Comments on: The Nau Story On Treehugger http://blog.nau.com/2008/06/30/the-nau-story-on-treehugger/ dedicated to stirring the pot Fri, 21 Nov 2008 13:41:19 +0000 http://wordpress.org/?v=2.0.3 by: hal http://blog.nau.com/2008/06/30/the-nau-story-on-treehugger/#comment-69864 Tue, 01 Jul 2008 21:45:06 +0000 http://blog.nau.com/2008/06/30/the-nau-story-on-treehugger/#comment-69864 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 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

]]> by: Anthony http://blog.nau.com/2008/06/30/the-nau-story-on-treehugger/#comment-69672 Tue, 01 Jul 2008 00:54:17 +0000 http://blog.nau.com/2008/06/30/the-nau-story-on-treehugger/#comment-69672 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 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

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