Author Topic: PSA: Don't swipe recklessly for others  (Read 374197 times)

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1830 on: February 03, 2019, 01:42:01 AM »
I was wondering the same thing when I heard about it.
Apparently they are holding out the possibility of being able to repay the capital, so they are trying to prevent the victims from filing claims and forcing them into bankruptcy, which would cause them to have to liquidate all merchandise at pennies on the dollars. Which is what their lawyer is presenting to the victims.
Without getting into details the people the firm they are using are very professional and are working with both sides together.

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #1831 on: February 03, 2019, 01:47:10 AM »
Without getting into details the people the firm they are using are very professional and are working with both sides together.
Which side is paying? That is who the lawyers are responsive to. When the interest of both sides start competing (which will inevitably happen) who’s side do you think the lawyers will represent?
Hence everyone effected should have their own counsel.

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1832 on: February 03, 2019, 01:50:21 AM »
Which side is paying? That is who the lawyers are responsive to. When the interest of both sides start competing (which will inevitably happen) who’s side do you think the lawyers will represent?
Hence everyone effected should have their own counsel.
True but they only get paid if it works out for both sides

Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #1833 on: February 03, 2019, 02:05:01 AM »
True but they only get paid if it works out for both sides

And you said they were professional lawyers? Lol

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1834 on: February 03, 2019, 02:10:22 AM »
And you said they were professional lawyers? Lol
Never called them lawyers just professionals:)

Offline ludmila

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Re: PSA: Don't swipe recklessly for others
« Reply #1835 on: February 03, 2019, 02:17:23 AM »
Mutual funds, he gambled it all away. Very brilliant guy from what I heard but compulsive gambler. Sad
Mutual funds?Chose an investment vehicle, not much of a gamble, unless he got caught up in the latest severe downturn. Should have traded futures, at least if it worked his way he would have made a fortune.
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #1836 on: February 03, 2019, 03:07:50 AM »
True but they only get paid if it works out for both sides

A competent lawyer would evaluate the possibility of working out a deal and recouping as much as possible before forcing the merchant into bankruptcy. Does not change the fact that the lawyer is working for the person that he bills and willl do all that he can to protect his clients interest, others be damned.

Offline churnbabychurn

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Re: PSA: Don't swipe recklessly for others
« Reply #1837 on: February 03, 2019, 08:49:25 AM »
why in the world would they coordinate with the other side's lawyer??
This is a BIG mistake. Tell your relative to tell his friends that they should NEVER take advice from an opposing party's lawyer. The lawyer for the merchant can be gearing up to protect his client from any lawsuits brought on by the victims, and can use any and all information the victims provide against them.

They must obtain their OWN counsel and have their own attorneys reach out to the merchant's attorney.
This is a continuation of the scam and fraud.
The perp is further taking advantage of the lack of sophistication of his victims.

He is controlling the process to his advantage. Terrible

Online zale

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Re: PSA: Don't swipe recklessly for others
« Reply #1838 on: February 03, 2019, 09:02:24 AM »
True but they only get paid if it works out for both sides

How can this work out for both sides?

Does the merchant have enough business assets that if sold would cover at least half of the credit card debt?

If not, does the merchant have personal assets that he and his lawyer will inevitably move to protect? Does he own a home? A car?

There is a strong possibility that his lawyers are simply staving off the victims for long enough so that he can move all of his personal assets out of the reach of creditors.

Offline Zalc

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Re: PSA: Don't swipe recklessly for others
« Reply #1839 on: February 03, 2019, 09:37:16 AM »
Never called them lawyers just professionals:)
Key words here...

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #1840 on: February 03, 2019, 10:08:51 AM »
How can this work out for both sides?

Does the merchant have enough business assets that if sold would cover at least half of the credit card debt?

If not, does the merchant have personal assets that he and his lawyer will inevitably move to protect? Does he own a home? A car?

There is a strong possibility that his lawyers are simply staving off the victims for long enough so that he can move all of his personal assets out of the reach of creditors.

From what I heard (admittedly third hand), the merchant and his lawyers claim to have a large amount of inventory which they will use to pay back (all/most?) capital once they move it.

That does not mean that the victims should just take their word for it, they should have their own attorney verify the claim.
« Last Edit: February 03, 2019, 10:11:52 AM by joey89 »

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1841 on: February 03, 2019, 10:10:14 AM »
How can this work out for both sides?

Does the merchant have enough business assets that if sold would cover at least half of the credit card debt?

If not, does the merchant have personal assets that he and his lawyer will inevitably move to protect? Does he own a home? A car?

There is a strong possibility that his lawyers are simply staving off the victims for long enough so that he can move all of his personal assets out of the reach of creditors.
I can not go into details on how this will work for it will risk the potential outcome of the story but if done right the cardholders will come out clean and the merchant will walk out (alive) from the story

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #1842 on: February 03, 2019, 10:16:46 AM »
I can not go into details on how this will work for it will risk the potential outcome of the story but if done right the cardholders will come out clean and the merchant will walk out (alive) from the story

I will remain skeptical till I see it work out.
Feel free to pm me details if you like and I may be willing to change my stance.

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1843 on: February 03, 2019, 10:26:34 AM »
I will remain skeptical till I see it work out.
Feel free to pm me details if you like and I may be willing to change my stance.
I am also skeptical but hopeful it all works out. I don't feel the need nor I want to share more info for that is not in the best interest of the cardholders

Offline churnbabychurn

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Re: PSA: Don't swipe recklessly for others
« Reply #1844 on: February 03, 2019, 11:09:39 AM »
I am also skeptical but hopeful it all works out. I don't feel the need nor I want to share more info for that is not in the best interest of the cardholders
Just rediculus. How is it not in the best interest of cardholders to share how " it's all going to work out"?

Transparency can help the victims feel secure that the perps won't run away with and final proceeds before making the marks whole.

They need a transparent bankruptcy process.