The End of Nova Thread

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Temujin
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Unread post by Temujin » Fri Oct 26, 2007 6:02 pm

Mangaanimejpopsamurismap wrote:Are Nova bankrupct or not?
Yes, but they've farcially opted to file for corporate rehabilitation, which is a form of bankrupcy that aims to keep Nova in business in the long run. However, with debts of 50 billion yen, and an income of approximately minus shitloads of yen, this will be thrown out in short order, and Nova will have to be liquidated, which is what most people understand bankrupcy to mean.

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Unread post by fumanchu » Fri Oct 26, 2007 6:02 pm

How many instructors are going to stick around for 10 days - by which time it'll be almost 2 months since their last paycheck. Unintentional I'm sure, but bureaucracy is going to save Hello Work a lot of money me thinks.

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Unread post by whatever » Fri Oct 26, 2007 6:02 pm

Sankyuberymucho wrote:Bankruptcy is "a legally declared inability or impairment of ability of an individual or organizations to pay their creditors". This is exactly the situation NOVA is in now ! NOVA may be allowed under the courts supervision to try and clean up its act, but I believe it is still bankrupt. Bankrupt is not the same as liquidation. Also the article clearly states

"Japan's largest language school chain, filed for bankruptcy Friday with estimated debts of about ¥43.9 billion as it failed to recover from a crippling penalty for false advertising."
I agree. The shares are worthless after the company was delisted, the doors are closed and regular business has been shut down. If this isn't bankruptcy, what exactly is it?

Restructuring will probably be attempted, but I highly doubt it will be successful. They aren't going to immediately let a company with roughly 6000 employees and 400,000 customers simply disintegrate. They will investigate and they will hold people responsible for the downfall of the organization.

Everyone knows there is no equity in the company. It's now a matter of cleaning up the mess and issuing government payouts to employees. There is nothing to salvage, not even the company's reputation.

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Unread post by Mod » Fri Oct 26, 2007 6:03 pm

Sankyuberymucho wrote:
Mangaanimejpopsamurismap wrote:Are Nova bankrupct or not?
Yes, but make sure you are clear about the definition used ! The post above suggests nova is in the equivalent of chapter 11.
Thats exactly what I am saying. The article that you are quoting from says exactly that, i quoted it above. Nova is not open to liquidators yet, is has protection from creditors to try and save itself. Sounds like Chapter 11 to me...
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Unread post by Bueller_007 » Fri Oct 26, 2007 6:04 pm

Mangaanimejpopsamurismap wrote:Are Nova bankrupct or not?
Yes. But not "closed forever" bankrupt. They are "closed for restructuring" bankrupt.

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Unread post by Temujin » Fri Oct 26, 2007 6:06 pm

Mod wrote:
Mangaanimejpopsamurismap wrote:Are Nova bankrupct or not?
See above post.

Until someone who is knowledgable in Japanese corporate law can confirm, lets assume for the sake of argument that the restructuring law is the same as Chapter 11. This means that they have protection for the time being to try and:
a) find a buyer
b) restructure and create a profitable organization
c) file for complete bankruptcy

I'd assume c) is most likley, but, as with everything, it's going to take TIME.
I think everyone could agree that (b) is absurd. (a) seems to be what the new directors are after, and would explain why they didn't just opt for immediate liquidation. But really, who wants to buy their way into a 50 billion yen debt? I expect to see the liquidation of Nova in the near future, say about 1 week.
Last edited by Temujin on Fri Oct 26, 2007 6:08 pm, edited 1 time in total.

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Unread post by hurry_up_and_die » Fri Oct 26, 2007 6:08 pm

Mod wrote:
Mangaanimejpopsamurismap wrote:Are Nova bankrupct or not?
See above post.

Until someone who is knowledgable in Japanese corporate law can confirm, lets assume for the sake of argument that the restructuring law is the same as Chapter 11. This means that they have protection for the time being to try and:
a) find a buyer
b) restructure and create a profitable organization
c) file for complete bankruptcy

I'd assume c) is most likley, but, as with everything, it's going to take TIME.
Bankruptcy and bankruptcy protection are 2 very different things:

1. Bankruptcy is basically calling an end to everything and involves liquidation of outstanding assets and is managed via an external party.

2. Bankruptcy protection or chapter 11 is a means of continuing to operate the company as a viable entity by freezing all current outstanding debts at the time of taking out the protection. This allows the company time to reorganize, re-plan and operate as if it has no debt so as to make profit. Payment back to those outstanding debtors may take years.

I worked for a company in the USA for 3.5 years that was in chapter 11, the whole time i was there. Best company i ever worked for.

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Unread post by Mod » Fri Oct 26, 2007 6:08 pm

Temujin wrote:
Mod wrote:
Mangaanimejpopsamurismap wrote:Are Nova bankrupct or not?
See above post.

Until someone who is knowledgable in Japanese corporate law can confirm, lets assume for the sake of argument that the restructuring law is the same as Chapter 11. This means that they have protection for the time being to try and:
a) find a buyer
b) restructure and create a profitable organization
c) file for complete bankruptcy

I'd assume c) is most likley, but, as with everything, it's going to take TIME.
I think everyone could agree that (b) is absurd. (a) seems to be what the new directors are after, and would explain why they didn't just opt for immediate liquidation. But really, who wants to buy their way into a 50 billion yen debt. I expect to see the liquidation of Nova in the near future, say about 1 week.
My point, I was just trying to explain the situation Nova is in, and as i said and as mentioned above (fumanchu?) another 10 days until they decide is crap. Its just more waiting, and from what people have been saying, with no PayRoll or FP there is no way to resign at the moment. I'm pretty sure its ganna be all over red rover in 10 days. 50BillionYen is alot of debt to buy into for a failed company in a fledging industry.
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Unread post by SkyTripper » Fri Oct 26, 2007 6:08 pm

Mangaanimejpopsamurismap wrote:I heard from one of the J-staff that they may start payments accoring to prefecture one at a time.
I can`t verify this.
Anyone else heard anything about it?
Nothing is going to happen for several days as the court appointed receivers come up to speed and find out how much and where the money is. They will not likely pay some instructors and not others. Whatever their plan for payment is it will have to get approval from the courts first. It will take some time for sure.
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Unread post by sadpanda » Fri Oct 26, 2007 6:10 pm

fumanchu wrote:How many instructors are going to stick around for 10 days - by which time it'll be almost 2 months since their last paycheck. Unintentional I'm sure, but bureaucracy is going to save Hello Work a lot of money me thinks.
Unintentional? I don't really believe in coincidence. This happened the same day that a lot of Japanese staff could have quit but now apparently won't be able to do so until November 5th. I'd like to believe Anders and friends are nice and trying to help us, I just find it very difficult to believe they're not in with Monkey and his being kicked off the board wasn't just some way to try to pull this on a little longer.

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Unread post by Mangaanimejpopsamurismap » Fri Oct 26, 2007 6:11 pm

I think I`ll get liquidated tonight :o

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Unread post by Mod » Fri Oct 26, 2007 6:18 pm

Mangaanimejpopsamurismap wrote:I think I`ll get liquidated tonight :o
hahahahahahahahaha :lol: :lol: :lol:

Guess ur gf isn't japanese, a lot of people seem to be becoming single now we aint got no pay 'package'.
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Unread post by Dawkins » Fri Oct 26, 2007 6:18 pm

Anders has been complicit and sometimes the architect of Novas crimes for 26 years... he hasnt suddenly had a change of heart.

He knew everything up to now and didnt lift a finger. I wouldnt put any hope in where he and the coup detat trio will lead things.

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Unread post by Moonos21 » Fri Oct 26, 2007 6:22 pm

Japanese news is pathetic! lead story at 5 was Kameda. Had about 3 mins on Nova and now they're back on Kameda. Got experts discussing it, been interviewing people on the street! You'd think the cunt murdered a mother and her baby and got off on a technicality!

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Unread post by Sankyuberymucho » Fri Oct 26, 2007 6:23 pm

Dawkins wrote:Anders has been complicit and sometimes the architect of Novas crimes for 26 years... he hasnt suddenly had a change of heart.

He knew everything up to now and didnt lift a finger. I wouldnt put any hope in where he and the coup detat trio will lead things.
Agreed, but I'm not sure he will be calling the shots once the courts are involved.

One thing I'm wondering, what did all the NOVA instructors who "had nothing better to do than go into NOVA", or were working because the loved their students and/or BM do today ? Did they still turn up at work and wait outside in case the branch opened?

Can anyone confirm that all the branches were actually closed today?

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Unread post by Moonos21 » Fri Oct 26, 2007 6:23 pm

Japanese news is pathetic! lead story at 5 was Kameda. Had about 3 mins on Nova and now they're back on Kameda. Got experts discussing it, been interviewing people on the street! You'd think the cunt murdered a mother and her baby and got off on a technicality!

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Unread post by Mangaanimejpopsamurismap » Fri Oct 26, 2007 6:24 pm

[quote="Mod"]

Guess ur gf isn't japanese, a lot of people seem to be becoming single now we aint got no pay 'package'.[/quote]

I thought they liked me for my other "Package" .Well now we know which big "package " they truely prefer.

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Unread post by exUsagiCoalMiner » Fri Oct 26, 2007 6:30 pm

Dawkins wrote:Anders has been complicit and sometimes the architect of Novas crimes for 26 years... he hasnt suddenly had a change of heart.

He knew everything up to now and didnt lift a finger. I wouldnt put any hope in where he and the coup detat trio will lead things.
If anything, I'd say this Coup is a way for Anders and the other sycophants to get people to "forget" about them. "Hey, it was all Monkey's fault. We fired him. Now go look for him. Nothing more to see here. Move along."
It's just a lame ass-saving attempt.

Now, I believe the two Japanese directors can quite possibly get away with it. Anyone know who the hell these two are? Anyone ever seen them?

As ugly and stupid a fuck as Anders is, how much do you wanna bet he becomes the big scapegoat? "Ahh!!! The big, ugly, scary gaijin made us do it! He looks like a monster! Worse than Gojira! How could we say 'no' and keep our lives?" :roll:
"But it's got sharp, pointy teeth!"

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Unread post by Mod » Fri Oct 26, 2007 6:31 pm

Mangaanimejpopsamurismap wrote:
Mod wrote:
Guess ur gf isn't japanese, a lot of people seem to be becoming single now we aint got no pay 'package'.
I thought they liked me for my other "Package" .Well now we know which big "package " they truely prefer.
Damn straight, I've been getting a lot of emails today from (now ex) students... looks like at least one of the packages will help for the time being.

Oh, this is amazing. Imagine Saruhashi is the hat guy:
http://www2.play.de/swf/1513.swf
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Unread post by fumanchu » Fri Oct 26, 2007 6:36 pm

Sankyuberymucho wrote:
Dawkins wrote:Anders has been complicit and sometimes the architect of Novas crimes for 26 years... he hasnt suddenly had a change of heart.

He knew everything up to now and didnt lift a finger. I wouldnt put any hope in where he and the coup detat trio will lead things.
Agreed, but I'm not sure he will be calling the shots once the courts are involved.

One thing I'm wondering, what did all the NOVA instructors who "had nothing better to do than go into NOVA", or were working because the loved their students and/or BM do today ? Did they still turn up at work and wait outside in case the branch opened?

Can anyone confirm that all the branches were actually closed today?
Yes every last branch in Japan was closed by lunch time.

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Unread post by Mangaanimejpopsamurismap » Fri Oct 26, 2007 6:41 pm

Just had a visit from NHK. What a day :?

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Unread post by sadpanda » Fri Oct 26, 2007 6:42 pm

fumanchu wrote:
Sankyuberymucho wrote:
Dawkins wrote:Anders has been complicit and sometimes the architect of Novas crimes for 26 years... he hasnt suddenly had a change of heart.

He knew everything up to now and didnt lift a finger. I wouldnt put any hope in where he and the coup detat trio will lead things.
Agreed, but I'm not sure he will be calling the shots once the courts are involved.

One thing I'm wondering, what did all the NOVA instructors who "had nothing better to do than go into NOVA", or were working because the loved their students and/or BM do today ? Did they still turn up at work and wait outside in case the branch opened?

Can anyone confirm that all the branches were actually closed today?
Yes every last branch in Japan was closed by lunch time.
Depends what you mean by closed and how late you eat your lunch I guess. My branch staff mailed me at 3pm telling me if I wanted to pick anything up we should do it today.

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Unread post by fumanchu » Fri Oct 26, 2007 6:44 pm

Mangaanimejpopsamurismap wrote:Just had a visit from NHK. What a day :?
Hope you told them that due to there passive and poor journalistic standards you were unwilling to pay them.

P.S. It's so time for me to get a life and get off this fucking forum.... Tomorrow...
Last edited by fumanchu on Fri Oct 26, 2007 6:47 pm, edited 1 time in total.

indoctrin8

Unread post by indoctrin8 » Fri Oct 26, 2007 6:45 pm

i must admit, when i walked past the old branch today,
i had a tear in my eye.





havent laughed so hard for fuckin ages!

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Unread post by Mod » Fri Oct 26, 2007 6:54 pm

Holy Fuckballs! Did anyone just see the news? They had file footage of Monkey Noballs office in Osaka. Holy Shit! One months rent on his office alone would prolly pay half of our salaries.

Mother fucker

And correct me if im wrong, but did they just say that have have ONE MONTH to look for a "sponsor" i.e. yahoo etc. ??? A month??
Last edited by Mod on Fri Oct 26, 2007 6:56 pm, edited 1 time in total.
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Unread post by Dawkins » Fri Oct 26, 2007 6:54 pm

channel 4 right now (in tokyo)

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Unread post by Dawkins » Fri Oct 26, 2007 6:57 pm

Mod wrote:Holy Fuckballs! Did anyone just see the news? They had file footage of Monkey Noballs office in Osaka. Holy Shit! One months rent on his office alone would prolly pay half of our salaries.

Mother fucker

And correct me if im wrong, but did they just say that have have ONE MONTH to look for a "sponsor" i.e. yahoo etc. ??? A month??
yeah.. all in red... weird..

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Unread post by Masked Rider » Fri Oct 26, 2007 6:58 pm

Holy shit are they still talking about the Kameda bullshit? Ugh. When do people get tired of this stuff? Complete rubbish.

I've been following this all day. Once I stopped getting paid, my social life pretty much came to a standstill. :(

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Unread post by fart-ass » Fri Oct 26, 2007 7:01 pm

Channel 10 in my area!

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Unread post by Masked Rider » Fri Oct 26, 2007 7:06 pm

I like the part where they stuck a camera in one of the top manager's faces (was it Anders?) and asked several times 「猿橋社長はどこにいますか?」 "Where is Sahashi?". No answer, of course.

Maybe he's hiding in a cave somewhere with bin Laden? Nobody seems to know!

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