Results 1,976 to 1,981 of 1981
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03-02-2004, 06:43 AM #1976Web Hosting Master
- Join Date
- Sep 2000
- Posts
- 1,939
This is not a statement about Burst.
But in my experience banks are highly likely to lend money to businesses which are in financial difficulty if the banks existing investment is in danger of being lost if the business goes under.
"If you owe the bank $50,000 you have a problem. If you owe the bank $50,000,000 the bank's got a problem."
Some businesses do survive on keeping th bank up to its neck, sometimes by coercing less expereinced bank staff into linking their careers to the possible failure of the business.
I have seen this several times.
Its quite clever really, so the fact tha a bank is backing a business does not make me feel any more or less confident in any business.0
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03-02-2004, 07:31 AM #1977WHT Addict
- Join Date
- Feb 2004
- Location
- FTL on the Information Super Highway
- Posts
- 142
Back in the early '90s Donald Trump was in this situation you described. He had cash flow problems and couldn't make his payments for his new casinos. No sweat off his back. After negotiations, his half dozen bankers were "convinced" to redesign his outstanding loans so that he didn't need to declare bankruptcy. A few years later, he made the Billionaire's Boys club.
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03-02-2004, 07:38 AM #1978Web Hosting Master
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- Sep 2000
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- 1,939
The trick is to get the bank in a position where it has no choice but to keep bailing you out.
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03-02-2004, 08:44 AM #1979Web Hosting Master
- Join Date
- Nov 2003
- Location
- on the 'net
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- 1,187
Burstnet,
The tax lien may not be much to you, but I have to tell you it weighed in my (fortuitous) decision to move my business. I cannot afford to host my clients at a facility that even has the appearance of financial trouble or poor management. I moved my clients from my last DC less than a month before they declared bankruptcy. You finances are important to your resellers.
The other reasons I moved were:
1. Most important of all: The messages posted on WHT by people from Burstnet yelling at and belittling customers in a public forum. Shows a complete lack of professionalism and respect.
2. The network issues, false redundancy, stupid mistakes (like not investigating the source of your backup transport), and not answering the phone on weekends.
I thank the gods of bandwidth that the tax lien issue came to light last month - that's what got the ball rolling and I think it saved my business.0
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03-02-2004, 06:36 PM #1980Temporarily Suspended
- Join Date
- Nov 2003
- Location
- Ohio
- Posts
- 504
I believe it is safe to close this thread now. 24 hours of uptime, as unheard of as it is with Burst, it is currently happening.
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03-02-2004, 06:40 PM #1981Web Hosting Master
- Join Date
- Nov 2002
- Location
- Hot, hot Michigan...
- Posts
- 3,506
Agreed. Thread closed.
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