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There was a posting somewhere, maybe it was on here, showing that epik holdings holds 100% of the shares in there.
It's a really shitty situation, and now even worse since they settled the $300k+ guy so that they can go ahead with the asset sale, to then fuck over all the people that have claims against them.
Francisco
Damn.
I'm glad that people aren't just buying this anymore:
It just dosen't make any sense. The reasoning is just half-assed and that's why it dosen't sound too bad
"We are a separate entity" - yes
But ..
It should have been followed up by:
"Completely owned and therefore controlled by Epik"
I wish I could believe that, but Epik acquired Terra somewhere early 2022. Anyone with even a little bit of insight into the IT-industry already knew by then what a dumpster fire Epik is.
"Epik has acquired Terrahost as a whole."
From the horses mouth.
Francisco
I hear you, and we'll never know how much Terrahost knew or didn't know. But I think it's logical and very fair to say that Terrahost is NOT responsible for the dumpster fire that Epik is.
So to the extent that Terrahost KNEW in advance how bad Epik really was, would be the limit of the extent to which Terrahost is responsible for Terrhost's own current predicament. Which in all fairness, is not a fraction of a fraction of the culpability when you look at what Epik and Rob Monster are accused of today. I mean, how could Terrahost know even 5% of that crap?
Also, according to this press release - https://terrahost.com/themes/terrahost/assets/misc/Epik_Terrahost_PR_07_02_2022.pdf - the acquisition completed in February 2022, but the beginning of their journey to become part of Epik started in April 2021, before many of these scandals were really known or had any meat to them yet, including the big hack, which took place in September 2021. One could argue that Terrahost could have seen the writing on the wall by September 2021 and backed out of the deal, but it might have been too difficult to discern the gravity of the September 2021 hack, and the rolling ball of crap that would be happening after that.
Anyway, I get your point that Terrahost maybe should have "known better" in Feb 2022... maybe... but, again, in all honesty, were all the scandals breaking news by Feb 2022 when they signed that deal?
Hindsight is a bitch though, and I'm sure the CEO of Terrahost wishes he could rewind time.
I mean it's obviously the drawback of selling a company
Pros: TerraHost shareholders got rich
Cons: They lose power over their business
Pretending like they sold out but in reality they're as independent as before is just borderline sad
Nah bro:
@emgh -
I mean, I guess it depends on how big the payout was in Feb 2022.
I agree.
But remember though:
This does not affect Terrahost in any way.
TBH, this statement from them does concern me a little, the more I think about it. It's a kind of wishful thinking or living in denial. Definitely not grounded in reality.
But I guess we'll see what happens. I've got my own "plan B" if things go south with them.
I do hope they can get out from under this mess though. Would be a big shame if they became a casualty of Epik's unraveling.
100 % agree
Word is Epik was just sold to a newly formed company: Epik LLC. (I kid you not!)
They took over all assets of value ( the registrar, supposedly including terra) leaving the old Epik Holdings as an empty vessel holding whatever subsidiary of theirs was in debt (mastersucks, amplify etc.).
The new owner (again, supposedly) payed the outstanding debt to the registries.
Will be interesting to see ICANN's response to this shady deal.
Lmao
If true that's way too easy to get away with
That's like class action material
Edit: It's not even smart, it's just the easiest way out lol
If ICANN gets paid its yearly accredition fees and the customers' domains are renewed/registered/transferred on-time, and the registrar follows its agreements, ICANN will not intervene in the masterbucks, or other businesses of old Epik Holdings, or the new Epik LLC.
the question is: How long the new Epik, LLC along with all the assets it got from former Epik Holdings, will continue to run the ship, or will it wreck in coming months/years?? that is interesting to see.
if new Epik, LLC has new management, directors, etc then we have some hopes, if the former people related to Epik Holdings are running the new Epik, LLC we may see the bad history is repeated.
If you read the filings, Monster is insisting he be put back as CEO/board/etc.
Francisco
OMG!
It's possible that isn't the case, but there's no way he'll just willingly walk away/let it go.
Francisco
Could very well be he's behind it. It's a newly formed Wyoming registered LLC, making use of Registered Agents to stay anonymous.
https://domainnamewire.com/2023/06/03/epik-is-sold/
yeah, after all it was/is his baby!
That’s so intresting, I though he was a very understandable man who only operated the company as a way to express his love for the silenced to be able to speak their mind
And now he’s here being part in what I guess most would call a scam, and insists that he gets part of the reward of it?
Yeah, as I said, I knew from the start he wasn’t genuine
This Wyoming LLC move, specifically leaving the masterbucks obligations behind and screwing over those prior customers, if true, is despicable. Just a matter of time before another lawsuit (or two or three lawsuits) will catch up to them. Question is, will they "settle" their way out of this? How deep are their pockets?
And as for Terrahost -- I guess they already have "new owners." That was fast. But does Terrahost even know who is really running the show at the Wyoming LLC now?
I predict a Netflix documentary coming out in 2024.
I suspect bankruptcy and returning under a new name, possibly with a controlled person as head instead of himself.
This was actually stopped in court yesterday from what I heard as it would have completely screwed over customers. Again, from what I heard, I don't have any documents showing any of this, they're going to be forced into selling assets to cover at least done if their debt obligations.
Question is who (and why) will stay at Epik after all this mess?
I want it. Where should I send my CV?
Where did you hear? As far as I know the deal went through.
Cloudfest
the end.. is nigh