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Really bad kickstarter fail

More like really bad Kickstarter scam. I don't get why people like throwing away money at those things still.
 
3TrueFans said:
More like really bad Kickstarter scam. I don't get why people like throwing away money at those things still.
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Well I would never do it, but I am glad people do. Shovel Knight and other games that have come out show it can be worth it.
 
I listened to the section where he told some of the stakeholders, then I read what was below that. The section that says what he did after to keep the company afloat, the one thing missing there is to take them to court/sue. Not sure why they haven't done that yet, unless they don't have the money, but I would like the lawyers could take a cut of the winnings, since this seems to be a pretty easy case.
 
Cyclonepride said:
I'm guessing he will go to jail.
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I don't know, sounds like it wasn't a company yet when they launched the Kickstart er so the 600k all went into his personal account. Without documentation of assets etc. It is unclear what laws he broke. Certainly there is a civil claim but not clear if there is a criminal case. Why it's dumb to give money before incorporation is filed and some agreement is in place. I know that is the difference between crowd funding and incorporation but there is a reason investment capital firms don't pour money to a guy with an idea without at least a legal framework and their oversight. It's hard to say he misappropriated funds in his own bank account. This partner should never had allowed him to put in his own account they could have created one requiring to signatures for expenditures rather easily.
 
SCNCY said:
I listened to the section where he told some of the stakeholders, then I read what was below that. The section that says what he did after to keep the company afloat, the one thing missing there is to take them to court/sue. Not sure why they haven't done that yet, unless they don't have the money, but I would like the lawyers could take a cut of the winnings, since this seems to be a pretty easy case.
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I think the thought was since the guy only intended for this to be a short term loan to himself to get the construction loans he would be able to pay it back in full which is better than using lawyers and getting the 2/3 best and only then if the construction loans happen which if m they did would result in payback anyway. At this point though it should be done. They didn't need to sue until he defaulted on the repayment agreement.
 
Ive done a couple of kickstarters and its been great. Im pretty selective though, has to be something I have a need for at the time.
 
IAStubborn said:
I think the thought was since the guy only intended for this to be a short term loan to himself to get the construction loans he would be able to pay it back in full which is better than using lawyers and getting the 2/3 best and only then if the construction loans happen which if m they did would result in payback anyway. At this point though it should be done. They didn't need to sue until he defaulted on the repayment agreement.
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That sounds an awful lot like embezzlement.
 
IAStubborn said:
I don't know, sounds like it wasn't a company yet when they launched the Kickstart er so the 600k all went into his personal account. Without documentation of assets etc. It is unclear what laws he broke. Certainly there is a civil claim but not clear if there is a criminal case. Why it's dumb to give money before incorporation is filed and some agreement is in place. I know that is the difference between crowd funding and incorporation but there is a reason investment capital firms don't pour money to a guy with an idea without at least a legal framework and their oversight. It's hard to say he misappropriated funds in his own bank account. This partner should never had allowed him to put in his own account they could have created one requiring to signatures for expenditures rather easily.
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Yep, their first problem was letting all those funds sit in his personal account. They should have started a business account ASAP... it's not hard.
 
3TrueFans said:
More like really bad Kickstarter scam. I don't get why people like throwing away money at those things still.
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It's just something you need to do your research on. And understand that you're making an investment with a very defined return that may or may not ever come.
 
Bigman38 said:
It's just something you need to do your research on. And understand that you're making an investment with a very defined return that may or may not ever come.
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So it's like getting married, amirite?
 
I've done a few kickstarters but I haven't done anything more than $50 because of stuff like this. If I am interested in a big ticket item, I'll wait until after they are a fully fledged product.
 
I've participated in a few Kickstarters, game related ones, but I've stuck with either well established companies or at the very least figures with a proven track record in the industry. Haven't been burned thus far, loved Divinity: Original Sin and enjoyed Pillars of Eternity.
 
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