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fightalpha

Winding Up Alpha
« on: April 20, 2015, 11:28:49 am »
I have been in talks with a law firm that is very good at Debt Recovery.

I am negotiating a flat-fee cost for winding up Alpha. If Alpha is wound up, their assets will be seized and sold to pay off debts. You *DO NOT NEED to have a Judgement* to participate in a winding up order. If you are interested in joining, I need from you:

1. Your full name
2. The Amount that Alpha owes you.
3. Your full address

Send me these items and I will compile them, and get them over to the law firm. The deadline is WEDNESDAY APRIL 22nd.

Send it to jake@fightalpha.net

For those who want PROOF, I have received permission to post the law firm, which is Fieldfisher, and I'm working with the head of the firm's debt recovery department, Mr Rob Surridge. His contact details are here: http://www.fieldfisher.com/people/s/robert-surridge

I've attached our conversation as MP3. Feel free to take a listen.

The way the winding up process works works, is that there needs to be a "spearhead" person, which is me and I'll be the one that works with Mr Surridge as his client. Everyone who joins in the petition is a 'supporting creditor'. Does this mean that I get paid first if Alpha is wound up? No, not at all. Everyone that joins in the petition is at the same level, meaning Alpha's funds/assets will be divided among all of us evenly (if there is any at all!) This is all spelled out in the conversation I had with Mr Surridge, which is attached as MP3.

I've negotiated a flat-fee of 3300 GBP with Mr Surridge, a cost which will be split among all the final participants. There are about 40 now who are interested. I'm sure how many will go through with it, maybe only 80% of those who expressed initial interest will want to go through with it, so I'll ask for an amount from each participant in that range. I'll setup a paypal account and a final email on Wednesday with the amount you need to send (in GBP) to be considered as part of the supporting creditors in the petition.

Some will say that we shouldn't do this, that we should let Alpha flourish as a company.. to let them try to get back on their feet and hope to retrieve our money at a later date. I feel that is wrong; it will just give Alpha more time to make a clean getaway. If they have the funds and assets , great we all get some of our money back. I'm happy with that. If they don't have the funds and assets then they aren't gonna make it as a company anyway.

Wednesday April 20th is the deadline. Send your 1. full name 2. Amount that Alpha owes you (in GBP!) and 3. full address to jake@fightalpha.net if you want to be considered.

Keep an eye out for my final email on wednesday.

Fight on.
 
============================================

Update: Another conversation from the law firm, answering many of the questions that were posed to me: http://fightalpha.net/uploads/more-info-fieldfischer.mp3
« Last Edit: April 22, 2015, 06:17:43 pm by fightalpha »
IF YOU WON a judgement, join us in this thread:
http://fightalpha.net/index.php?topic=143.0

joebloggs

Re: Winding Up Alpha
« Reply #1 on: April 20, 2015, 01:10:45 pm »
Quoted for original forum thread:

I received the above post via an email from FightAlpha and entered into an email discussion. Are canalpha and fightalpha the same person?

I thought I'd post it here to invite comments from everyone.

My initial response:
 What assets do you really think Alpha tech have?

I wouldn't expect them to have many at all because the majority of funds will have been spent on development / running costs...  Yes, they'll have a pot of money for sure, but it looks like they are determined to continue development & running the company. Surely, winding up the company will limit the return of funds to us all.

It would make sense to continue legal action.

 (joebloggs)

Fight Alpha response:
Thank you [joebloggs]. You words are appreciated.

If Alpha is serious about staying in business, then upon receipt of the winding up order they will arrange a payment plan instead of ignoring it completely, as they have been doing sofar to all those requesting refunds. It’s up to them entirely.

My Response:
Thanks for your response.

I still feel that this is very risky as Alpha may decide not to enter a payment plan and therefore the business is finished and our fund return options are limited. I guess we'd all get a percentage back.

My reasoning is such:
I expect that development and running costs will have been higher than a more organised business and that is what I expect would be the determining factor for whether Alpha decide to prevent a wind up of the business or not.

i.e. They would most likely have be operating on an extremely low profit margin due to their inexperience and lack of efficient vendor relationships/margins/buying power etc, so even if they manufactured the Vipers, it may take them into Batch 2 (new models, Viper 2 or whatever) before satisfying debts to current unhappy customers (myself included) before eventually making a profit.. That, along with the hard time they have clearly been having, may just be too much of an uphill struggle and therefore they may throw the towel in. Especially if it’s all on one person shoulders (Mohammed Akram) the overall feeling of defeat may make him cave in.

Yes, I'm an unhappy customer, but I feel they are plucky and wanted to do the right thing and it is solely their lack of experience that has caused so many unhappy customers.

Regards,
(joebloggs)
p.s. Pity this convo isn’t on the forum.

Fight Alpha Response:
Paul,

I hear your point, and it is just as valid as mine. I’ve been battling with them since July; at this point I’m not ready to back down. The fact that it’s come to this is unfortunate. I’m taking a chance here with everyone else.

Feel free to post this convo to the forum, of course.

Fight Alpha

joebloggs

Re: Winding Up Alpha
« Reply #2 on: April 20, 2015, 01:11:14 pm »
I just got some legal advice on this..

If a winding up order is processed, and you're making a claim but you don't yet have a judgement, it's up to the appointed liquidator whether you are included or not.

People currently making claims may be less likely to get their money back, because at the point of winding up, there’s no entity to claim from.

fightalpha

Re: Winding Up Alpha
« Reply #3 on: April 20, 2015, 01:47:41 pm »
@joebloggs: Thank you, I will ask Mr Surridge about that.
IF YOU WON a judgement, join us in this thread:
http://fightalpha.net/index.php?topic=143.0

abdel1988

Re: Winding Up Alpha
« Reply #4 on: April 22, 2015, 07:15:54 pm »
Im in!! these people have to pay. i have sent an email asking for more info. just for assurance i will be a part of this. great work fight alpha.

terrapin

Re: Winding Up Alpha
« Reply #5 on: April 24, 2015, 07:20:17 pm »
I'm in. Thank you for this effort!!

hache

Re: Winding Up Alpha
« Reply #6 on: April 25, 2015, 11:35:36 am »
My claim is already beging processed through moneyclaim... and I saw this too late (past the deadline) can I still be part of this or it makes no sense?

fightalpha

Re: Winding Up Alpha
« Reply #7 on: April 27, 2015, 04:50:31 pm »
Yes you can still be part.. still accepting supporting creditors here:
http://fightalpha.net/join.html
IF YOU WON a judgement, join us in this thread:
http://fightalpha.net/index.php?topic=143.0

Sanj

Re: Winding Up Alpha
« Reply #8 on: April 30, 2015, 03:11:12 pm »
hi how long do we have to sign up, when is the closing date please. Thanks