Quoted from wmw:Sorry if this is a rehash of earlier posts but just to restate:
The liquidator of the old Bumper has repeatedly said the old Bumper has nothing to do with this. The new Bumper, when buying the old Bumper, took on ALL responsibility for the WOZ pins and money. It is part of the contract of sale between the two entities. Therefore the new Bumper is legally responsible. And apparently that's why the liquidator hasn't heard of Belhill Investment Trust, the account to which we all paid our money. This is what the new Bumper confirmed to buyers when they asked as to why the liquidator hadn't heard of Belhill. Plus new Bumper have told buyers more than once that they haven taken on all responsibilities. (Although now they say they're not responsible.)
As far as we know JJP cannot return the $150,000 to the liquidator even if he wanted to, for the reason above. Nor should he, in my opinion, as the people (me included) who've put down deposits or paid in full wouldn't get a cent of it. We are not registered unsecured creditors of the old Bumper and we couldn't be even if we wanted because it's not a part of the business. (Besides, unsecured creditors are last in line getting any money - it usually means you get nothing.) The legal responsibility for WOZ and all the money rests solely on the shoulders of the new Bumper.
JJP shouldn't, and won't as far as I've been told, return the money to the new Bumper. And same with the 25 WOZs, which is now apparently 20. The original demo is being counted, as are the four that arrived here this past week, whose whereabouts no one seems to know. No mention of the four WOZs have been made by the new Bumper in two emails this week to all those involved. Plus the problem of converting the deposits/paid in full orders to an order of fully paid 20 LEs is who gets them? And what about the 2 non LEs ordered?
JJP says they've repeatedly asked old and new Bumper for names of those who've paid and how much, plus order dates. Both Bumpers have continually ignored the request. What needs to be worked out is how much money is short, if any, and then obviously what can be done. New Bumper have twice told customers they have given the details to JJP which Jack says they haven't.
Should have just started here instead of reviewing this entire subject. Thanks for the recap. It's an interesting situation and oh so complicated. All I can say is, there's a bunch of lawyers going to get rich on this one......