(Topic ID: 112377)

DP USA Refund - Still Want the Game


By JDinNOVA

5 years ago



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14
#2366 5 years ago

I'm sure that nobody wants my opinion because I am a newer user who usually only lurks on Pinside. Call me whatever names you want. I don't want to start any s*%^ here or anything but, that being said, I've followed this debacle from the beginning and I would have requested a refund the second I saw Phil's first post. I work in a totally different industry, however some aspects of it share some similarities with this situation. My experience is with hedge-funds. "Quarterly redemptions make this one safe! My advisor told me I can get out any time I want." Know how many times I've heard this? Then the manager of the fund farts and there is a run for the exits and POOF your liquidity (and often your money) disappear. Same situation. Whether or not you guys want to believe it, DP is likely a seriously impaired company at this point. If refunds requested after the 'incident' aren't going out, that's a really bad sign. The fact that some of you are even contemplating sending them more money in a couple of days is total idiocy. My advice is to get your refund requests in, but at this point it is probably too late. DP is probably sitting on a mountain of refund requests with no cash to pay them out. GLWTS. No way in hell I would be sending them more money.

#2370 5 years ago
Quoted from Hwawonyu:

Major point being missed. They have a game that is easy to sell. Even the worst case at this point just means slower production.

No. They don't have anything but a couple of prototypes at this point. Prototypes and full scale production are a world apart. Worst case scenario is that they have no liquidity and the company BKs without one machine being produced.

#2371 5 years ago
Quoted from Razorbak86:

Aurich, there are a couple of notable red flags in this very thread regarding the company's liquidity (e.g., upstreaming of funds to pay for affiliate expenses, some refunds issued while others are still on hold). The latter appears to be in direct conflict with the company's stated policy that customer deposits are fully refundable.
Frankly, the liquidity issue is quite possibly the biggest threat to Dutch Pinball right now, and they may need to address that issue through external financing, an equity infusion from the owners, or a new JV partner, if necessary, to maintain a going concern. Doing so would also provide much needed assurance for the company's stakeholders (i.e., existing depositors, vendors, employees, future customers).
If liquidity is NOT an issue, then they need to break their silence and communicate that message clearly to stakeholders and then reinforce that message with tangible proof (e.g., ALL requested deposits refunded to depositors, new credit line with _____, €________ additional equity infusion from owners, new JV partner named ______).

This guy gets it. Liquidity is the issue here. I would wager that they are attempting to bring on an equity partner as we speak.

#2375 5 years ago
Quoted from RTR:

6. DP hiring Roger Sharp to address the single biggest issue - the license. And nothing has indicated since that time that anything is lost.

The license doesn't mean jack squat if they are facing liquidity issues. I guaran-damn-tee that they are probably sitting on a pile of refund requests and don't have enough cash to pay them out. Don't forget that they have been using the deposits to fund operations as well. Employees still need to get paid. Rent, utilities etc. It's all perception at this point. If they are sitting on a mountain of cash, issue a release saying that all refunds will be processed immediately and that there are no liquidity concerns.

#2457 5 years ago
Quoted from lowepg:

Let me summarize:

pockets1.jpg 7 KB

Pretty much this. They did nothing to address the liquidity claims. This was weird too:

"Q: The 1/1 deadline for my next payment is due. Can I just pay this installment, or should I wait?
A: You can use the payment status page to pay your next installment. It will come in to our new account. We won't delete your initial order without sending you a remind"

In other words, no you can't wait. If you forget, we'll send you an email reminder and then cancel your order and you go to the back of the rapidly growing refund line.

#2460 5 years ago
Quoted from Rarehero:

I want to make sure my money is safely out of there &
-----------

These weren't deposits. Your money has been funding development. A portion of your money has been used to pay for development (and to issue refunds). Your money isn't "safely" anywhere.

#2461 5 years ago

Content of the newsletter aside, I am surprised by the grammar errors in it. I would assume that at least a couple of lawyers were in on drafting that puppy up. Maybe Linoel Hutz is their legal counsel?

1 week later
#2666 5 years ago

So you guys are so concerned about fraud that you are going to use an Amex card to send more money to the possible fraud? Genius.

-1
#2710 5 years ago
Quoted from inhomearcades:

they should be funding refunds from other entities of their company, even if it is a loan from one of thier other dp companies to dpusa. Why exactly are we forced to wait for them to figure out thier accounting problems?

What they are trying to figure out probably is whether or not DP USA is still a going concern and whether or not they can fold the US operation if need be without affecting the parent company. At this point, loaning money to DP USA might be a bad idea.

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