ATTN FORMER NOVA TEACHERS

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Re: ATTN FORMER NOVA TEACHERS

Unread postby allblacks » Thu Dec 16, 2010 10:37 am

Great stuff. Everyone should check their bank accounts! Ill even check mine! Come on Nova! Pay me a gratuity for being an ex-Novelty!
"So the clutch is called a clutch and the accelerator is called something stupid?" Holly interrupted, "Why didn't they just call the clutch a squeezer?"

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Re: ATTN FORMER NOVA TEACHERS

Unread postby Kuronama » Thu Dec 16, 2010 7:18 pm

Yeeah! I got my money :D :D :D :chug: :chug: :chug:

And have already spent it :eyes:
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Re: ATTN FORMER NOVA TEACHERS

Unread postby purple_duckk » Thu Dec 16, 2010 10:13 pm

I assume you two are in Japan. Anyone outside of Japan get their money yet?
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Re: ATTN FORMER NOVA TEACHERS

Unread postby akane20 » Thu Dec 16, 2010 11:39 pm

Got mine too! Woo hoo! ^.^
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Re: ATTN FORMER NOVA TEACHERS

Unread postby steki47 » Fri Dec 17, 2010 9:46 pm

Just checked this morning-money was deposited!
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Re: ATTN FORMER NOVA TEACHERS

Unread postby Namekuji » Sat Dec 18, 2010 9:05 am

Its made it to New Zealand too! The whole lot. :clap: chur bros
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Re: ATTN FORMER NOVA TEACHERS

Unread postby purple_duckk » Sun Dec 19, 2010 2:29 am

Alright! Mine showed up in the States this morning! Thanks Zombie Nova!
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Re: ATTN FORMER NOVA TEACHERS

Unread postby Japandy » Thu Dec 23, 2010 1:06 am

Nothing for me yet in the UK although a colleague received his yesterday. Will send the trustees a fax tomorrow!
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Re: ATTN FORMER NOVA TEACHERS

Unread postby mahoney » Thu Dec 23, 2010 11:02 am

Still no cash for myself and a friend here in OZ. Another mate received his on Friday.
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Re: ATTN FORMER NOVA TEACHERS

Unread postby Japandy » Wed Jan 05, 2011 5:17 pm

Still zilch for me. Have asked tham to re-issue the forms. Anyone else in the same boat?
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Re: ATTN FORMER NOVA TEACHERS

Unread postby sampler » Wed Jan 05, 2011 8:02 pm

Yeah, nothing for me either. At the start of December they had contacted me saying I needed to send extra documentation -- I had requested they deposit to a Japanese net bank which I guess freaked them out a bit.

-----------

EDIT

Got paid and spent it already :wink:
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Re: ATTN FORMER NOVA TEACHERS

Unread postby Japandy » Wed Jan 19, 2011 5:26 pm

Any updates? I contacted them via fax several weeks ago and received nothing in return. Seems they are about as organised as the former company they represent....
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Re: ATTN FORMER NOVA TEACHERS

Unread postby sampler » Wed Jan 19, 2011 8:04 pm

Japandy wrote:I contacted them via fax several weeks ago and received nothing in return


I faxed them and they phoned me the next day -- I wrote the fax in Japanese and the woman who called only spoke Japanese....
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Re: ATTN FORMER NOVA TEACHERS

Unread postby allblacks » Thu Jan 27, 2011 2:10 pm

BUMP

Some people seem to miss this thread and ask about this in others. If I could make it a sticky I would.
"So the clutch is called a clutch and the accelerator is called something stupid?" Holly interrupted, "Why didn't they just call the clutch a squeezer?"

http://27bslash6.com/arguments.html
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Re: ATTN FORMER NOVA TEACHERS

Unread postby Minnesotajin » Fri Jan 28, 2011 5:36 pm

I received my money too, but not all of it. Only 950USD. Anyone else in the same situation as me? I see some people posted they received all their money. I know it said in my paperwork that I would receive my money in four or so installments.
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Re: ATTN FORMER NOVA TEACHERS

Unread postby ZeusBeard » Wed Feb 02, 2011 2:04 am

Received my letter today telling me I can claim even more money back from the death of NOVA. I'm pleasantly surprised as the first time I went through these proceedings I was given more than I thought I was owed. Not that I'm complaining mind! Yey!

P.S. Reading a few of these, am I right in thinking that I'm on for a long wait regarding these funds?
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Re: ATTN FORMER NOVA TEACHERS

Unread postby MrX » Wed Feb 02, 2011 8:54 am

ZeusBeard wrote:Received my letter today telling me I can claim even more money back from the death of NOVA. I'm pleasantly surprised as the first time I went through these proceedings I was given more than I thought I was owed. Not that I'm complaining mind! Yey!

P.S. Reading a few of these, am I right in thinking that I'm on for a long wait regarding these funds?


Is this the first time they've contacted you after the first payment of the wages you were due? The letter I got in October said I'd be getting some money in December and possibly more later. I wonder if they're now close to paying everyone the rest of what we're owed. I'd like to think it'll involve taking away everything Saruhashi has, selling it and giving us the proceeds.
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Re: ATTN FORMER NOVA TEACHERS

Unread postby SamhainP8 » Wed Feb 02, 2011 10:39 pm

Found a nice extra sum in my account :clap:
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Re: ATTN FORMER NOVA TEACHERS

Unread postby MrX » Thu Feb 03, 2011 10:16 am

SamhainP8 wrote:Found a nice extra sum in my account :clap:


When, may I ask? Is this in addition to money you've been paid already?
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Re: ATTN FORMER NOVA TEACHERS

Unread postby allblacks » Thu Feb 03, 2011 11:44 am

Didnt you say you didnt want any more mate? :rotfl:
"So the clutch is called a clutch and the accelerator is called something stupid?" Holly interrupted, "Why didn't they just call the clutch a squeezer?"

http://27bslash6.com/arguments.html
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Re: ATTN FORMER NOVA TEACHERS

Unread postby SamhainP8 » Thu Feb 03, 2011 1:28 pm

I just got back to j-land so the money is from the dec payments I guess. I'm well ahead now and owe the bean counter a beer or two. If they want to keep giving me money I'll keep taking it as we're bleeding cash ATM....
"Do you know how a falcon is trained, my dear? Her eyes are sewn shut. Blinded temporarily, she suffers the whims of her God patiently, until her will is submerged and she learns to serve - as your God taught and blinded you with crosses."
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Re: ATTN FORMER NOVA TEACHERS

Unread postby Minnesotajin » Fri Feb 11, 2011 12:20 am

[/quote]
MrX wrote:
ZeusBeard wrote:Received my letter today telling me I can claim even more money back from the death of NOVA. I'm pleasantly surprised as the first time I went through these proceedings I was given more than I thought I was owed. Not that I'm complaining mind! Yey!

P.S. Reading a few of these, am I right in thinking that I'm on for a long wait regarding these funds?


Is this the first time they've contacted you after the first payment of the wages you were due? The letter I got in October said I'd be getting some money in December and possibly more later. I wonder if they're now close to paying everyone the rest of what we're owed. I'd like to think it'll involve taking away everything Saruhashi has, selling it and giving us the proceeds.


I received around 400,000 yen from the government when I was there, but this is the first time I received cash from NOVA. Yes same letter in October. I am hoping there will be more payments. My letter made it sound like there would be more payments too.
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Re: ATTN FORMER NOVA TEACHERS

Unread postby MrX » Sat Feb 12, 2011 9:24 pm

Minnesotajin wrote:I received around 400,000 yen from the government when I was there, but this is the first time I received cash from NOVA. Yes same letter in October. I am hoping there will be more payments. My letter made it sound like there would be more payments too.


I guess there'll be another letter when there are more developments, as I think they'll also need to send everyone more payment request forms. I'm not holding my breath for it though.
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Re: ATTN FORMER NOVA TEACHERS

Unread postby TheJesusMemo » Wed Feb 23, 2011 12:50 pm

Hey All,

Since the NOVA fiasco I went to law school and although I haven't finished I have taken a bankruptcy course. Guessing that Japanese law is similar to American Chapter 7 bankruptcy (which is a fairly good guess because "America is the world's leader in bankruptcy law" according to... well, Americans. lol) Here is what I am guessing has happened and will happen.

When an entity goes bankrupt the bankrupt estate receiver (i.e. the lawyers) can request that any "fraudulent transfers" from something like 6 months to 2 years before the bankruptcy be canceled. In this case I am guessing that was mainly the sale of the Ginganet stuff that Saruhashi did just before the bankruptcy. I remember that got talked about as being something they would try to claw back and the biggest source of assets the company had. So that is probably where the funds came from.

Generally a debtor can collect only on debts owed to them but debtors come in classes. Employees are the first in line for businesses. Nobody else gets paid anything until they get paid everything. Yes the government gave us 80%, but that still leaves 20% of the debt owed to be made good before any other classes of debtors get paid. That was the previous round.

Here is where I am really guessing. The first round of payments would have been based on the idea that the entire class of ex-employees would collect. So they divided up the assets by the total number of employees. Obviously most of the foreign teachers have disappeared and I'll bet couldn't be contacted. Now there are two options:
(1) divide the remaining assets, basically those that our fellows didn't collect, among those who have been found. This would work under the provisions that debtor only gets paid if they come forward to make a claim. Don't make a claim and you forfeit your right to payment. In this scenario there will definitely be a second payment. Depending on the number of people who filed claims the second one could be pretty good.
(2) the bankrupt estate will sit on the money until the debtors come forward to claim it or some statutory period. Who knows, that could be twenty years that the money will just sit around, essentially earning no interest. In this scenario a significant second payment is pretty unlikely.

Obviously I'm hoping for the first scenario. Again that is all based on American law but from what I received from the NOVA lawyers, etc, it seems like that is a pretty fair guess at what has happened and will later.

If anybody hears anything about a second payment I'm dying to hear about it!
Morbo: So, humans have easily injured knees. My race will find this information very useful indeed. Mua-ha-ha!
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Re: ATTN FORMER NOVA TEACHERS

Unread postby allblacks » Wed Feb 23, 2011 2:18 pm

Welcome back! Nice to see you around LJ! Good luck in your studies! ABs
"So the clutch is called a clutch and the accelerator is called something stupid?" Holly interrupted, "Why didn't they just call the clutch a squeezer?"

http://27bslash6.com/arguments.html
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Re: ATTN FORMER NOVA TEACHERS

Unread postby sampler » Wed Feb 23, 2011 2:20 pm

Weren't there loads of other losers though? People who let their buildings as Nova schools and weren't paid for the last few months? Advertising agencies who didn't receive their dues and so on?

From what I remember, the first to get a slice of pie were always going to be the workers who lost salary, then the above and finally .... the students who lost (in some cases) very sizable amounts and can't realistically be expecting much if anything at all.

It beggars belief that if there is cash left over they will just consider it as a bonus to the employees who have made a claim. Still, stranger things have happened. What an unjust world this is.
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Re: ATTN FORMER NOVA TEACHERS

Unread postby TheJesusMemo » Wed Feb 23, 2011 6:00 pm

sampler wrote:Weren't there loads of other losers though? People who let their buildings as Nova schools and weren't paid for the last few months? Advertising agencies who didn't receive their dues and so on?

From what I remember, the first to get a slice of pie were always going to be the workers who lost salary, then the above and finally .... the students who lost (in some cases) very sizable amounts and can't realistically be expecting much if anything at all.

It beggars belief that if there is cash left over they will just consider it as a bonus to the employees who have made a claim. Still, stranger things have happened. What an unjust world this is.



It's not a bonus. We are still owed 20%. The justification usually given for such unfair outcomes is that the lenders and everyone else know the risks when they make loans, lease land, etc., and price that into everything. The other rational is that employees have a greater right to payment/are hurt more than others. Employees generally have only one source of income and are immediately in financial pain. Advertisers generally have a lot of clients and not getting paid by one won't sink the business. You might be thinking we will get a bonus in that we will see more than the pay we should have received. That won't happen. Each person who puts in a claim gets their share pro rata until the claims are satisfied to 100%. Then they go to the next class of lenders.

The government never claimed to have satisfied our claims against the bankrupt estate. They only gave us 80%. The bankrupt estate won't pay us another 100%. The bankrupt estate will only make up the other 20%.

Again though that is American law. Japan could do it differently. However I can tell you that I was told that these situations are where the saying "pennies on the dollar" came from.
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Re: ATTN FORMER NOVA TEACHERS

Unread postby TheJesusMemo » Wed Feb 23, 2011 6:08 pm

TheJesusMemo wrote:It's not a bonus. We are still owed 20%.



Sorry, I should say that those of us who filed for the latest round of payments are probably now owed something like 15%. We were owed 20%.

allblacks wrote:Welcome back! Nice to see you around LJ! Good luck in your studies! ABs


Thanks!
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