is Swiftech insolvent ?

[BillA]

no insider info here, just public documents

https://www.otcstockinfo.com/reposit...58376_FR22.pdf
initially Swiftech was not disclosing the 2 years of deferred compensation owing me
https://www.otcstockinfo.com/reposit...58376_FR33.pdf
then the debt to me was added and the stockholders equity went from $72k to $16k
- MOST distressing was to see my back salary described as "Long-Term Liabilities"

as of last week Gabe unilaterally and w/o notice terminated repayment of back wages extending back over a year

I have 1.6M shares in a company that refuses to pay its debt to me
bummer

[Jag]

WHAT?!

This had nothing to do with Swiftech's latest reaction towards you?
BillA you've agreed to be a shareholder even knowing that something was amiss, or Swiftech started paying with shares?

Originally Posted by unregistered

no insider info here, just public documents

https://www.otcstockinfo.com/reposit...58376_FR22.pdf
initially Swiftech was not disclosing the 2 years of deferred compensation owing me
https://www.otcstockinfo.com/reposit...58376_FR33.pdf
then the debt to me was added and the stockholders equity went from $72k to $16k
- MOST distressing was to see my back salary described as "Long-Term Liabilities"

as of last week Gabe unilaterally and w/o notice terminated repayment of back wages extending back over a year

I have 1.6M shares in a company that refuses to pay its debt to me
bummer

[BillA]

lol, enjoyed that Jag
that is, I assert, libel per se

. . . . . .

[Brians256]

Dang, Bill! I hope that gets resolved quickly. I thought Gabe (and Swiftech as a company) had more integrity than that.

I know this actually hurts your prospects of getting your back pay, but this makes me not want to buy from them.

[BillA]

my hope is that the State of California, Division of Labor Standards Enforcement will address it; I have filed
if I have to sue I'm probably screwed
but if they go belly-up, wages are paid before general creditors

I believe this is a lose - lose situation
yup, its about integrity and expediency; choices - who plays and who pays (not always the same)

Jag, responded to your link

[Jag]

Well, very damaging stuff.
I guess the phrase "Big Players make Big Dollars" isn't true after all (in the public's eye Swiftech made shitloads of money...).
Sort of gives you a perception of how small this business really is, and makes you wonder if watercooling will ever be a consolidated market.
On a side note, i keep recalling Cathar's words on this subject.

To tell the truth it was something i never expected.

I take it, this is your final move in order to get what is yours, so if Swiftech had fullfiled its obligations in the first place, probably no one (general public) would get wind of this (and you'd probably be working there aswell).

Just one question: if the company (Swiftech) is in such a bad shape (financially) why buying the manufacturing rights for the Storm -->a high price/limited quantities block?

[BillA]

Swiftech's business is Swiftech's business Jag, feel free to speculate but ask me nothing

this thread is about a debt Gabe has stopped paying

[Jag]

Originally Posted by unregistered

this thread is about a debt Gabe has stopped paying

Yes, you're right, didn't mean to relegate your situation to a secondary place.

[BillA]

Originally Posted by Jag

Yes, you're right, didn't mean to relegate your situation to a secondary place.

already done thanks, my 'situation' is far less than secondary - lol
I was stating that I will not answer questions, of the type you enjoy asking, about Swiftech's (internal) business (decisions).

[jaydee]

Interesting. I thought Swiftech was a much larger company. The traveling job I quit this last summer tried to screw me on sallery owed to me. They didn't get to far with that. Here in WA any sallery you can prove to be owed to you must be paid or you can sue for double damages. What was owed was paid luckily without getting into a court room.

Good luck Bill.

[maxSaleen]

Here in WA any sallery you can prove to be owed to you must be paid or you can sue for double damages.

Double wages? I doubt any company would want to risk losing that lawsuit.

That's a real screw job, Bill. Especially since you've contributed so much to the company and to the community. Just out of principle, I won't buy from swiftech any more. Too many other good products out there.

I had always viewed swiftech as a company of great integrity (primarily due to build quality and that whole "made in USA" thing. I know that's not a correct thing to do, but I'm sure there are a few that can sympathize with my feelings.

Best of luck. Hopefully you don't have to get in with any sharks...er... lawyers.

On a side note, how many shares of swiftech (rouchon ind.) are outstanding? You can tell us that, as it is public record (I just don't feel like looking for it).

[jaydee]

Originally Posted by maxSaleen

Double wages? I doubt any company would want to risk losing that lawsuit.

That's a real screw job, Bill. Especially since you've contributed so much to the company and to the community. Just out of principle, I won't buy from swiftech any more. Too many other good products out there.

I had always viewed swiftech as a company of great integrity (primarily due to build quality and that whole "made in USA" thing. I know that's not a correct thing to do, but I'm sure there are a few that can sympathize with my feelings.

Best of luck. Hopefully you don't have to get in with any sharks...er... lawyers.

On a side note, how many shares of swiftech (rouchon ind.) are outstanding? You can tell us that, as it is public record (I just don't feel like looking for it).

Actually triple according to my lawyer. You get what your owed plus double damages which is twice the amount on top of whats owed.

I don't think anything from Swiftech was made in the USA though..

[bigben2k]

Ouch. Again, Bill?

[BillA]

edited

ms, https://www.otcstockinfo.com/reposit...58376_FR23.pdf
~22M issued

[bigben2k]

Off by 2 orders of magnitude. Removed.

Apparently you can negotiate a deal, but you might consider finding a manager. FWIW, contract work with stock options is becoming 'trendy'.

[BillA]

touché
it is manifestly apparent that I cannot negotiate with the likes of Gabe
good faith, verbal agreements (written by me, verbal by him), even a handshake as I walked out the door
wheee, what a naive fool
he actually made a dunce of me twice
it seems I am Swiftech's major creditor, my 'loan' earns NO interest, and NO payments are required

I do have to laugh at my calling others 'stupid', 'nother slice of humble-pie please

[frenchnew]

Originally Posted by unregistered

touché
it is manifestly apparent that I cannot negotiate with the likes of Gabe
good faith, verbal agreements (written by me, verbal by him), even a handshake as I walked out the door
wheee, what a naive fool
he actually made a dunce of me twice
it seems I am Swiftech's major creditor, my 'loan' earns NO interest, and NO payments are required

I do have to laugh at my calling others 'stupid', 'nother slice of humble-pie please

Go easy on yourself!

You are not the first person who got in business on good faith, verbal agreements and a frienfdly handshake and you will not be the last.

As someone who told me a while ago, a business contract is like a marriage contract. Should anything go wrong, they will come in handy!

The greed that some people have keep's amazing me everyday and I do not properly understand their quest for money at the expense of other people's frienships.

Best regards and do keep your chin up

frenchnew

[Lothar5150]

Originally Posted by frenchnew

Go easy on yourself!

You are not the first person who got in business on good faith, verbal agreements and a frienfdly handshake and you will not be the last.

As someone who told me a while ago, a business contract is like a marriage contract. Should anything go wrong, they will come in handy!

The greed that some people have keep's amazing me everyday and I do not properly understand their quest for money at the expense of other people's frienships.

Best regards and do keep your chin up

frenchnew

Swiftech has also no respect for written contracts.

…Cathar you may wish to take note.

[Long Haired Git]

I had a VERY large American IT company hold on on me for 9 months.
As you say, no interest paid on that.
I had a contract, but then you get into the costs, both legal and professional, of going to court.
In the end they did the right thing, but only because they needed me and I was sitting at home refusing to do any more work until they settled up.
At first I wasn't too concerned, I've been contracting my entire professional career and so am used to and prepared for long gaps between payments. Got a little out of hand though.
In the end I still work for them however an agency sits between them and me now, and I get paid when my timesheet is signed and the Agency can deal with the lengthy payment terms....

BillA, lets turn this around. If you haven't been paid for the big radiator review, who owns it?
Next, if you proffer a written contract and begin work, even if it is unsigned, it can be considered in force as the work was done under the offer of it. Little grey there, but I remember a contractor who refused to turn up to work as his new contract had different wording to the old one.

[BillA]

Swiftech's business is their business, as their property is their property
Gabe just finds it less troublesome to not pay me than to not pay someone else
I had an agreement covering my training my replacement, and being 'repaid'; but I got scammed
but why should I have expected Gabe to treat me differently than any other replaced supplier ?
once I introduced Stephen to the equip Gabe no longer needed anything of me so he stopped paying

or is Swiftech insolvent ?
the up-coming quarterly report should be interesting

[Joe]

Hell we had a written contract with the hotel we ran the LAN gaming things I did back a year ago. Then they turned around, and with some high priced lawyers worked through the contract to bill us an extra 1600$ just for the fun of it.

Since then I just assume all contracts are swiss cheese, and with a good enough lawyer you can override any business agreement with ease. Ive been burned a few times by the handshake kind of business agreement also... I just live by the policy : Trust No One Ever. And always expect to be ****ed over when you least expect it.

You will never be dissapointed.

[BillA]

capitalism has 'progressed' in our society to equating the making of money with 'success'; and we have become a bunch of whores as a consequence, aping the antics of the rich as if they were worth something to emulate
- in the land of the rich, right = expedient

my difficulty Joe is philosophical, I wish to live in an honest world and I persist in my delusion that I will be treated accordingly
such is my 'fault' I accept, but I still wish to act in the manner in which I wish to live (consistancy is important to me, a luxury I know)
- life has been difficult, this is not a strategy for 'success'

[Brians256]

That is God's honest truth, Bill.

Rules to live by:
1) Never assume a contract is solid.
2) Never work without a contract.
3) Never tell anyone anything that can be used against you. That includes all the protected professions that are supposed to preserve your privacy: attorneys, doctors and counselors.
4) Live your own life better than those that make rules number one through three necessary.

[Les]

Originally Posted by Brians256

Rules to live by:
1).

Self 1st.
Minimum harm to others

[Cathar]

Originally Posted by unregistered

capitalism has 'progressed' in our society to equating the making of money with 'success'; and we have become a bunch of whores as a consequence, aping the antics of the rich as if they were worth something to emulate
- in the land of the rich, right = expedient

Wow Bill. Living proof that there are Americans who see through the extreme capitalistic bullshit.