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Propworx Closing its Doors

Linnear

Well-Known Member
Well, in his typical classes way, Don takes a thread where people say how much they like Propworx and turns it into his usual mud slinging.

My last business sold for $ 16 Million Don. What have you ever created? The average entrepreneurial millionaire fails 2.3 times before he suceeds. Some of us risk and do great things. Others take cheap shots because they can't stand on their own accomplishments and those of us who create make them look bad.

And what did I ever do to Don? I outbid him on a Kirk costume. yeah, he is all bitter that he got outbid.

And not ONE customer ever lost a dime with Propworx. Every customer got their stuff, and as everyone here (at least the classy ones) has said, we treated people well. We had great customer service and people liked doing business with us.

Propworx changed the way auctions are done. our catalogs remain the gold standard, and those who went to the Battlestar auctions will tell you they were the best prop & costume auctions ever. (With the possible exception fo Christie's!) :)

So go ahead and show everyone what an ass you are Don. I created something amazing. And we all are justly proud. All you have is posting bankruptcy docs. Big freaking deal. Why don't you post the docs showing my last company selling for $ 16 million?

Alec
 

newworld

Well-Known Member
Well why don't you take that 16 million and pay back all the people you owe money to? I'm glad not one customer lost a dime, but your suppliers sure as hell did. And that's your legacy. What's amazing about selling other people's goods and not paying for them? You do like playing with Other People's Money.

I've owned my own business for 20 years. I've never made millions. But I've also never taken thousands from others and screwed them under bankruptcy law. If I "closed my doors" today I wouldn't owe a dime. That's what a responsible business does.

I notice you removed "Propworx" from the Galileo page. If you're so proud of that name, I'd be sure to put it back, ASAP.

Wrath of Dhan Prop Blog: Off-topic treatise – My experience with Alec Peters
 
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newworld

Well-Known Member
And not ONE customer ever lost a dime with Propworx.

Don't you mean BUYERS never lost a dime? I'd say MGM was a rather large customer of yours and they didn't make out very well at all.

According to your Chapter 7 (liquidation, not restructuring) bankruptcy, Propworx went out of business owing a total of:

$ 401,466.00

And since MGM was one of the creditors (the largest, I believe), that means you took money from buyers and kept it without paying MGM for the goods that you sold. That's quite a business model.

So, again, I say if you're such a standup guy, take some of your millions and pay back your creditors.
 

firstmark

Well-Known Member
newworld you are a little harsh. Businesses fail, the bankrupcy code is to prevent a return to debtor prisons and encourage people to take risk with business.
Still I wonder where the propworx current auction monies will go, and why no creditor has secured the propworx domain, or perhaps some settlement was reached.
 

TerryMcIntosh

Active Member
It is not uncommon for businesses that are encumbered with more liabilities than assets, and that have no reasonable avenue to earn funds to cover the liabilities, to enter liquidation bankruptcy protection. It's also not uncommon for the intellectual property (copyrights, trademarks, patents, and marketing assets like websites) to remain with the business after discharge if they carry no reasonable value should they be liquidated, just as it's also not uncommon for a business to be allowed to continue doing business post-liquidation. A bankruptcy filing, whether chapter 7 or 11, does not mean that the doors close and the business scuttled.

My guess is that the trustee didn't direct for the intellectual property to be liquidated and therefore they remain with the business... a business now unencumbered with debt which could allow it to rise again.

Some don't like the way our debt relief laws for business and individuals work, and one or more folks that are members of this forum might meet the definition of a stalker were a few of these discussions about a specific business or individual occur offline, but like it or not it's our system and it works quite well.

From what I've read, the current auctions offered on eBay by Propworx are either items that are lingering in their warehouse, consignments from private collectors that wish for their items to be sold under the Propworx banner, or items from Alec's personal collection, so the supposition I'm making that is based on the available facts is that the company was allowed by the trustee to keep the intellectual property (website, name, etc.) and it is steaming forward in some manner.

newworld you are a little harsh. Businesses fail, the bankrupcy code is to prevent a return to debtor prisons and encourage people to take risk with business.
Still I wonder where the propworx current auction monies will go, and why no creditor has secured the propworx domain, or perhaps some settlement was reached.
 

newworld

Well-Known Member
newworld you are a little harsh. Businesses fail, the bankrupcy code is to prevent a return to debtor prisons and encourage people to take risk with business.

Harsh? How so? Because I think that when you risk and lose, you should own up to it, rather than classifying it as "closing our doors?" Alec portrays himself as a successful businessman who has made millions. If that is the case, there was no reason to declare bankruptcy. Pay your bills with your millions and move on. But he didn't do that. That should tell you everything you need to know about him.

And whether it is legal or not, leaving others with $400,000 worth of your debt is not something I would be particularly proud of. Anyone can play – and lose – with other people's money. A true entrepreneur is the guy that succeeds. The guy that loses and leaves others to clean up his financial mess is a deadbeat, IMO. I've been in business for 20 years and I don't owe a dime. If you think that is harsh, we'll have to respectfully agree to disagree.

It is not uncommon for businesses that are encumbered with more liabilities than assets, and that have no reasonable avenue to earn funds to cover the liabilities, to enter liquidation bankruptcy protection.

I agree with everything you say, Terry. But anyone who sticks a customer with hundreds of thousands of dollars cannot then claim in good conscience that "not ONE customer ever lost a dime with Propworx". It's nonsensical and ignores the facts. MGM – by any definition one of PW's customers – lost money and it was a lot more than a dime. That is a fact.

If you play and lose, you 'fess up and take your medicine. You don't **** down my back and tell me it's raining.
 
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KingJames

Active Member
Why are these Propworx auctions are occurring under the ebay name "linnear" and not the ebay registered names "propworx" or "propworx2"?

James
 

tonykch

Well-Known Member
Re: The Myth of Propworx

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TerryMcIntosh

Active Member
Re: The Myth of Propworx

Don clearly has an unhealthy obsession with Alec and Propworx that borders on psychosis as evidenced by multiple threads either created or hijacked by him on the subject... I've decided to find it charming.
 

Alan Castillo

Master Member
RPF PREMIUM MEMBER
Don, much as your intentions may be honourable or truthful, I'm afraid that you are coming across as an envious fixated person.

I repeat, coming across. Big difference from, 'you are'. Please keep that in mind.

Very few people are going to take your side on this whole matter, and the reason is very simple.

You say MGM has been screwed. Fair enough.

However, few here really gives a rats posterior about MGM being out by some $400,000. Myself included.

They are a huge multi-billion dollar corporation that probably even has insurance against these things. They most probably also know full well that the actual material value of their loss in props, amounts to much less than $400,000. Furthermore, props are nowhere near their mainstream income, and they probably would have thrown half of them away in the first place.

MGM is no stranger to how bankruptcy works either, as they themselves have invoked those protection laws not so long ago.

Unlike the situation regarding Icons / Latta, and as far as I am aware, nobody here has been screwed by Propworx / Alec.

Till the time that someone here on this board comes out and says that Alec screwed him/her and ran off with their money, you are never going to generate any sympathy for your stances, as correct, truthful and honourable as they may be.

Till that changes, I'm afraid you are only peeing against the wind.

While the idyllic principles you are expressing are solid and admirable, this does not change the fact that everyone here seems to be happy with their purchases and items from Propworx.

Is this view a selfish and insular one ? Sure it is ! It is also one I share, as what matters to me is this board and its members, nothing else. It's why I am here, and so are the vast majority.

I am also sure that however these new props are being sold, Alec is doing it legitimately.

He's not stupid, that's for sure. Much as you obviously disagree with, and hate what I am going to say, he is just a shrewd businessman who knows how to use legitimate means to his advantage.

Welcome to the real (normal) world.
 
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newworld

Well-Known Member
Alan, I'd be a fool to disagree with you – you are correct on almost every point. I fully realize I am seen as tilting at windmills by the majority. I also realize that the "I got mine" attitude that most collectors adhere to means that most don't care about what I say or write about Propworx or Peters. That said, I think that some collectors out there, no matter how few, actually DO give a crap about integrity and full disclosure as it concerns those they buy from. That is supported by the many PMs and e-mails I've gotten about this subject.

The one thing I will DEFINITELY disagree with you about, though, is the term "shrewd" as it pertains to Peters. If you feel using bankruptcy to further one's goals is shrewd, we'll have to respectfully agree to disagree.

I live in the real world just like you. As such, I don't weep for MGM. But Peters claimed that NOT ONE CUSTOMER LOST A DIME. Whatever you may think of MGM (or me) you'll have to admit that his statement isn't remotely true, is it? MGM was DEFINITELY a Propworx customer, and they definitely lost more than a dime.

Nice Vulcan Harp, BTW.
 
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