankruptsy then KG will be lucky to see a penny. Nutech changes their name to something else and they're back in business again like nothing happened. Happens a lot in the UK sadly.
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poweranime



Joined: 29 Jun 2004
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PostPosted: Fri Nov 18, 2005 2:35 pm Reply with quote
Mohawk52 wrote:
Nutech could fill for chapter 11 bankruptsy then KG will be lucky to see a penny. Nutech changes their name to something else and they're back in business again like nothing happened. Happens a lot in the UK sadly.


Well, as of mid Oct, Bankruptcy doesn't grant you the same freedom of debt it use to... now its simply a status change, but you're still held accountable for the debt owed... they should have thought about that earlier in the year...
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daxomni



Joined: 08 Nov 2005
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PostPosted: Fri Nov 18, 2005 3:12 pm Reply with quote
poweranime wrote:
Well, as of mid Oct, Bankruptcy doesn't grant you the same freedom of debt it use to... now its simply a status change, but you're still held accountable for the debt owed... they should have thought about that earlier in the year...


Are you referring to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? If so, you might want to do a little research before making unjustified claims that have no basis in reality. This recent Act of Congress makes it much more difficult for consumers to erase debt by forcing more people to file under Chapter 13 bankruptcy rather than Chapter 7 bankruptcy.

Again, this act specifically punishes consumers and their families and was not intended to punish corporations. Rather, it was intended to protect corporations from consumers. It might have been more accurately titled the "Consumer Bankruptcy Prevention and Corporation Protection Act of 2005. In fact, one of the main provisions requires all consumers seeking protection to enlist the "help" of credit counseling agencies (yes, the very same ones who are typically funded by the credit card companies themselves).

This new act might not have been so controversial if it had also included some actual consumer protections from predatory lending and other anti-consumer credit practices, but no such protection was ever considered. This is probably a simple result of letting the credit card companies dictate a significant portion of the legislation before it was rubber-stamped into law.
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Mohawk52



Joined: 16 Oct 2003
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PostPosted: Sat Nov 19, 2005 9:52 am Reply with quote
daxomni wrote:
poweranime wrote:
Well, as of mid Oct, Bankruptcy doesn't grant you the same freedom of debt it use to... now its simply a status change, but you're still held accountable for the debt owed... they should have thought about that earlier in the year...


Are you referring to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? If so, you might want to do a little research before making unjustified claims that have no basis in reality. This recent Act of Congress makes it much more difficult for consumers to erase debt by forcing more people to file under Chapter 13 bankruptcy rather than Chapter 7 bankruptcy.

Again, this act specifically punishes consumers and their families and was not intended to punish corporations. Rather, it was intended to protect corporations from consumers. It might have been more accurately titled the "Consumer Bankruptcy Prevention and Corporation Protection Act of 2005. In fact, one of the main provisions requires all consumers seeking protection to enlist the "help" of credit counseling agencies (yes, the very same ones who are typically funded by the credit card companies themselves).

This new act might not have been so controversial if it had also included some actual consumer protections from predatory lending and other anti-consumer credit practices, but no such protection was ever considered. This is probably a simple result of letting the credit card companies dictate a significant portion of the legislation before it was rubber-stamped into law.
But how does all that pertain to a company getting it's rightful recompence from another that is renegging?
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Number Six



Joined: 14 Apr 2005
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PostPosted: Sat Nov 19, 2005 12:37 pm Reply with quote
Mohawk52 wrote:
But how does all that pertain to a company getting it's rightful recompence from another that is renegging?

Basically, it boils down to this: If the company going bankrupt owes you money, you are screwed. Not really that simple, but that is often how it ends up.
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daxomni



Joined: 08 Nov 2005
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PostPosted: Sat Nov 19, 2005 4:15 pm Reply with quote
Number Six wrote:
Mohawk52 wrote:
But how does all that pertain to a company getting it's rightful recompence from another that is renegging?

Basically, it boils down to this: If the company going bankrupt owes you money, you are screwed. Not really that simple, but that is often how it ends up.


Exactly. Nothing has changed in this regard. Only consumers and their families have to pay everything back. Companies can just vanish and leave someone else (often the government) holding the bag.
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poweranime



Joined: 29 Jun 2004
Posts: 49
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PostPosted: Mon Nov 21, 2005 3:01 pm Reply with quote
daxomni wrote:
poweranime wrote:
Well, as of mid Oct, Bankruptcy doesn't grant you the same freedom of debt it use to... now its simply a status change, but you're still held accountable for the debt owed... they should have thought about that earlier in the year...


Are you referring to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? If so, you might want to do a little research before making unjustified claims that have no basis in reality. This recent Act of Congress makes it much more difficult for consumers to erase debt by forcing more people to file under Chapter 13 bankruptcy rather than Chapter 7 bankruptcy.

Again, this act specifically punishes consumers and their families and was not intended to punish corporations. Rather, it was intended to protect corporations from consumers. It might have been more accurately titled the "Consumer Bankruptcy Prevention and Corporation Protection Act of 2005. In fact, one of the main provisions requires all consumers seeking protection to enlist the "help" of credit counseling agencies (yes, the very same ones who are typically funded by the credit card companies themselves).

This new act might not have been so controversial if it had also included some actual consumer protections from predatory lending and other anti-consumer credit practices, but no such protection was ever considered. This is probably a simple result of letting the credit card companies dictate a significant portion of the legislation before it was rubber-stamped into law.


Thank you for the clarification! So, corporations can still screw other corporations! Alright, baby! We're back in business! Thanks for bringing be back to reality!
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Tempest
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Joined: 29 Dec 2001
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PostPosted: Mon Nov 21, 2005 7:27 pm Reply with quote
mohawk52 wrote:
Nutech could fill for chapter 11 bankruptsy then KG will be lucky to see a penny. Nutech changes their name to something else and they're back in business again like nothing happened. Happens a lot in the UK sadly.


poweranime wrote:
Thank you for the clarification! So, corporations can still screw other corporations! Alright, baby! We're back in business! Thanks for bringing be back to reality!


Yeah, but Chapter 11 is bankruptcy protection. Your debt isn't erased, the company filing for protection is just given a bit more room to manouver and work out a payment plan.

In order to come out of chapter 11 and return to "business as usual" the debt has to be paid (or the company show that it is capable of paying the debt under normal conditions.

Under a Chapter 11 filing, KenGroove would probably get some money.

Chapter 7 bankruptcy is when the company closes down and the assets are sold in order to pay off creditors.

This is where the name change scheme comes in, the former owners of the bankrupt company can bid on its assets, and then start business again.

But in the case of Nutech, most of its assets are probably non-transferable licenses. So the "new" owners of the company will still have to renegotiate for the licenses.

-t
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