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.