FiveFingerDiscount.com?

phillippaxton writes: "According to this link, dot-bomb victims are creating their own severance packages, no doubt walking away with the typical office tchotchkes (staplers, tape dispensers, etc.) but also big ticket items such as plush furniture, copiers, high-powered network servers, etc. One anecdote cites someone who lifted $445,549 of equipment, then tried to sell it on eBay as a company liquidating their assets." On the other hand, the fact that it's illegal to stiff your employees out of wages due them, even in a bankruptcy, isn't mentioned in the article...

Comments

Lawyer: not quite

[hawk]

I am a lawyser, but this is not legal advice. If you need legal advice, contact an attorney licensed in your jurisdiction.

>On the other hand, the fact that it's illegal to stiff
>your employees out of wages due them, even in a bankruptcy, isn't
>mentioned in the article...

Uhh, no. That's not the law. There is certainly a breach of contract when an employee does not get paid, but in the absence of prior intent not to pay, it's generally not a crime.

IN bankruptcy, it's a special set of rules. Employee wages up to a fixed amount (I forget the current number) are a priority claim; they get paid before the regular debts (but only to that amount). One of two things happen: 1) they all get paid, or 2) the "self help" took away assets that would have been used to pay all employees.

Walking off with the expensive stuff could solve the former employee's food and housing nees for a couple of years, though . . .

hawk, esq.

Re:Lawyer: not quite

[hawk]

>Unless this is a federal law, this stuff would vary from state to
>state though. So you may both be correct- just not for the same place.
>(IANAL)

Bankruptcy is federal.

The criminal aspect of state law will not very all that much among states (you really couldn't cross the intent line I draw above and pass constitutional muster . . .), but civil responses will vary. I'd be shocked, though, to find a state in which wandering off with the goodies is legal . . .

hawk, esq.

Re:Unusual item for sale ...

[NoseyNick]

It's worth exactly ZERO, as you should know. You can't charge for IP addresses. You can charge an admin fee for the application/assignment process, you can charge for routing them, you can charge for providing transit to them, but you can't charge for the IP addresses themselves. Furthermore, they're not transferable, you'd have to return them to RIPE/ARIN and get them re-allocated.

Re:Getting wages owed you

[segfaultcoredump]

Having recently gone through a dot bomb, here is the order of payout:

1) Employees get paid first. Period. If the company does not have the cash to cover payroll, they are in big trouble.

2) Creditors get paid second, usually in order of size or importance. This means that the bank gets their money and contractors get their take after the bank.

3) VC's get whatever is left (if anything). They put their money at risk, they knew the risk, and they stood the most to gain.

Now, in some states (I'm in colorado), if the employer does not pay in 15 days or so, you can send them a nice little form letter (available at the colorado department of labor's website) that basically says that if they dont pay in 15 days that they owe you triple.

Now, here is the real kicker: if they still dont pay, you can go after the company and then select officers of the company and the (yes, the ceo himself and usually the head of the board of trustees). Like I mentioned before, they are required to be able to meet payroll, and if they can't, They must lay you off before they run out of money, not after.

Anyway, that is the way it worked in my case. IANAL, but I play one on slashdot.