Jman888 Moderator June 27, 2018 Author Share June 27, 2018 which lawyer says one? I thought if under receivership, all the assets belong to the liquidators to try to claim back as much cash to pay back those debtors higher up in the food chain than individual customers? they didn't file bankrupt, even if under receivership, the OA will have to sell of the 'assets' which customer can keep the bike as if they bought the bike. I dun think the bike can fetch $49 under auction. ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Enye Hypersonic June 27, 2018 Share June 27, 2018 the real money is in the cash deposits commuters put with them. these deposits( imagine 10 million accounts 50 RMB each for eg) are used as seed money to invest in financial instruments to make money. that's why increasing market share quickly is very important to them to get more money to play when financial markets tank, you know what's gonna happen right? 1 Link to post Share on other sites More sharing options...
Kusje Supersonic June 27, 2018 Share June 27, 2018 they didn't file bankrupt, even if under receivership, the OA will have to sell of the 'assets' which customer can keep the bike as if they bought the bike. I dun think the bike can fetch $49 under auction. so you are the lawyer who said this? lets say they owe 1000 people $49. they have 500 bikes that can sell for less than $49. If you take each one tries to take a bike, you are effectively stealing from the other 500 who won't get a bike. Link to post Share on other sites More sharing options...
Kusje Supersonic June 27, 2018 Share June 27, 2018 the real money is in the cash deposits commuters put with them. these deposits( imagine 10 million accounts 50 RMB each for eg) are used as seed money to invest in financial instruments to make money. that's why increasing market share quickly is very important to them to get more money to play when financial markets tank, you know what's gonna happen right? Good thing it's just 49 bucks per person at the very most.... Link to post Share on other sites More sharing options...
Jman888 Moderator June 27, 2018 Author Share June 27, 2018 so you are the lawyer who said this? lets say they owe 1000 people $49. they have 500 bikes that can sell for less than $49. If you take each one tries to take a bike, you are effectively stealing from the other 500 who won't get a bike. ok it is not legal to take the bike, but in this case not wrong to do so. Depends who is going to sue you for stealing? in this case definitely not the legal owner, Obike since they already run road. Link to post Share on other sites More sharing options...
13177 Supersonic June 27, 2018 Share June 27, 2018 ok it is not legal to take the bike, but in this case not wrong to do so. Depends who is going to sue you for stealing? in this case definitely not the legal owner, Obike since they already run road. Grab? Link to post Share on other sites More sharing options...
Enye Hypersonic June 27, 2018 Share June 27, 2018 Good thing it's just 49 bucks per person at the very most.... you contributed to their investment fund? Link to post Share on other sites More sharing options...
Atonchia Supersonic June 27, 2018 Share June 27, 2018 which lawyer says one? I thought if under receivership, all the assets belong to the liquidators to try to claim back as much cash to pay back those debtors higher up in the food chain than individual customers? Think the cost collection, shipping back to China, selling as parts or scrap is not worth. Better leave them overseas. Link to post Share on other sites More sharing options...
Kusje Supersonic June 27, 2018 Share June 27, 2018 (edited) ok it is not legal to take the bike, but in this case not wrong to do so. Depends who is going to sue you for stealing? in this case definitely not the legal owner, Obike since they already run road. anyone can report you to the police as theft is a criminal offence, don't need people to sue you. obike should be liquidated (a company will take charge to manage the orderly sale of its assets, which includes the bikes) and distribute the money to creditors. you contributed to their investment fund? nono... i paid 3$ for a monthly sub to grab which includes access to obike. grab refunded me my $3 (havent checked to see if money is in), also extended my monthly sub for another month (they have another partner under the scheme but i've never seen a single bike before) and also gave me a $3 grab discount voucher. heng ah, otherwise i might have to join you at bedok Think the cost collection, shipping back to China, selling as parts or scrap is not worth. Better leave them overseas. Edited June 27, 2018 by Kusje Link to post Share on other sites More sharing options...
Kopites Supersonic June 27, 2018 Share June 27, 2018 Think the cost collection, shipping back to China, selling as parts or scrap is not worth. Better leave them overseas.ðone great idea! take 5/10 those bike repaint with mcf logo and rent them out at East coast for $1 a day. Link to post Share on other sites More sharing options...
Vinceng Turbocharged June 28, 2018 Share June 28, 2018 Good thing it's just 49 bucks per person at the very most.... There’s also the deposit. I’ve 2 O Bike accounts with a total of $50 deposit in both accounts. That’s a loss of $150 Link to post Share on other sites More sharing options...
Vinceng Turbocharged June 28, 2018 Share June 28, 2018 I sometimes wish Mr. Lee Kuan Yew is still around and in charge. He would have the gumption to literally rip this PMD nonsense from its roots and just outright ban it overnight. Too many innocent lives have been impacted because of the senseless riders. The casualities todate are commoners. There’s no fatality. Doubt any firm action will be taken. Ministers have fat salaries and they are not motivated to rock the boat. Typical way how civil service functions. 2 Link to post Share on other sites More sharing options...
inlinesix Supersonic June 28, 2018 Share June 28, 2018 The casualities todate are commoners. There’s no fatality. Doubt any firm action will be taken. Ministers have fat salaries and they are not motivated to rock the boat. Typical way how civil service functions.Should we pay million dollar salary? Link to post Share on other sites More sharing options...
Doppel Turbocharged June 28, 2018 Share June 28, 2018 I sometimes wish Mr. Lee Kuan Yew is still around and in charge. He would have the gumption to literally rip this PMD nonsense from its roots and just outright ban it overnight. Too many innocent lives have been impacted because of the senseless riders. Latest victim; seems like it's a weekly event nowadays: https://www.straitstimes.com/singapore/woman-suffers-cuts-in-e-scooter-hit-and-run-case-in-bukit-panjang 1 Link to post Share on other sites More sharing options...
jakebloom Neutral Newbie June 28, 2018 Share June 28, 2018 this is a shame, a lot of potential on oBike Link to post Share on other sites More sharing options...
Ender Hypersonic June 28, 2018 Share June 28, 2018 lawyer say it is legal to keep the bike as repayment Got print in newspaper? Must buy and cut out, then stick to the claimed bike just in case. Link to post Share on other sites More sharing options...
Jman888 Moderator June 28, 2018 Author Share June 28, 2018 Got print in newspaper? Must buy and cut out, then stick to the claimed bike just in case. https://mustsharenews.com/obike-liquidation/ when a company close shop and run road, you can safely say that they have nothing in their book except debts and lot of debts. In this case who is the biggest creditor and willing to fill a liquidation against them? most like LTA for the fine owed, will LTA do that? most likely not cos there is nothing to savage and LTA fine is not an actual loss to them. only upon liquidation filed by a creditor then the OA will start to ask whoever bother to file they claim where they will then collate these claims against the value that they can savage from the company's assets and in this case, nothing, zero. What about those bikes on the road? who will bother to collect from all over the island (which then incur cost)? then how much can these bikes fetch, i would say some kind soul might offer 20 cents a piece or $500 total for whatever it is (say they only manage to retrieve 500 bikes). End of the day if you think you want to retain one of their bike to make your $49 worthwhile, you can keep one until the police come knock at your door. Which you can claim you are keeping it until the OA ask for it. ** again i should stress that it is not legal and i am not a lawyer so dun take my words for it, but for company run road cases, most of the liquidation process were hardly follow through. Link to post Share on other sites More sharing options...
Adrianli Hypersonic June 28, 2018 Share June 28, 2018 When California gym closed, my wife cannot get her hands on any towel or dumbells. So i dont think can take the bike and keep. I read TNP, scrap metal sells for 35cents a kg. And this bike weigh 15kg, so if sell as scrap, its $5 per bike. ↡ Advertisement Link to post Share on other sites More sharing options...
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