But how did this happen? All it took, it seems, is one simple coding mistake that went unnoticed. Normally, this would not be a large concern, however the item added was a blueprint original producing ISK from Veldspar.
CCP Declares Bankruptcy After Players Discover ISK Blueprints - EVE Onion
After the blueprint and its copies quickly circulated through several manufacturing-centered corporations, the damage was done. Players were, literally, printing ISK. Of course I bought every BPO that was found. The situation becomes very murky because of the bankruptcy. The copyright on the plans would have probably been classified as an ASSET and the question becomes, who retain the assets of the bankrupt builder, or were they dissolve and cast about like dust in the wind.
It gets even murkier when you discuss the Fair Use Doctrine.
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Look that up and be prepared to be confused. My advice would be to use the plans and if you somehow ever get a letter in the mail about copyright infringement, be prepared to pay a fee similar to what you see at many of the online websites that sell house plans. To save yourself all sorts of angst over this, have you taken the time to see if there is an online plan that MATCHES or is so close to your plan it would work? Be sure you know which shares you are purchasing, because the old shares that were issued before the company filed for bankruptcy may be worthless if the company has emerged from bankruptcy and has issued new common stock.
During bankruptcy, bondholders will stop receiving interest and principal payments, and stockholders will stop receiving dividends.
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If you are a bondholder, you may receive new stock in exchange for your bonds, new bonds, or a combination of stock and bonds. If you are a stockholder, the trustee may ask you to send back your old stock in exchange for new shares in the reorganized company. The new shares may be fewer in number and may be worth less than your old shares. The reorganization plan will spell out your rights as an investor, and what you can expect to receive, if anything, from the company.
Guide Blueprints for Bankruptcy
The bankruptcy court may determine that stockholders don't get anything because the debtor is insolvent. A debtor's solvency is determined by the difference between the value of its assets and its liabilities.
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If the company's liabilities are greater than its assets, your stock may be worthless. Contact your local Internal Revenue Service IRS office or call for information about how to report worthless securities as a loss on your income tax return. If you don't know whether your stock has value, and you can't find a stock or bond price in the newspaper, ask your broker or the company for information. Sometimes companies prepare a reorganization plan that is negotiated and voted on by creditors and stockholders before they actually file for bankruptcy.
This shortens and simplifies the process, saving the company money. If prepackaged plans involve an offer to sell a security, they may have to be registered with the SEC. You will get a prospectus and a ballot, and it's important to vote if you want to have any impact on the process. Under the Bankruptcy Code, two-thirds of the stockholders who vote must accept the plan before it can be implemented, and dissenters will have to go along with the majority.
by Gibbins, E.A
Most publicly-held companies will file under Chapter 11 rather than Chapter 7 because they can still run their business and control the bankruptcy process. Chapter 11 provides a process for rehabilitating the company's faltering business. Sometimes the company successfully works out a plan to return to profitability; sometimes, in the end, it liquidates.
Under a Chapter 11 reorganization, a company usually keeps doing business and its stock and bonds may continue to trade in our securities markets.
Since they still trade, the company must continue to file SEC reports with information about significant developments. For example, when a company declares bankruptcy, or has other significant corporate changes, they must report it within 15 days on the SEC's Form 8-K.
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