Globill Letter

[Ms Naughty]

Received a letter today from the US Bankruptcy Court in Utah announcing a meeting of creditors on May 24 for the two people from Globill.

The name and address were from my time as an affiliate of Globill websites, not as a paysite owner, so I'm assuming this is different from the civil case which was being brought by the techs.

The letter tells me not to file a proof of claim unless I receive a notice to do so. I have no idea how to file a claim anyway!

Also... I'm buggered if I can remember exactly how much I was owed as a globill affiliate... and I have no way of finding out.

And getting to Utah could be a trifle difficult for me.

Does anyone have any info or ideas about what is going on here? Should we assume the two people involved are officially crying poor and the techs will have no hope of getting any money out of them?

[Ms Naughty]

I checked Board Tracker, it seems that numerous people have received a letter, however I think this one may have gone out to the affiliates only.

However much they owed me, it wasn't that much and I've moved on.

It does raise questions as to what is going to happen with the "Non Guaranteed Settlement" offered to globill paysite owners.

I had another look at the settlement options offered in the letter.

The civil case brought by the techs against the husband and wife is due to meet in a Californian court in July 2004.

If they are now claiming bankruptcy, it does sound as though the techs will be unable to recover any money and that the "Non Guaranteed" claim of 110% is not going to happen.

Just speculation, of course. It would be nice to know something for certain.

Just to take a happy little stroll down memory lane, here's what the settlement letter had to say about what happened to the Globill money:

The originators of GloBill were a small team of programmers (hereinafter
“programmers”) that my law firm represents.1 These founding programmers included some of
the technical persons you were in contact with on a daily basis through site activations and
support. These programmers are presently in control of what is left of GloBill and several related
companies and are the individuals bringing you this settlement package.

When GloBill was in the process of being created, the programmers, acting on what they
allege was their CPA accountant’s advice in order to supposedly achieve various tax and related
business benefits, authorized the accountant to become the managing member of GloBill. In
granting their accountant this authority so they could concentrate on the technical aspects of
running the company, the programmers retained options that enabled them to exercise their rights
to take over the management and control of GloBill. The accountant named himself CEO and
installed his wife, also a CPA, as Chief Financial Officer and Vice President of GloBill
(hereinafter collectively referred to as the “CPAs”).

Several years after the company was formed, the programmers discovered what they
allege to be massive financial improprieties committed by the husband and wife CPA team.
These alleged improprieties were effectively hidden by the complexities of GloBill’s intricate
accountings maintained by the CPAs. When the alleged improprieties were uncovered, the
programmers exercised their options to gain control of GloBill and filed a lawsuit against the
CPAs. The programmers allege in their claim that the CPAs misappropriated approximately 1.6
million dollars from GloBill, the majority of which constituted Webmasters’ reserve funds, and
committed a wide assortment of other fraudulent acts to undermine the viability of the company.

[jscott]

i got my letter too, i wont be expecting any $$ from them so oh well boohoo

they didnt owe me much anyways |rasta|

[T Pat]

I had a paysite with them they owe me less than a $100 and I didn't get a letter so it must have just gone to affiliates

[Cleo]

I got the letter and I don't seem to remember them owing me anything. Then again some days I can't remember what day it is.

[Bestat]

I also received the letter, which is very odd since I did not have a GloBill account or use a sponsor that utilized them. Must have signed up for something years ago and nver used it I guess.

[Ramster]

I got one as well and wasn't owed much from that crook.