[AusNOG] Re RackCentral

[Stuart Low]

Totally agree and the other thing to remember is that of course Vocus will claim the entire contract value. This way they potentially settle for something lower and then split the two values across their balance sheet (revenue + bad debt write off) and/or get full payment from their insurer who in turn settles lower and raises their premium. Which way they go they probably aren't sure yet but at least they have the choice right?

Stuart

> On 18 Nov 2014, at 7:55 am, Mark Foster <blakjak at blakjak.net> wrote:
> 
> 
>> On 18/11/2014 4:28 a.m., Scott Howard wrote:
>> "Minutes from the first creditors meeting show that Vocus is trying to claw back $1.48 million. It is understood this sum represents the full value of RackCentral's contract with Vocus, cut short due to the liquidation.
>> 
>> "The contract was not due to expire until 2016 and they [Vocus] have included in their claim all the outstanding rentals for the remainder of the term," said Quin.
>> 
>> 
>> If only someone offered monthly contracts instead of 2-3 years!!!
>> 
>> :)
> 
> I really, really hope you're taking the piss here.
> 
> Vocus would've committed to resources with their suppliers/vendors/etc and will no doubt have taken a substantial financial committment on, on the basis of that contract. I hope they manage to get at least some compensation for things. 
> 
> Mark.
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