Author Topic: Revostock Payments (Read 68874 times)

Noedelhap · « **Reply #125 on:** October 23, 2015, 06:19 »

I feel bad for all contributors who are still waiting for their money.

Closing the site is one thing (it's probably for the best), but it's extremely disgraceful to leave contributors in the dark regarding their payments, even without a way to contact them. Also, using contributor's money to keep the company going is simply unethical.

cg3dphoto · « **Reply #126 on:** October 23, 2015, 07:40 »

They owe me $550, requested for payment long long time ago, but never got paid...

Justanotherphotographer · « **Reply #127 on:** October 23, 2015, 10:50 »

Is it illegal for them to dip into the contributors percentage? Was that money ever legally theirs?

PeterChigmaroff · « **Reply #128 on:** October 23, 2015, 12:11 »

Quote from: jamesbenet on October 23, 2015, 04:21

It will be interesting what that partnership looks like and if we will have access to retroactive payments.

Let me say that anything can happen, but if I were a betting person, I wouldn't put my money that happening.

danilo.afx · « **Reply #129 on:** October 25, 2015, 11:32 »

They owe me $300,00, maybe more. After all, how do we really know that the last sales were computed?

Pixart · « **Reply #130 on:** October 25, 2015, 15:31 »

What country are they from? Was this a legit business? How can they just close a business and think they can just walk away? Can't their creditors push them into bankruptcy? I mean this guy gets to keep his car and his house when he owes a significant amount of money? I'm not going to go back through this thread and add it up, but a low few K $ has been mentioned already.

increasingdifficulty · « **Reply #131 on:** October 25, 2015, 15:56 »

It WAS a very legit business and they are from Texas. I enjoyed some good years with them but I think he panicked these last two years because of a lawsuit and made some very bad decisions. He should never have used our 45% to cover "new marketing methods" or salaries. I can live without my $1,300 but I do feel robbed and it would be nice to get some of it back...

Noedelhap · « **Reply #132 on:** October 25, 2015, 18:28 »

Quote from: Pixart on October 25, 2015, 15:31

What country are they from? Was this a legit business? How can they just close a business and think they can just walk away? Can't their creditors push them into bankruptcy? I mean this guy gets to keep his car and his house when he owes a significant amount of money? I'm not going to go back through this thread and add it up, but a low few K $ has been mentioned already.

Well, businesses like that are often set up to prevent personal liability. If I'm correct, Revostock is a corporation so yes, although Revostock may be bankrupted, Craig gets to keep his car, house and other personal belongings. You can't sue the person Craig Lillard, but you can declare his company bankrupt, and whether or not you'll get your money, depends on whether there are enough assets left to sell.

I'm not a lawyer, but that's the way I understand it.

Mantis · « **Reply #133 on:** October 25, 2015, 20:11 »

Quote from: Noedelhap on October 25, 2015, 18:28

Quote from: Pixart on October 25, 2015, 15:31
What country are they from? Was this a legit business? How can they just close a business and think they can just walk away? Can't their creditors push them into bankruptcy? I mean this guy gets to keep his car and his house when he owes a significant amount of money? I'm not going to go back through this thread and add it up, but a low few K $ has been mentioned already.

Well, businesses like that are often set up to prevent personal liability. If I'm correct, Revostock is a corporation so yes, although Revostock may be bankrupted, Craig gets to keep his car, house and other personal belongings. You can't sue the person Craig Lillard, but you can declare his company bankrupt, and whether or not you'll get your money, depends on whether there are enough assets left to sell.

I'm not a lawyer, but that's the way I understand it.

However, i believe there was a crime. The owner knowlingly ripped off contributors for a year or more. A crime cannot be protected behind the cloak of bankruptcy.

Noedelhap · « **Reply #134 on:** October 26, 2015, 03:28 »

Quote from: Mantis on October 25, 2015, 20:11

Quote from: Noedelhap on October 25, 2015, 18:28
Quote from: Pixart on October 25, 2015, 15:31
What country are they from? Was this a legit business? How can they just close a business and think they can just walk away? Can't their creditors push them into bankruptcy? I mean this guy gets to keep his car and his house when he owes a significant amount of money? I'm not going to go back through this thread and add it up, but a low few K $ has been mentioned already.

Well, businesses like that are often set up to prevent personal liability. If I'm correct, Revostock is a corporation so yes, although Revostock may be bankrupted, Craig gets to keep his car, house and other personal belongings. You can't sue the person Craig Lillard, but you can declare his company bankrupt, and whether or not you'll get your money, depends on whether there are enough assets left to sell.

I'm not a lawyer, but that's the way I understand it.

However, i believe there was a crime. The owner knowlingly ripped off contributors for a year or more. A crime cannot be protected behind the cloak of bankruptcy.

In that case I advise you consult your lawyer.

Microstockphoto · « **Reply #135 on:** October 26, 2015, 04:10 »

Any business that goes bankrupt ends up with creditors and the bank gets paid first and then the rest of creditors if there is anything left so the contributors will be paid off last if ever. also if they are not bankrupt it is a different situation. however i would suggest everybody who is owned money to put in a claim asap. i cant believe some people here are ok with losng 1300 dollars or whatever the amount

sharpshot · « **Reply #136 on:** October 26, 2015, 04:46 »

Does the money owed to people belong to Revostock or the contributors? I presume it isn't Revostocks money. Some sites might get away with not paying out below a payment threshold but how can they do this when its a much larger amount of money? Where have Revostock said that they have spent the money owed to contributors? Aren't their laws against that?

increasingdifficulty · « **Reply #137 on:** October 26, 2015, 05:05 »

Well, the owner frequently posted "excuse" posts saying he couldn't pay, because they needed the money for marketing and other costs. So yes, they spent OUR money, which, if not illegal, at least is a breach of contract.

Mantis · « **Reply #138 on:** October 26, 2015, 07:31 »

Quote from: Noedelhap on October 26, 2015, 03:28

Quote from: Mantis on October 25, 2015, 20:11
Quote from: Noedelhap on October 25, 2015, 18:28
Quote from: Pixart on October 25, 2015, 15:31
What country are they from? Was this a legit business? How can they just close a business and think they can just walk away? Can't their creditors push them into bankruptcy? I mean this guy gets to keep his car and his house when he owes a significant amount of money? I'm not going to go back through this thread and add it up, but a low few K $ has been mentioned already.

Well, businesses like that are often set up to prevent personal liability. If I'm correct, Revostock is a corporation so yes, although Revostock may be bankrupted, Craig gets to keep his car, house and other personal belongings. You can't sue the person Craig Lillard, but you can declare his company bankrupt, and whether or not you'll get your money, depends on whether there are enough assets left to sell.

I'm not a lawyer, but that's the way I understand it.

However, i believe there was a crime. The owner knowlingly ripped off contributors for a year or more. A crime cannot be protected behind the cloak of bankruptcy.

In that case I advise you consult your lawyer.

I only lost $80. I wasn't stating this to you per se, just saying that the dollar amounts people are claiming they are owed is tantamount to a more purpose driven behavior by the REVO owner. Not worth the hassle for me, but others who lost thousands I certainly would suggest they speak with an attorney.

sharpshot · « **Reply #139 on:** October 26, 2015, 08:23 »

Quote from: increasingdifficulty on October 26, 2015, 05:05

Well, the owner frequently posted "excuse" posts saying he couldn't pay, because they needed the money for marketing and other costs. So yes, they spent OUR money, which, if not illegal, at least is a breach of contract.

If they have spent all the money, I'm not sure how they will explain it to the tax man. I'm not a legal expert but I wouldn't like to of spent money that should of had tax paid on it. Hopefully they haven't been that reckless.

increasingdifficulty · « **Reply #140 on:** October 26, 2015, 09:12 »

You don't pay tax on business expenses.

sharpshot · « **Reply #141 on:** October 26, 2015, 09:22 »

Most contributors would declare and pay tax if they received their earnings, so if they spent that money instead of paying out, isn't the tax man losing out as well?

increasingdifficulty · « **Reply #142 on:** October 26, 2015, 09:26 »

Well, that would be the "tax man" for each and every country the authors are from. That's not really the issue here though so let's not get too far off track.

PeterChigmaroff · « **Reply #143 on:** October 26, 2015, 09:51 »

Quote from: sharpshot on October 26, 2015, 09:22

Most contributors would declare and pay tax if they received their earnings, so if they spent that money instead of paying out, isn't the tax man losing out as well?

The tax man isn't someone I hold a great deal of sympathy for.

Pixart · « **Reply #144 on:** October 26, 2015, 14:17 »

Quote from: sharpshot on October 26, 2015, 04:46

Does the money owed to people belong to Revostock or the contributors? I presume it isn't Revostocks money. Some sites might get away with not paying out below a payment threshold but how can they do this when its a much larger amount of money? Where have Revostock said that they have spent the money owed to contributors? Aren't their laws against that?

Of course the money is owed to the contributors. Revostock is selling a property for a contributor and has a fiduciary responsibility to them.

What difference is this to someone knitting hats and having a shop sell them on consignment? You would expect to get paid for every hat that is sold. Think bigger - horses or used cars. Why would digital property be any different?

weathernewsonline · « **Reply #145 on:** October 26, 2015, 16:12 »

Some have said it could be a pyramid, a fraud, a crime, possibly or how about a founder of a startup business who hung on to the bitter end trying to the best of his ability to somehow recover and save the company?, Bankruptcy is a terrible thing with long lasting effects. A lot of businesses would close the doors/site and file bankruptcy upon being served such a lawsuit or at the first instance the company has run out of capital and is not profitable.

To admit there are problems is also a challenge, if you couldn't pay your bills or lost your source of income would you phone the credit card and mortgage company right away and tell them you might be in trouble? no, because they would instantly cancel your credit and call your loans. As soon as you admit there is trouble suppliers, customers and creditors will act so it's a tough balance between telling the truth and not.

Many hang on to the bitter end until they have to walk into the bankruptcy trustees office and surrender. So maybe he should have closed shop much earlier instead of stringing everyone along? Hard to say. That might be his mistake. of course if it was something criminal then a totally different story.

CreativeMedias · « **Reply #146 on:** October 26, 2015, 20:38 »

Hi everyone,

I just find this discussion about Revostock, and this great forum about our living. Thank you for sharing all these informations!

I just want to tell my experience. I always trusted Craig as Revostock is the first marketplace where I sold my items. I also had always a great communication with him.

Like many other producers I was getting paid time to time (some 2K withdraws) from 2014. It didn't covered all my earnings and the royalties dues increased to 10K. I decided to support at 100% Revo and didn't removed my content. When they closed the website the amount due was close to 12K.

So I think it is an inverted pyramid system, as big authors like FluxVFX were funding the other producers ;-) I still can't believe what happened, and I don't understand why the content, the infrastructure does not interest investors. It is a shame to loose years of efforts due to a patent troll.

I am not based in USA and I don't know what rights do we have on this. But if someone is taking action count me in.

- Florian Godard

increasingdifficulty · « **Reply #147 on:** October 27, 2015, 04:45 »

Wow, 12k, that's the biggest I've seen so far. This leads me to believe that the total owed is MUCH more than $100,000. I guess it can be as high as $500,000. They must have been making some serious money.

Justanotherphotographer · « **Reply #148 on:** October 27, 2015, 06:46 »

Does anyone know if they have actually officially gone bankrupt? If so auditors will be looking into all this. Is there a way to check?

fotorob · « **Reply #149 on:** October 27, 2015, 08:26 »

I am missing around 900 Euro payout that I requested in the beginning of 2015... :-(

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Author Topic: Revostock Payments (Read 68874 times)

Noedelhap

cg3dphoto

Justanotherphotographer

PeterChigmaroff

danilo.afx

Pixart

increasingdifficulty

Noedelhap

Mantis

Noedelhap

Microstockphoto

sharpshot

increasingdifficulty

Mantis

sharpshot

increasingdifficulty

sharpshot

increasingdifficulty

PeterChigmaroff

Pixart

weathernewsonline

CreativeMedias

increasingdifficulty

Justanotherphotographer

fotorob

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