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AdultKing · 10-18-2010, 07:43 PM

I have said this a number of times on different threads, what are the chances they have the money to pay out everyone.

To be able to make payouts to everyone, at the time of closing the doors they would have needed more than 100% of the money owed in security or cash. This would put them in a better position than a bank because even a bank can't handle a run on accounts.

The mere act of closing the door and laying off staff would have cost money in payouts and terminations. Then there are the fees for the lawyers, accountants etc. Then the costs of doing business, keeping a web site hosted, lease payments on plant and equipment etc.

So in order for ePassporte to make good on all accounts it would need to have more security and cash than account holders are owed. Considering Mallick made a flop of a movie, lived a movie star lifestyle and likely allowed the upper echelons of the company do the same then it is most likely they are well short of being able to pay out all account holders.

I'd recommend anyone with a sizable debt owed that they see a lawyer pronto to have any hope of recovering something out of the funds that may be left.

10-18-2010, 07:43 PM
AdultKing Raise Your Weapon Industry Role: Join Date: Jun 2003 Location: Outback Australia Posts: 15,601	I have said this a number of times on different threads, what are the chances they have the money to pay out everyone. To be able to make payouts to everyone, at the time of closing the doors they would have needed more than 100% of the money owed in security or cash. This would put them in a better position than a bank because even a bank can't handle a run on accounts. The mere act of closing the door and laying off staff would have cost money in payouts and terminations. Then there are the fees for the lawyers, accountants etc. Then the costs of doing business, keeping a web site hosted, lease payments on plant and equipment etc. So in order for ePassporte to make good on all accounts it would need to have more security and cash than account holders are owed. Considering Mallick made a flop of a movie, lived a movie star lifestyle and likely allowed the upper echelons of the company do the same then it is most likely they are well short of being able to pay out all account holders. I'd recommend anyone with a sizable debt owed that they see a lawyer pronto to have any hope of recovering something out of the funds that may be left.