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

[Tone2 Synthesizers]

If I read this correcty we get 0.4% of the money that they owe to us.

[BertKoor]

If no further action is taken, you let the crooks get away with it.
If you want him/them to go to jail, someone has to press charges!

[just_asking]

Hi everyone,

I’m looking to connect with others who have had commercial relationships with Digital River Inc. and have been affected by their insolvencies.

If you have faced non-payment by Digital River Inc., please share your experience here (or via PM). The goal is to compare notes and assess possible next steps, as there seems to be little accountability for Digital River Inc. despite the cascading insolvencies of its subsidiaries around it!
(I am currently in discussions with a law firm about potential legal options as well.)

Thanks,

A.

[quikquak]

Unfortunately, you can’t do anything about it… apart from paying someone to tell you as much.

[sft234]

When there's no money left then unfortunately also noone can be paid. That simple.
The raw numbers taken from the report of the creditors' meeting on July 30:

Merchant claims: 77.852.649,63 €
Free assets: 700.898,79 € (probably real estate)
Liquid assets: 2.540,00 €

So the available assets in relation to the open claims (owed money to merchants) is not even 1%.
And this even before subtraction of the procedural costs (lawyers, court, etc.).

We wrote to AndresPartner (the insolvency manager) to ask how things are proceeding from now as a party whose claims were confirmed in the full amount and not even got an answer anymore.

So I guess it's over. I makes no sense to waste one single minute of more time on this -
Accept the loss, and go on...

[BertKoor]

I don't have a horse in this race, but a serious crime was committed. Nothing could be done back then until the company went bankrupt.

Do you find it acceptable that the responsible people can just walk away without consequences?

Anybody who contacted the police: any update on their investigation?

[quikquak]

Yes, it's a terrible thing, man. Have you read what "Chapter 7 bankruptcy" does? It makes me feel sick.

[sft234]

Native Instruments seems to go the same way now. In January 2021, it was reported that the US-american private equity firm, Francisco Partners, acquired a majority stake in Native Instruments.

Now Native Instruments is in the process for preliminary insolvency:
viewtopic.php?t=627432

It looks very similar to the case of Digital River. Both German companies bought by US-american venture capital companies. Much too much debt loaded on it, draw out a few millons, and then file for insolvency.

[virtualdj]

no, this is completely different from the DR case.
Native Instrument is a legit case of insolvency. They grew up fast at the beginning of the decade, founded by some talented guys. the original founders had to leave (because of some scandal), the remaining team couldn't keep the products innovating, but kept racking up big salary bills, the company started loosing money. Francisco Partners saw some potential because of the notoriety of the brands, and tried to save it, but in the end it didn't work.
Nobody got scammed, and everything was done right.

Nothing like the DR case that was obviously designed to steal from all their vendors.

[quikquak]

It seems similar though, in that both had creditors that need paying off before anyone else gets paid.