Quote from: Puppet on January 03, 2014, 08:34:57 PM

I used to believe you were acting in good faith, but got "interference" from authorities who would also have seized assets and apparently gave you a gag order.

Now Im not so sure. Claiming not to have a lawyer when you boasted earlier of having 3 law firms in 3 countries, and trying to scare people from sueing you by saying it would force you in to bankruptcy.. Here is a reminder of what bankruptcy is: "Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors." Whats there to be afraid off? By that definition, Weexchange / BF *IS* bankrupt. What more harm could it do for a court to freeze any assets there might still be, if any, so they can be returned to your creditors?

BTW, if somehow you think avoiding bankruptcy would allow you to repay your creditors over time, make your case for a judge and file for Chapter 11.

There is no such thing as "WeExchange / BF".
There are two different things. "WeExchange" and "BitFunder".
I have hired a number of lawyers on behalf of both for legal research and licensing.
Currently WeExchange has no legal representation.
BitFunder had representation in multiple countries for research, not WeExchange.
You seem to keep confusing them.

Yes, you are correct. Currently WeExchange has no funds available to pay out to anyone and is from a point of view bankrupt.
This is why you are 100% correct and if someone sues WeExchange then it has no choice but to file for bankruptcy as you said.
There is no "reorganization" at this point since there is no income currently. There is no "equity". There is only a website that no one likes.
Normally, a judge would rule that there are no funds to disperse to creditors (WeExchange users) and close the company. As for the funds
that are not available, how a judge would proceed is questionable regarding this. It could leave the company stuck in a bankruptcy mode
for a number of years leaving the company without the ability to do anything including payment distributions. Needless to say, the judge
will not have the ability to "make funds available" and would have information showing I did not use/spend/do anything illegal with the funds.

The current status leaves us in control of the corporation and the creditors to use whatever means possible to distribute payments to users.
This will remain the case as long as users allow it. In the end, I am trying to make this all work out for everyone and not get stuck in a situation
where a court takes over and either leaves everything stuck in limbo for who knows how long with us unable to do anything for users or a judge
simply declaring the corporation bankrupt and notifying creditors that the corporation has been forced to close.

You simply cannot squeeze blood from a turnip.

To go into chapter 11, you have to offer a plan to reorganize and how to pay creditors based on what you have. "Rearranging" expenses to drop below income.
There is currently no income.

-Ukyo