COPEAC stopped paying?



topskyca said:
In my limited (7 yrs) real world business experience, even if people owe you $10k, it is still not worth it to get into legal. The energy and time it takes can make you $100k already.

Now i realize some people has no brains while speaking on a forum.
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I got stuck with a $96K invoice once when the company file chapter 11 after assuring us the check was in the mail.

It still wasn't worth it to wait for legal. IN the end it took 18 months and we got 65% of the claim from the company under the rules worked out by the bankruptcy court.

The rest is just a theory based on experience...

You can be sure as shit that if they are being investigated and realize they are out of money they will file bankruptcy - assuming their accounts are not frozen. I think it is more likely that the people who haven't been paid are having all of their previous transactions reviewed to make sure they weren't in violation either before Copeac can pay them.

If they do end up filing bankruptcy all claims will fall into two categories: priority and non-priority. Priority claims get paid first - these are things like secured loans (real estate), the government, and of course lawyer fees.

Unsecured claims follow in whatever order the bankruptcy court decides is "fair" (hint - it won't be). They might take the total available cash and the total outstanding debt and split it in proportion to the amount owed.
 
Either way, you need to document it. What good is it to come on here and gripe when any reasonable person would send an invoice? Do the bare minimum, then complain about the process.

As others have said, credit checks are super important.
 
I did some digging and from what I gather. Copeac is not allowed to pay any expenses until they have finalized the situation with the FTC.

On top of that, the reason no one is hearing anything is because they are advised by their lawyers to not make any public statements.

All you people complaining need to think about what you are complaining about. Copeac being silent could be the best thing that is happening to you at this point.

If Copeac acknowledges the payments owed to you at this time in a public forum who is to say you will not be the next target. You posting email conversations you had with Copeac is implicating you in the situations they are involved in.

All it takes is the FTC to come here and most likely everyone whining about a payment and making it known on a public forum will get some sort of investigation done on them.
 
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ENDed said:
I did some digging and from what I gather. Copeac is not allowed to pay any expenses until they have finalized the situation with the FTC.

On top of that, the reason no one is hearing anything is because they are advised by their lawyers to not make any public statements.

All you people complaining need to think about what you are complaining about. Copeac being silent could be the best thing that is happening to you at this point.

If Copeac acknowledges the payments owed to you at this time in a public forum who is to say you will not be the next target. You posting email conversations you had with Copeac is implicating you in the situations they are involved in.

All it takes is the FTC to come here and most likely everyone whining about a payment and making it known on a public forum will get some sort of investigation done on them.
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You did some digging, as in you talked to an employee/former employee of Copeac? Or you're just taking a wild guess based on what you've read? I don't think the FTC has anything to do with them not paying. I ran a good amount of traffic with them back in July and got paid.
 
gimmedat said:
You did some digging, as in you talked to an employee/former employee of Copeac? Or you're just taking a wild guess based on what you've read? I don't think the FTC has anything to do with them not paying. I ran a good amount of traffic with them back in July and got paid.
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What does it matter where it came from, who mentioned it or how I got my info. I am just saying what I been told or believe to be going on.

Copeac was always good to me. I am upset that they are going through this. Mike was always a great person to work with and talk to about things.
 
topskyca said:
invisible777, You really make me feel "We are idiots!"

I should have invoiced copeac, send a letter to them, due in 30 days. If i don't get paid, hire my lawyer and sue their ass off.

This is really professional invisible777, you rock!

Then I realized they owe me $1500, it will cost me the same to hire a lawyer, and copeac has so many cases lined up, they don't even care this anymore. Sending an invoice? pfff, what's the point? By the way, have you ever dealt with any real world lawsuits? Have you ever seen the defendant paying your legal fees? You sure you will get paid by taking legal actions?

Hmmm, invisible777, I thought you run a real business, you should have a solution?

In my limited (7 yrs) real world business experience, even if people owe you $10k, it is still not worth it to get into legal. The energy and time it takes can make you $100k already.

Now i realize some people has no brains while speaking on a forum.
Click to expand...

You sound like a pushover. Amazing you've been in business for 7 years.
 
Copeac was the first network I ran major traffic with back in 2008.
It was a fun bunch. First network party I went to also.
I just want those days back.
 
invisible777 said:
You guys all whining and bitching about your payments sound like a bunch of idiots. If you are running an actual business and not some fly-by-night I-live-in-my-mommy's-basement-and-run-flogs sham, then do what a "real" business does and send a PROPER INVOICE for amounts due by EMAIL and US MAIL. Indicate on the invoice that payments are due within 30 days. When they fail to meet that, turn the matter over to your lawyer and sue them for the amounts owed + legal fees. Fucking ridiculous.
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Or maybe some people realize that you can't squeeze blood from a turnip.
 
Sharksfan said:
I got stuck with a $96K invoice once when the company file chapter 11 after assuring us the check was in the mail.

It still wasn't worth it to wait for legal. IN the end it took 18 months and we got 65% of the claim from the company under the rules worked out by the bankruptcy court.

The rest is just a theory based on experience...

You can be sure as shit that if they are being investigated and realize they are out of money they will file bankruptcy - assuming their accounts are not frozen. I think it is more likely that the people who haven't been paid are having all of their previous transactions reviewed to make sure they weren't in violation either before Copeac can pay them.

If they do end up filing bankruptcy all claims will fall into two categories: priority and non-priority. Priority claims get paid first - these are things like secured loans (real estate), the government, and of course lawyer fees.

Unsecured claims follow in whatever order the bankruptcy court decides is "fair" (hint - it won't be). They might take the total available cash and the total outstanding debt and split it in proportion to the amount owed.
Click to expand...

Agree with this - it's usually too late to recover by the time it gets through the courts. That's why I advocate credit control / debt collection.

Last year I was owed $10K by a company, and my gut instinct told me something was wrong. Luckily, I have a good nose for shit like this (having been burned several times before). I cut their line of credit immediately, and hired a debt collector. That dude called them 4 times a day for 3 weeks, and told them his next move was to turn up at their office and embarrass them in front of their staff. They paid in full, and next thing I know they'd gone bust... a lot of other people who were more chilled out than me lost money.

The whole thing cost me about $300 in recovery fees.
 
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