AMI's payment plan...

[33bird]

The thing that confuses me about this crazy plan is:
1. They owe me 22k
2. Why would they assume that I would want to even sell 22k worth of my stuff that I still got?
3. What if I didn't have any more stuff to sell to recoupe the 22k they owe me?
I can't wait to get their butts in court. It's gonna happen soon and I'll keep y'all posted. They don't have a leg to stand on. I can't believe they'll let it get all the way to the courtroom, but as stupid as they are, you never know.

[Mr.3000]

Am I missing a crucial piece here? Did they respond to you with an explaination? What does your remaining items have to do with this? Did they actually suggest you sell othe items?


Please, fill me in.

[33bird]

They offered me the same deal as everybody else: Sell more of your stuff thru us and we'll pay you directly. How does that help me? I don't want to sell anymore of my stuff and FOR SURE I don't want AMI to sell it for me.

[suicide_squeeze]

Greg,

Good luck partner......I sincerely mean that. I hope you get your money back, and soon.

[mvandor]

I will be amazed if they don't file bankruptcy shortly. The new payment plan is NOT going to induce people to consign, it's a huge red flag that will scare people away IMHO.

Sadly, all owed will be affected by a filing, just a question of which chapter they choose as to how much if anything creditors will see.

[schubert1970]

Greg, I wish you all the best. 22k is some serious bling....hell for that kind of money you could buy some cool Rose stuff.

[Mr.3000]

They offered me the same deal as everybody else: Sell more of your stuff thru us and we'll pay you directly. How does that help me? I don't want to sell anymore of my stuff and FOR SURE I don't want AMI to sell it for me.

Are you serious? (just an expression, I know you are).

Do they think that they are dealing with morons who were born yesterday? Oh yea, you owe me $22k and I'm going to give you even more stuff. Unreal. They are ridiculous to even suggest that.


Please, sue the hell out of them and get back you money, your wages from time lost at work (whatever that may be), court costs and throw in a few grand for pain and suffering.....worth a try.

They need to be taught a severe lesson.

[sportscentury]

I can't wait to get their butts in court. It's gonna happen soon and I'll keep y'all posted. They don't have a leg to stand on. I can't believe they'll let it get all the way to the courtroom, but as stupid as they are, you never know.

I don't want to rain on your already quite wet parade, but I wouldn't count on your lawsuit solving this. These guys are in terribly serious trouble. Anyone who is consigning with them is about a step away from being psychiatrically committable (i.e., is nuts). The court will very likely find in your favor (in no time at all), but then there is the process of drawing water from a well that has long run dry (or, at least, appears so on its face, in terms of identifiable assets). I wish you the very best, but my guess is that this will not be easily or quickly resolved.

[33bird]

No-don't misunderstand me. I'm gonna feel lucky if I get anything from them. But I'll give it my best shot and have fun sticking it to them.

[jbcindc]

I'm not a bankruptcy attorney, but I've witnessed a couple of corporate bankruptcies recently and some questionable company sales. If AMI is indeed headed towards bankruptcy there are a couple of ways they could "reorganize" their business. I suspect they have a number of bank loans and have given the bank some collateral, such as their home(s) for example. In one possible scenario, the bank could, in order to protect their investment, institute at UCC-1 Foreclosure in which the bank seizes all of the assets and sells them either in (ironically) an auction, or to a sole purchaser. The sole purchaser could be a group of investors that includes current AMI principals and a couple of new investors that help the current AMI ownership pass the red-faced test of this not being AMI stiffing everyone and becoming AMI again. The ownership has to look different in a UCC-!. For example, if AMI were 100% owned by Victor, he may have a 10% stake in the company trying to buy AMI's assets.

The sole company buys AMI's assets, name, web page, etc. for approximately the amount owed the bank. The remainder of the debt is effectively errased. The debt doesn't necessarily pass on to the new ownership group. The puchasing company can continue to use the AMI name, or change it as they see fit. They now own the AMI brand for whatever it's worth. That means AMI could go out of business and reemerge again as AMI without all of the debt. In that scenario I'm not sure why anyone would want to continue to do business with them, but even with the difficulties they're having now people seem to still consign items to AMI.

I feel for all the people waiting for monies owed them because I doubt they'll recover much of anything. If it were me, I'd probably try to reach a settlement with AMI for at least a portion of what is owed me. Maybe 75 cents on the dollar. That's easy to say, of course; I'm not owed money and feel screwed over.

There's my possible scenario to throw into the discussion.

Jason