API magazine is closing

Discussion in 'Property Information Resources & Tools' started by Daisycutter4, 30th Nov, 2016.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Its like death

    Someone may know they are dying from illness but not the exact time of death. They may not want to inform anyone just in case they don't die but one they are dead they cannot inform anyone.
     
    Terry_w, 2nd Feb, 2017
    #161
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  2. Luke T

    Luke T Well-Known Member

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    I think about this alot when companys just dissapear. I reckon an email or the like would be a really kind thing to do.
    I think the problem is people dont like admitting defeat,loss,failure. I think we are all the same .
    It may also be tied up in the fact the liquidators trying to save as much of the business as possible?
    We all lost money in this one but i reckon the owners probably were trying to battle right up until the last minute to keep API going
    -thus selling more and more subscriptions. Where do you say no thats enough no more trying to get out of this hole- i guess ? Its hard to answer
     
    Luke T, 2nd Feb, 2017
    #162
  3. kevilian

    kevilian Well-Known Member

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    it's really strange I can't find any notice about api is closing...other than this thread....
     
    kevilian, 2nd Feb, 2017
    #163
  4. Keentolearn77

    Keentolearn77 Well-Known Member

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    Well I guess as I had'nt heard any news I didnt know the company did'nt exist anymore,
    like others have mentioned even an email would have been nice from them.
    I spoke to the lady who's mobile is in the magazine from mktg - poor thing knows little more than us
    It would be nice to know who the receivers are, I would of thought that might have been announced by them through the website or email

    Thankfully I found this thread
     
    Keentolearn77, 2nd Feb, 2017
    #164
  5. Ashby

    Ashby Member

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    Ashby, 2nd Feb, 2017
    #165
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Looks like the receivers are going to sell the intellectual property of the company - which may include the client list.
     
    Terry_w, 2nd Feb, 2017
    #166
  7. Cactus

    Cactus Well-Known Member

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    Who the recievers? @Daisycutter4 ? The janitor? Who is going to do it... staff are told don't come in tomorrow.
     
    Cactus, 2nd Feb, 2017
    #167
  8. Simon Hampel

    Simon Hampel Founder Staff Member

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    As per the link posted, Worrells are the liquidators.

    They are hoping to sell the business as a going concern, in which case there will hopefully be something for those people who have paid a subscription. Otherwise, they will just sell the assets of the business.

    There's been no communication with subscribers because there is nothing to tell yet - won't be until a decision has been made as to the future of the business.
     
    Simon Hampel, 2nd Feb, 2017
    #168
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  9. Cactus

    Cactus Well-Known Member

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    Agree.
     
    Cactus, 2nd Feb, 2017
    #169
  10. C-mac

    C-mac Well-Known Member

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    Im surprised SPI or another competitor hasnt swooped in and made a play for the business and its valuable member-base.
     
    C-mac, 2nd Feb, 2017
    #170
  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Its still early days - perhaps they might.
     
    Terry_w, 2nd Feb, 2017
    #171
  12. Simon Hampel

    Simon Hampel Founder Staff Member

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    Offers closed about 2 minutes ago ... so perhaps they have. I believe a decision is being made next week. Subject to due diligence of course, so may take a while for it to all be sorted.
     
    Simon Hampel, 2nd Feb, 2017
    #172
  13. dabbler

    dabbler Well-Known Member

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    The OP did a favor giving a heads up, I took this as a notice & my subscription not really that important seeing many lost jobs just before Christmas.

    But now there is an administrator, everyone has a right to register I would guess, what a mess for them to sort out even if only subscribers here get in contact, poor sods doing that job.
     
    dabbler, 2nd Feb, 2017
    #173
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  14. Simon Hampel

    Simon Hampel Founder Staff Member

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    Actually, no - there is a "liquidator" - that's different to an administrator.

    The owner of the business is still in ultimate control as to what happens next - the liquidator is operating under their instructions to either effect the orderly sale of the business or realising the assets and winding up of the company.

    There is every chance that someone may step up and offer to buy the business as a going concern, in which case there is also a chance that the subscribers will be looked after. But only if there is sufficient value seen in the business, which has undoubtedly been losing money (hence calling in the liquidators).

    We'll have to wait and see what they decide to do based on the offers they receive. Much too early to make assumptions or conclusions as to what the outcome will be.
     
    Simon Hampel, 2nd Feb, 2017
    #174
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  15. Ted Varrick

    Ted Varrick Well-Known Member

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    Hey, Sim, are you going to spring some coin (maybe a case of Crownies...) for the domain that redirects to PChat?
     
    Ted Varrick, 4th Feb, 2017
    #175
  16. Muse

    Muse Member

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    Hi Kieran
    What happens to the money we paid for s three year subscription? Do we receive a refund?
    Thanks
     
    Muse, 6th Feb, 2017
    #176
  17. dabbler

    dabbler Well-Known Member

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    If you want the money, contact the liquidator and do not hold your breath :)
     
    dabbler, 6th Feb, 2017
    #177
  18. Simon Hampel

    Simon Hampel Founder Staff Member

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    As I already explained - the business is either going to be sold as a going concern or the assets sold and the business wound up.

    If sold as a going concern, there is a chance that the subscriptions will be honoured in some manner.

    Depends on if anyone sees sufficient value in the business going forward.

    These decisions are still pending, but we should know either way soon.
     
    Simon Hampel, 6th Feb, 2017
    #178
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  19. Matthew

    Matthew Active Member

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    As a subscriber of the magazine I must say it's really poor form and poor customer service not to be informed of the situation. If it where not for this forum I would have no idea and would still be wondering where my February issue is.
    These publications need to realise without subscribers there is no magazine, or as the old adage goes, don't bite the hand that feeds you.
     
    Matthew, 6th Feb, 2017
    #179
  20. Simon Hampel

    Simon Hampel Founder Staff Member

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    Exactly what would you like them to tell you?

    Until a decision has been made about the future of the business (ie sold as a going concern or liquidated and assets sold), there's simply nothing to tell.

    I know it sucks - but they can't make any promises or even speculate on the possibilities until the decision is made and that decision is ultimately up to the existing owner of the business (the liquidator is only operating under their instruction) - so there's nothing that the liquidator can tell you in either case, and there's nothing the existing owner can tell you because it would ultimately be up to the new owners (if one can be found) exactly how the existing subscriptions will be honoured.
     
    Last edited: 6th Feb, 2017
    Simon Hampel, 6th Feb, 2017
    #180
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