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-   -   Empire Video Files for Bankruptcy (https://gfy.com/showthread.php?t=917027)

Barefootsies 07-20-2009 08:37 PM
Empire Video Files for Bankruptcy
 
Quote:
WEST HILLS, Calif. ? The owner of shuttered adult DVD one-stop Empire Video Distributors filed for bankruptcy on June 23. Roy Karch abruptly closed his Chatsworth, Calif. facility in February after 12 years in business owing hundreds of thousands of dollars in unpaid invoices.

Empire Video?s Roy Karch is not to be confused with the long-time director of the same name.

In his Chapter 7 bankruptcy filing Karch claims debts totaling $990,907.77 against assets of $35,500. According to the filing, Karch owned 89 percent of Empire Video and had full ownership of Pacific Coast, Epic Interactive and 75 percent of Xcartel, though there is an ongoing dispute with Xcartel co-owner Javier C, who claims he shared a 50-50 ownership split with Karch.

Karch?s biggest creditors include Jules Jordan Video to which he claims $65,463 is owed; LFP Video has accounts receivable totaling $105,654; Platinum X Pictures has $50,320 in outstanding invoices; and Private is out $23,867.

Collecting Empire Video?s debts is unlikely for its creditors given that none of the companies Karch owned or had a stake in is worth anything.

Stock in Pacific Coast, which ceased operations in February, still has some accounts receivable for which collection is doubtful. It?s stock was valued at zero dollars. Epic Interactive produced five or six short movies that were sold through Xcartel and its only assets are the DVD distribution rights to about 80 titles of which the value is extremely limited. It?s stock was valued at zero, too. Despite the ownership squabble, the assets of Xcartel were valued at zero.

Karch claims some of Empire?s woes were due to an unscrupulous warehouse manager that was shipping product without invoicing it. Sales consistently dropped for the company as content delivery shifted towards the Internet, but the company is ?still collecting accounts receivable and attempting to pay down corporate debt, which far exceeds the value of the collectible receivables.?

Attempts to reach Karch for comment were unsuccessful.
http://www.xbiz.com/news/110734

EscortBiz 07-20-2009 08:43 PM
if stories like this shock you (not talking to poster) you should get a job at KFC

Barefootsies 07-20-2009 09:04 PM
Quote:
Originally Posted by EscortBiz (Post 16088041)
if stories like this shock you (not talking to poster) you should get a job at KFC
Another one bites the dust was more a less my take on it.

There was some news story yesterday talking about how professional athletes lose their fortunes more a less within 2-5 years. Fucking incredible.

With this economy... sad news for a lot of folks.

brassmonkey 07-20-2009 09:12 PM
well ok then

Redrob 07-20-2009 09:29 PM
They were nice people. Sorry to see them go. Anybody know where Linda ended up?

amacontent 07-20-2009 09:33 PM
$3000 of that was mine.

Redrob 07-20-2009 09:37 PM
There is some collection agency calling Empire's old accounts claiming that they owe money for unpaid invoices......

However; they haven't been able to produce invoices, invoice numbers or tracking numbers relating to the alledged unpaid invoices.

Seems like somebody got their customer list. Uh-oh!

rhon23 07-20-2009 09:39 PM
We now have the majority of their sales staff

Redrob 07-20-2009 09:44 PM
Is NScash associated with New Sensations?

Iron Fist 07-20-2009 09:54 PM
Hmmm I wonder how many times he cracked open the books before it got this bad? Like seriously! A million dollars in payables against 35 grand in assets? Someone hopped up on coke not see how fucked up that scenario is? Wow...

Far-L 07-20-2009 11:31 PM
I don't know them and I am not about to accuse anyone of anything but as someone that has come from the old brick and mortar distribution days of adult the "unscrupulous warehouse manager" raises just as many red flags as the "rogue affiliate" excuse. Some old time companies, without naming names, any one who has been around long enough will know exZactly whom I am talking about -used to use bk as a biz strategy, imo.

EscortBiz 07-21-2009 01:09 AM
Quote:
Originally Posted by Far-L (Post 16088346)
I don't know them and I am not about to accuse anyone of anything but as someone that has come from the old brick and mortar distribution days of adult the "unscrupulous warehouse manager" raises just as many red flags as the "rogue affiliate" excuse. Some old time companies, without naming names, any one who has been around long enough will know exZactly whom I am talking about -used to use bk as a biz strategy, imo.
mainstream has this bk shit happening day and night

Paul Markham 07-21-2009 01:25 AM
Quote:
Originally Posted by sharphead (Post 16088168)
Hmmm I wonder how many times he cracked open the books before it got this bad? Like seriously! A million dollars in payables against 35 grand in assets? Someone hopped up on coke not see how fucked up that scenario is? Wow...
Exactly what I was thinking. Same goes for the creditors who saw content going out and not being aid for.

We were negotiating with a DVD company for them to start taking our titles on a monthly basis. hey wanted a price based on buying 500, even though they would only buy 5 a month and it seems they wanted credit.

I replied they could get a rice based on 500, but would need to send all the money up front or pay full price until they crossed the total amount required. They took the second option and ordered three months worth. We sent the bill and told them we would send the content once it was wired to our bank. The have disappeared.

I did do a search on these guys and their reputation is poor. Anyone selling to people they are not 100% about need to be careful today.

XPays 07-21-2009 01:27 AM
Quote:
Originally Posted by Far-L (Post 16088346)
I don't know them and I am not about to accuse anyone of anything but as someone that has come from the old brick and mortar distribution days of adult the "unscrupulous warehouse manager" raises just as many red flags as the "rogue affiliate" excuse. Some old time companies, without naming names, any one who has been around long enough will know exZactly whom I am talking about -used to use bk as a biz strategy, imo.
zackly
__

Daddy Big Nuts 07-21-2009 07:19 AM
Quote:
Originally Posted by amacontent (Post 16088124)
$3000 of that was mine.
Consider yourself lucky then........

rhon23 07-21-2009 10:09 AM
Quote:
Originally Posted by Redrob (Post 16088144)
Is NScash associated with New Sensations?
NS Cash is New Sensations

Dirty D 07-21-2009 10:14 AM
This cost every DVD producer money...
In terms of returns and unpaid debt.

MeganS 07-21-2009 11:04 AM
Quote:
Originally Posted by Redrob (Post 16088115)
They were nice people. Sorry to see them go. Anybody know where Linda ended up?

National Video ... she is one of my favs! Still talk to her and don't even do DVD sales anymore LOL

Andy CHOOPA 07-21-2009 11:39 AM
yeah I know some people affected by this... sucks.

Kenny B! 07-21-2009 01:37 PM
Amazing he was able to get a million bucks in credit!

Meeper 07-21-2009 01:50 PM
:Oh crap:Oh crap:Oh crap:Oh crap


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