Quoted from calvin12:
The problem with your argument is they aren't insolvent, haven't filled for bankruptcy, and are foreign held. Good luck with that if it happens.
I realize that this is not your area of expertise, but please stop claiming that DP's customers have "no standing to demand information" because they are "not investors". This argument of yours, which you've regurgitated from the MMr thread, doesn't work in the Dutch Pinball situation. The companies making MMr (PPS and CGC) are *not* insolvent, and the right to information in this particular situation doesn't have anything to do with your low-likelihood-of-recovery argument.
Dutch Pinball USA, Inc. is arguably insolvent, because it cannot pay its financial obligations when they become due. The angry complaints in this very thread from customers demanding that their deposits be refunded is clear evidence of that, and the only thing keeping Dutch Pinball USA, Inc. out of bankruptcy at the moment is a simple, 2-page form filed in federal bankruptcy court (Chapter 7 Involuntary Bankruptcy petition) and a $335 filing fee.
Venue could be established in either Illinois (principal office) or Wyoming (state of incorporation).
The principal officers listed in the Wyoming public filing are Barry Driessen (President) and Jacob Pieter Nauta (Vice President), with a publicly-listed US address of 350 S Northwest Hwy, STE 300, Park Ridge, IL 60068.
In the event of a bankruptcy filing, Dutch Pinball USA, Inc. would CLEARLY be subject to US bankruptcy court jurisdiction and to the EXACT same reporting requirements of any other company in US bankruptcy court.
Shortly after the petition is filed, the Company's officers would be required under federal law to file a comprehensive Statement of Financial Affairs ("SOFA") and a detailed Schedule of Assets and Liabilities ("Schedules").
Those standard bankruptcy filings would provide the court with detailed information about the company's finances and give the bankruptcy trustee information about recent financial transactions, such as payments to insiders and related parties, payments to trade creditors, transfers of property, and gifts to others. In some circumstances, the trustee would be entitled to take back property or cash transferred to others prior to the bankruptcy filing and distribute the proceeds for the benefit of the unsecured creditors.
Those initial filings must be signed by a corporate officer under penalty of perjury. The penalty for making a false statement is a fine of up to $500,000 or imprisonment for up to 5 years, or both. 18 U.S.C. §§ 152 and 3571.
Bottom line: The possibility of bankruptcy in a situation like this is a serious matter, and people shouldn't be flippant about it. It's very easy to get into bankruptcy (i.e., $335 filing fee and a 2-page form), but it's very difficult to get out. If Dutch Pinball's directors and officers want to continue operating without the oversight and restrictions of a US bankruptcy judge, they would be well advised to do *whatever* they can to raise enough capital to refund deposits and eliminate even the appearance of insolvency.