The Nau Story On Treehugger
Our friends at Treehugger have written a very thorough story on our re-birth. Actually, it’s written by Warren McLaren who has been following our story since day one. In spite of the fact that he lives in Australia I think he knows more about us, our products and our aspirations than anyone outside of the immediate family. Thanks Warren and thanks to the larger Treehugger family. You guys rock.
This entry was posted on Monday, June 30th, 2008 at 3:41 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
June 30th, 2008 at 5:54 pm
Hi, I didn’t have a chance to read the story of rebirth but was curious if it addresses how you treated many of your contract employees when Nau died? As I understand it a number of people are still owed money to this day with little to no hope of ever seeing a penny. How about addressing that in the thought kitchen? Same old thought kitchen and family, except not really because the step kids were left out out of the will.
-a
July 1st, 2008 at 2:45 pm
Hi Anthony-
You’re right. There are many folks- vendors and contractors alike that have outstanding invoices for the work done prior to the shut down. And you’re also correct in suggesting that the Thought Kitchen would be the appropriate place to clarify the process by which this is being addressed, so let’s do that:
I should state up front that I’m not part of the liquidation proceedings, and I’m not a lawyer, so I may not get it just right, but I’ll give it a shot-
Nau, Inc. is in the process of liquidation. Every element of the business has been up for sale since the beginning of May in order to pay off prior debts.
When HT bought the rights to the name nau, they bought those assets available for sale, that is to say, those assets that were actually owned by nau inc. They didn’t assume the debts that had been accrued by nau, inc. up to that point.
All prior debts are still owned by the former business, Nau, Inc., and the proceeds from the sale of the name, and the hard assets like computers, chairs, desks, etc. will go toward paying down the debts owed to the creditors.
All sales from the website between May and the end of July will also go to paying down these debts.
After August 1st, all the sales will be tallied up, and compared against all the monies owed. This will determine a universal percentage of reimbursement to all creditors. It’s the only fair way to allocate the funds, and will ultimately result in everyone being paid some fraction of what they were owed.
I wish I had better news, but that’s where it stands.
As more information becomes available, I’ll pass it along.
Thanks,
-Hal