Can I do anything about this?
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Posted by John on July 23, 2003 at 06:32:26:
I worked as a development manager for a multimedia company that produced online e-learning courses for Fortune 50 companies. The company employed about 40 people that produced these courses. With about 60 employees total.
In January of last year, we came into work one day and they anounced the company was closing immediately. They said they had run out of money and our paychecks that had been depoisted into our bank accounts would all be reversed as there was no money in the companies account to cover the payroll. So non of the employees were paid for their last 2 weeks of work at the company. Some were actually not paid for the last 4 weeks as the banks reversed even more deposits to cover their own loss.
At that point the company went into bankruptcy and the employees were never paid anything. The assets were all turn over to the main Venture Capital Invester, since it turns out they had given their last $100,000 to the company a few weeks before and the company put all of the assets up as collateral for the $100,000 loan.
Well, after the company is closed, we find out that the previous CEO and his partner, then purchased much of the work (source files) that was in the process of being developed. They then finish the projects collect the money for the projects and give the VC a percentage of the sales.
Also, another company purchased source files from other contracts and finished a couple of other contracts.
All together, the completed contracts paid $300,000 to $500,000. And 98% of the projects were completed by the original company and the employees.
Now, my question is...
These projects were sold to companies such as IBM, GE, Zurich, and Pepsico. The projects are mostly still in use today.
Any info, advice, and background into a situation of this nature is appreciated.
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