What's Up With Epic (Azoogle) Payments?

Will Epic Fold?

  • Yes

    Votes: 218 74.1%

  • No

    Votes: 76 25.9%
  • Total voters
    294


"At this point we must advise that no payments will be able to be made and would ask that calls are not made as the sheer number of creditors would potentially flood even the largest of phone systems."

That says it all. Joe/Alex conveniently exited stage left before this mess
 
Has anyone heard anything from the guy with the Comcast email address, who was hired to try and prevent Epic's bankruptcy? Any settlements being offered yet?
 
i was afraid to go with them.They have been top networks once upon a time but now they are going down .It is the issue with many top networks now
 
Who's taking the 50% haircut being offered? Is there any other option??? I wasn't expecting to get anything back so I guess 50cents on the dollar isn't so bad... Still pissed at them though..........
 
seether777 said:
Who's taking the 50% haircut being offered? Is there any other option??? I wasn't expecting to get anything back so I guess 50cents on the dollar isn't so bad... Still pissed at them though..........
Click to expand...
Problem with that, is that it's really only paying a few % until March 2013, when they'll pay the rest of the 50% still owed. Not holding my breath. If they file bankruptcy, your bankruptcy claim would still be the total owed, minus anything paid, rather than 50%. Of course, in bankruptcy, you'd probably get even less than 50% on what's owed. I'm going for it - better than nothing, and probably better than bankruptcy. Already profited off of my campaigns, didn't actually lose money, just didn't make nearly as much as I had hoped.
 
johu said:
Problem with that, is that it's really only paying a few % until March 2013, when they'll pay the rest of the 50% still owed. Not holding my breath. If they file bankruptcy, your bankruptcy claim would still be the total owed, minus anything paid, rather than 50%. Of course, in bankruptcy, you'd probably get even less than 50% on what's owed. I'm going for it - better than nothing, and probably better than bankruptcy. Already profited off of my campaigns, didn't actually lose money, just didn't make nearly as much as I had hoped.
Click to expand...

I don't think it will go ahead as the letter said 90% of the creditors have to agree (that being creditors owed 90% of the money). I've already spoken to a couple of people owed $xx,xxx who aren't taking it, and I'd imagine more of the bigger guys will feel the same.
 
Trashbat said:
I don't think it will go ahead as the letter said 90% of the creditors have to agree (that being creditors owed 90% of the money). I've already spoken to a couple of people owed $xx,xxx who aren't taking it, and I'd imagine more of the bigger guys will feel the same.
Click to expand...
Currently owed $xx,xxx - Either way, I know I'll have to settle for a fraction of what's owed, and I'm guessing that bankruptcy in inevitable, but getting a few % of what's owed, and then going into the bankruptcy creditor pool seems better than just waiting for bankruptcy to take its course. If anyone has a position here, preferably having dealt with bankruptcy as a creditor, any suggestions would be appreciated.

Anyway, Matomy Media has entered into a service agreement with Epic (e.g. buying their affiliate list?) - Got a call from them this morning, and guess what number was on the caller ID, with them calling from the Epic office? Kinetic Social's number, of course.
 
Got a check from Epic last week. VERY small % of what's owed, but it's something... Total scam what they did with Kenetic Social... I have confirmed that most of the former Epic employees were in the dark on the whole sham and get hosed too...
 
Got another check from Epic. MUCH larger than the last one. I thought they were going to dribble it out over six months and then make a big pmt (to payout like 50% of bal due...) oh well, not complaining; off to the bank!
 
December's payment won't be made... from an email just received:

Dear Creditors,

My client has asked me to send the communication below to you all regarding the plan payments and events forward. I understand everyone’s frustration and Accord is doing everything it can to express your concerns:

One of Epic Media Group’s (EMG) assets that was expected to generate a return in the 4th quarter of 2012 has failed to pay on time. As a result, EMG will be unable to make a current payment in accordance with the plan which was offered as settlement in its debt to creditors (“plan”). The board is engaging in best efforts to resolve this situation, and is hopeful that it will return to being in a position to make payments in early Q1, 2013.
Thank you for your considered faith in resolving this through alternative means. EMG remains hopeful that a good outcome will result in this matter. We will advise if anything material changes and as soon as we are able to recommence payments under the plan.
Epic Media Group
From my discussions with management, they will do everything they can to catch up the scheduled payments in January. Fortunately, the longer term view for the March payout at this point is still looking confident.


Thank you,

Vito E. Lella
Accord Associates Denver, Ltd.
8792 Mourning Dove Ln.
Highlands Ranch, CO 80126
(303) 683-6434 Tel.
(303) 683-2685 Fax
Bankruptcy,business,settlement,reduce debts
Click to expand...
 
You must log in or register to reply here.
Top Bottom