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Message: <blockquote data-quote="ThornInYourSide" data-source="post: 4303716" data-attributes="member: 589471">If it's a bankruptcy, their not Thilo's parts anymore - they belong to the creditors under the direction of the bankruptcy trustee appointed by the Court, who will liquidate the assets to raise cash for those creditors.  The only way he can keep the parts and patents is to buy them himself at auction - of course, if he has cash, then why didn't he declare that to the bankruptcy trustee prior to the liquidation?  That is called fraud - you cannot hide assets.Likewise, if he kept a lot of the parts and equipment himself, or sold it to "Audiopulse" for below-market value that constitutes fraud - you cannot do that prior to a bankruptcy because you have defrauded the creditors of their potential reimbursement.  In fact, the Court can have that equipment seized WITHOUT recompense to the purchaser, and have that equipment liquidated to continue paying creditors.  Exposing Thilo to fraud against the Court as well as opening him to fraud and legal actions from the purchaser who is now out cash AND equipment.Thilo pulls a stunt like "keeping parts", or hiding cash, or selling assets to himself/favorable entities for below-market value and he's not facing just a bankruptcy but criminal fraud, and time behind bars...Not to mention I know of at least one creditor/supplier that was NOT informed of the bankruptcy.  This only happens if the debtor (TC Sounds) does NOT list the creditor when declaring bankruptcy.  Not only is this also perjury (you sign an oath that all debts and debtors are listed to the best of your knowledge, and the one creditor I know of was a SIGNIFICANT debt that Thilo knew about), and forms a legal standing for overturning the bankruptcy, it exposes Thilo and his mother Crista (the owners of TC Sounds) to direct civil action.Since at least one creditor was not listed for the bankruptcy, the owners of TC Sounds (Thilo and his mother) are NOT shielded from personal lawsuits by those creditors regarding those outstanding debts.  As the surviving owners of the now-bankrupt corporation, they are personally liable for undeclared debts.  Meaning that a lawsuit will be quite effective against them both, personally.If Thilo actually pulled the stunts you talk about, not only is there just cause to overturn the entire bankruptcy proceedings, there is just cause to pierce the corporate veil of protection and start legal proceedings against Thilo and his mother, directly.  Putting all their own personal assets at risk.  And with fraud and perjury charges, he faces not just a destroyed credit rating, but severe fines and jail time.Except that Thilo has no legal standing to sue XY - he does not own the patents, TC Sounds did (see the assignee of the patents).  Whoever buys those patents can pursue legal action in the US against any US-based XY subsidiary if they choose, or against Powerbass.  But it's not Thilo's call.  Unless he actually buys the patents, but as a creditor I would be quite interested in how he raised capital to purchase his own patents; I am sure he's not declared everything, and if Audiopulse is going to exist, if he did transfer assets at below-market value then he opens himself up to serious lawsuits.Thilo's best move would be to just let it all go, and start again.  If he sold parts at a favorable position to Audiopulse he best return that cash, recover the parts and list them with the Court as well.  Fraud is not something to dabble with...And yes, I am a lawyer...</blockquote>

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