Rallying Vendors Affected by Digital River Payment Issues for a Class Action Lawsuit

[ssec]

I have just been contacted by our lawyers who suspect an announcement that DR is going to go into some form of Bankruptcy is imminent, possibly today or tomorrow - after another Law Firm in Germany specialising in “Restructuring and Insolvency" wished to talk to him in regards DR.

We are unfortunately one of the largest debts it would seem in this group and perhaps that has prompted the call - we have a meeting this afternoon and should I get anymore news of any value I will post here whatever I can - unless advised not to for legal reasons.

I suspect the end is 'nigh' - which in a way will be a mercy as at least we are not left clinging to some forlorn and unrealistic hope that somehow this is all going to end alright - when clearly, it is not going to be alright.

Thank you for your updates on this forum! Please keep them coming if you can... as we are in the total dark here otherwise .... is the bankruptcy related to just DR GmbH and MyCommerce or to all of DR worldwide?

[afrozalam]

Hi Everyone,

My company is also affected with this DR Payout and have not received money from Sept'24
Any help would be appreciated

[divinglog]

I've asked a collection company (Inkasso in German) about the GmbH and they told me that it has a rating of 1.6 and they were not aware of any issues at all. Crazy

[afrozalam]

I reached out to 2 different payment processor and they are hearing this rumor of DR declaring insolvency. In case if this is true then how we will get back our money?

[yps]

how we will get back our money?

Not at all. That's the point of an insolvency.

[Richard_Synapse]

Hi Everyone,

My company is also affected with this DR Payout and have not received money from Sept'24
Any help would be appreciated

Does this mean you got paid for both July+August?

[yps]

I've asked a collection company (Inkasso in German) about the GmbH and they told me that it has a rating of 1.6 and they were not aware of any issues at all. Crazy

These rating agencies basically only check the annual reports from the past years, but they have no insight into what's happening during the current year, or what the current balance of their bank accounts is. So if everything is going down the drain real quickly, they won't notice at all.

[ssec]

If they go bankrupt, administrators will be called in, they will freeze all accounts, try to recover money if possible, if then there's money left they will pay creditors with it , in order of credit rating, senior debt first then junior , employees etc , if there's some left publishers might get some. Can take many months. Big difference if it's just GmbH or DR worldwide.

[ssec]

Bankruptcy is not a joke and the directors of a bankrupt company can go to jail for it if they acted illegally.

[yps]

Only if there is evidence that they anticipated insolvency, and did not file for it on time.

Also, the former and current CEOs are American, and there is no extradiction treaty that would allow them to be deported to Germany. So the worst consequence they are facing is a (virtual) EU travel ban.

But I guess they have a gang of good lawyers that can explain why all of this happened so unexpectedly.

[Pozo]

By the way there is an official German portal which lists all officially registered insolvencies.

It is here: https://neu.insolvenzbekanntmachungen.de/ap/suche.jsf

Currently there is nothing listed when you search for DR.

[SomeoneElsesCommerce]

I have just been contacted by our lawyers who suspect an announcement that DR is going to go into some form of Bankruptcy is imminent, possibly today or tomorrow - after another Law Firm in Germany specialising in “Restructuring and Insolvency" wished to talk to him in regards DR.

This could be a brilliant pоker move on their side. Make every possible hint that they are going into bankruptcy (but without telling it directly, which would be a fraud), and get you to settle for a smaller amount and sign an NDA.

I could be wrong, but their current game looks like trying to buy themselves some time, while confusing the vendors as much as possible, and minimize the chance of a legal action because they know they would lose it. In this case, the right course of action is taking them straight to court - they will likely settle the last moment, as long as you sign an NDA so you cannot advise others to follow suit.

[ptnd691]

We successfully refunded all our clients at the end of October, and it went smoothly—many confirmed receiving their refund and have already re-ordered through our new payment provider. For those who may still have access to their dashboard, if any, I strongly recommend doing so.

[Tone2 Synthesizers]

Several other people in the other thread wrote that their customers did not receive the refunds.
Furthermore, by doing this you get a reputation loss towards the customers

[afrozalam]

Hi Everyone,

My company is also affected with this DR Payout and have not received money from Sept'24
Any help would be appreciated

Does this mean you got paid for both July+August?

Yes, our problem started from Sept. But we were not aware till last week of October.
Does anyone got any more information or plan to deal with this kind of situation