• Report: #1004844

Complaint Review: Absolutely New Inc

  • Submitted: Mon, January 28, 2013
  • Updated: Tue, January 29, 2013

  • Reported By: Chris81 — Deltona Florida United States of America
Absolutely New Inc
650 Townsend St Suite 475 san Francisco, California United States of America

Absolutely New Inc John Ruege Didn't fulfill contract and gave me a Dear John letter saying they were out of business san Francisco, California

*Consumer Comment: great now flyrider copy and paste

*Consumer Comment: You are an UNSECURED creditor.

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I signed with Absolutely New Inc in Feb,2012. I had an invention I wanted to pursue. Absolutely New told me it would cost 13,120.00 to get this started. I gave them the money. They sent me a binder and Compact Disc in the mail. I then receive a letter stating they went to 1 tradeshow trying to market my invention. I never received conformation that they actually attended. So I wait awile then call 3 months after. After trying to get in touch with them I receive this letter.

November 6, 2012
Dear AbsolutelyNew, Inc. (ANI) Inventor Client,

It is our unfortunate duty to inform you that ANI has terminated its inventor services business due to negative economic forces and its inability to obtain further outside investment. Like many struggling companies today, ANI's obligations to its banks and investors greatly exceed the value of the company's assets. Outforce, LLC a business and-financial advisory firm, has been retained by ANI's secured creditors to sell the assets of the company. The banks and investors have a perfected security interest in all of ANI's assets, which legally entitles them to repayment before any unsecured creditors, such as the inventor clients.

In this case, it is extremely unlikely that even ANI's secured creditors will be made whole - undoubtedly and unfortunately leaving nothing for unsecured creditors. No lawsuit or attempt to perfect a security interest will change this fact. With no prospect of financial recovery it would be an unproductive waste to attempt to obtain a refund directly from ANI, or its officers and employees - who are not personally responsible for ANI's obligations because it is a corporation.  Your best potential for any compensation is the bond that ANI deposited with the California Secretary of State in accord with Business & Professions Code 22389, et
seq. Claim and other information can be obtained from the California Secretary of State (http://www. sos. ca.go v/).

Because ANI was the fairest development option for many inventors, the demise of its inventor services business is a loss for the entire invention community. While some ANI clients may have their invention success delayed, they can still succeed - but only by persevering and looking ahead rather than behind.
Sincerely, OutForce, LLC 
Now how do I get my money back? The contract was good for 1 year. They didn't fulfill there obligation and would this borderline fraud? Any help will be appreciated.

This report was posted on Ripoff Report on 01/28/2013 12:52 PM and is a permanent record located here: http://www.ripoffreport.com/r/Absolutely-New-Inc/san-Francisco-California-94103/Absolutely-New-Inc-John-Ruege-Didnt-fulfill-contract-and-gave-me-a-Dear-John-letter-sayin-1004844. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

great now flyrider copy and paste

AUTHOR: The Outlaw Josey Wales - (United States of America)

o bob from irvine has taught u well o little one
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#2 Consumer Comment

You are an UNSECURED creditor.

AUTHOR: Flynrider - (USA)

" Now how do I get my money back? The contract was good for 1 year." 

   You need to realize that when a company goes out of business, their contract is worthless.  Contracts are only as good as the entities that sign them.   In this case, a liquidated corporation (i.e. effectively a non-entity).

 " They didn't fulfill there obligation and would this borderline fraud? "

   I have no idea what " borderline fraud" is.  Something is either fraudulent or it isn't.  A corp. that ceases operations and goes into liquidation is not fraud.   It is a normal (if unfortunate) business procedure and it happens every day.
 While it is true that they didn't fulfill their obligation, the reason for that is because the company ceased doing business.    You have that right to try and reclaim what you are owed, but their letter to you is essentially correct.

   Secured creditors have first crack at the company's assets.   As an unsecured creditor, you stand a s****.>  
  Companies go out of business every day and most will end up with debts that go unpaid.   This may be the first time it's happened to you, but probably won't be the last.

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