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Author Topic: Crestok has just filed for bankruptcy  (Read 13014 times)

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« on: April 07, 2020, 20:05 »
+3
You have to sign few documents to request a payment but "It is highly unlikely payment will be distributed".


« Reply #1 on: April 08, 2020, 01:00 »
+5
Read the same email, not really a surprise. I hope people didn't get caught out with much owing, i was lucky and had a payout in September 2019 and since then nothing much happened. It reminds us all to always take out earnings as soon as you are allowed. Never leave it with another company.

Over the last 10 years of microstock selling, the best CreStock ever did for me in terms of percentage of annual profit was less than 0.5% .
« Last Edit: April 08, 2020, 01:05 by BigLeague »

« Reply #2 on: April 08, 2020, 03:32 »
+6
Hard to feel sympathy for them when their rejection messages were downright insulting and arrogant which I took as an indication of the esteem they held their contributors in.

« Reply #3 on: April 08, 2020, 05:11 »
+5
Many years ago I emailed them asking how I can remove images, it was not a request to remove images, I just wanted to know the procedure. The reply I received was..

"This email is to confirm that the images which were formerly active
in your portfolio have now been removed.

I can leave your account active, or close it if you wish. Let me know what
you prefer and I will take care of it for you."

I was surprised by their reply to say the least. I responded by asking them to close my account.

« Reply #4 on: April 08, 2020, 06:55 »
0
Good. They didn't send me my money since last spring but the problem is in "current pandemic...".

« Reply #5 on: April 08, 2020, 07:38 »
0
Unfortunately I was about $2.75 from a $50. payout. Can anyone help me figure out how to fill out the PROOF OF CLAIM (Form 31) and GENERAL PROXY I'm supposed to send back to [email protected]? I am not good at all the legal mumbo-jumbo.
I know I probably won't get paid but, willing to try anyway. Thanks

PaulieWalnuts

  • We Have Exciting News For You
« Reply #6 on: April 08, 2020, 08:18 »
0
Not a contributor so didnt get email. Did it mention anything about parent company Masterfile?

Lev

« Reply #7 on: April 08, 2020, 10:41 »
+5
Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #8 on: April 08, 2020, 10:48 »
+4
Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.

Well the site is still up and says nothing. I wrote to Masterfile and asked. Maybe the email isn't real or maybe? I didn't get it, because I left in about 2010.  :) That's when I stopped supporting the parasites of the industry.

Keep in mind, anyone who stays with these terrible and troubled places, if you make a sale and don't get paid, you didn't do anything but give away a free image that might have sold elsewhere. So the illogical reasoning "I make a little something" is really hard to understand. Making nothing and being ripped off, is not making a little anything.  :) Working for free isn't on my wish list.


THP Creative

  • THP Creative

« Reply #9 on: April 08, 2020, 11:17 »
+1
Hard to feel sympathy for them when their rejection messages were downright insulting and arrogant which I took as an indication of the esteem they held their contributors in.

I think this was one of the first agencies I ever left, and never looked back. Your summary of them is spot on in my opinion, but I hope those who still had earnings get their payments. Hate to see it going to a collection agency or similar.

« Reply #10 on: April 08, 2020, 11:23 »
+2
Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.
It actually says they will pay for any sales after bankruptcy via Design Pics Inc.
Of course there's no chance of anyone making payout before they disappear because all the money accrued prior to bankruptcy will be wiped from accounts.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #11 on: April 08, 2020, 11:48 »
+2
Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.
It actually says they will pay for any sales after bankruptcy via Design Pics Inc.
Of course there's no chance of anyone making payout before they disappear because all the money accrued prior to bankruptcy will be wiped from accounts.

And just to add something which is normal for bankruptcy, after they pay the obligations and other debts, that must be paid in full. Taxes for example. The rest of the claimants might get a percentage of what's owed based on how much they have divided into how much they owe. That number isn't going to be 100% in most situations.

WOW -  the Design Pics family of agencies includes: Design Pics, Printscapes, The Irish Image Collection, First Light, Axiom Photographic, Pacific Stock, Alaska Stock, AgStock Images and most recently, Disability Images.

« Reply #12 on: April 08, 2020, 13:08 »
+3
They lasted surprisingly long taking into an account their idiocy and attitude towards contributors.

Quote
To be abundantly clear, filling in this form does not guarantee you payment. It is highly unlikely payment will be distributed.

THP Creative

  • THP Creative

« Reply #13 on: April 08, 2020, 14:09 »
0
Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.
It actually says they will pay for any sales after bankruptcy via Design Pics Inc.
Of course there's no chance of anyone making payout before they disappear because all the money accrued prior to bankruptcy will be wiped from accounts.

And just to add something which is normal for bankruptcy, after they pay the obligations and other debts, that must be paid in full. Taxes for example. The rest of the claimants might get a percentage of what's owed based on how much they have divided into how much they owe. That number isn't going to be 100% in most situations.

WOW -  the Design Pics family of agencies includes: Design Pics, Printscapes, The Irish Image Collection, First Light, Axiom Photographic, Pacific Stock, Alaska Stock, AgStock Images and most recently, Disability Images.

But only CreStock out of these is filing for bankruptcy, right? Or all?

k_t_g

  • Professional Dreamer
« Reply #14 on: April 08, 2020, 17:08 »
0
It seems they only had one person doing the reviewing so they were probably on their last leg for years now.  :P

But are you sure that Master file isn't just absorbing Crestock? I only see a notice on the main site of a renovation regarding Master file.
« Last Edit: April 08, 2020, 17:14 by k_t_g »

Tryingmybest

  • Stand up for what is right
« Reply #15 on: April 08, 2020, 17:53 »
+1
You have to sign few documents to request a payment but "It is highly unlikely payment will be distributed".

I forgot about checking my account since June 2019 and have $100.50 in there. What a ripoff.

« Reply #16 on: April 08, 2020, 18:30 »
+1
When signing up for new agencies I used to submit 100-200 images, then see what happens.  With Crestock and their offensive reviews - what did they call that guy?  Judge something or other? - plus low sales I never uploaded anything more.  After a decade or whatever I have a grand total of $25.47 from my 118 images - never did get to payout there and they will keep it.  From their filing they had $187,000 in debts and only $15,000 in assets.  I assume all the debts are from unpaid earnings.  I don't remember their cut, but if they gave us 25% then they made almost $750,000 and didn't pay out a dime.  Very annoying that they can just walk away like that.  At least I didn't waste much time or lose much money with them - I feel sorry for those of you who do.  I will file a claim just for principle but of course won't receive anything. 

BTW, Waterview, I don't think you need to bother with the proxy part if you are filling it out yourself.

« Reply #17 on: April 09, 2020, 04:46 »
+3
@Tryingmybest - don't worry about forgetting, I've been waiting for a payout request for approx $150 for at least a year. This news was not a surprise, it was clear there were problems several years ago.

steheap

  • Author of best selling "Get Started in Stock"

« Reply #18 on: April 09, 2020, 19:06 »
+3
I had totally forgotten this one and the 221 images I had up there. Just checked today and I have a balance of $75!!! Easy come, easy go...

50%

« Reply #19 on: April 10, 2020, 00:04 »
0
I've forgot about them looking at my pictures I have with them that must be over 10 years ago. 100 hundred I had approved a tiny portion of my actual portfolio but I've made 12.49$ well.............

« Reply #20 on: April 10, 2020, 06:13 »
+5
Masterfile the owners of Crestock still have Crestock files up for sale.  At a guess, sales at Masterfile would have gone into Masterfile pockets and commissions out of Crestock, win/win the robbing feckers.
« Last Edit: April 10, 2020, 07:41 by obj owl »

« Reply #21 on: April 10, 2020, 07:39 »
+3
What?! How can Crestock be bankrupt and Masterfile still be trading and they own Crestock? Isn't Crestock just a brand name?

m

« Reply #22 on: April 10, 2020, 07:51 »
+2
Masterfile filed bankruptcy too. They haven't been paying contributors for years. While trying to startup new businesses. (picrights.com) which they don't pay the copyright owner as well.
« Last Edit: April 10, 2020, 08:03 by m »

« Reply #23 on: April 10, 2020, 07:59 »
+3
Masterfile filed bankruptcy too. They haven't been paying contributors for year. While trying to startup new businesses. (picrights.com) which they don't pay the copyright owner as well.
What a bl***y mess.
I hope no one's uploading to picrights.com or any other enterprise they have.

m

« Reply #24 on: April 10, 2020, 08:08 »
+2
"They owe royalty payments for the images they licensed to 530 stock agencies and independent photo creators."

https://www.selling-stock.com/Article/design-pics-becomes-interim-manager-of-master

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #25 on: April 10, 2020, 11:42 »
+1
"They owe royalty payments for the images they licensed to 530 stock agencies and independent photo creators."

https://www.selling-stock.com/Article/design-pics-becomes-interim-manager-of-master

...total liabilities of $4,092,654.41 Is this the big crash of the little Microstock sites?

THP Creative

  • THP Creative

« Reply #26 on: April 10, 2020, 18:42 »
+2
"They owe royalty payments for the images they licensed to 530 stock agencies and independent photo creators."

https://www.selling-stock.com/Article/design-pics-becomes-interim-manager-of-master

...total liabilities of $4,092,654.41 Is this the big crash of the little Microstock sites?

Wow, so it's all the Masterfile sites/companies going down then. And a whole lot of money owed to people will sink with the ship.

« Reply #27 on: April 15, 2020, 03:51 »
+5
"was unable to make any royalty payments to photographers after January 2018." That sounds like fraud to me.....shocking.

« Reply #28 on: April 15, 2020, 04:30 »
+3
Glad I left that sinking ship years ago.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #29 on: April 15, 2020, 07:19 »
+4
"was unable to make any royalty payments to photographers after January 2018." That sounds like fraud to me.....shocking.

So what did they do with the money they were collecting, pay themselves at the expense of the suppliers. Bad Bad Bad

Crestock Corporation
3 Concorde Gate, Suite 209
Toronto, Ontario
Canada M3C 3N7

Terms and Conditions, last updated 2013



m

« Reply #30 on: April 15, 2020, 07:45 »
0
Glad I left that sinking ship years ago.

Shutterstock is doing on of the same things and is sinking fast.

« Reply #31 on: April 15, 2020, 07:49 »
+3
Glad I left that sinking ship years ago.

Shutterstock is doing on of the same things and is sinking fast.
SS is making millions what are you smoking?

m

« Reply #32 on: April 15, 2020, 10:11 »
+1
Glad I left that sinking ship years ago.

Shutterstock is doing on of the same things and is sinking fast.
SS is making millions what are you smoking?




blockbuster,kodak,sears

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #33 on: April 15, 2020, 15:00 »
0
Glad I left that sinking ship years ago.

Shutterstock is doing on of the same things and is sinking fast.
SS is making millions what are you smoking?




blockbuster,kodak,sears

Domino's, Netflix, Chick-fil-A, Starbucks, Culvers.

« Reply #34 on: April 17, 2020, 18:43 »
+2
Glad I left that sinking ship years ago.

Shutterstock is doing on of the same things and is sinking fast.

Yeah, but no.

There is quite a difference between blue whale Shutterstock and plankton Crestock.

m

« Reply #35 on: April 18, 2020, 06:22 »
0
Glad I left that sinking ship years ago.

Shutterstock is doing on of the same things and is sinking fast.

Yeah, but no.
There is quite a difference between blue whale Shutterstock and plankton Crestock.

The writing is on the wall. Whether you choose to read it or not. That's your choice.


« Reply #36 on: April 18, 2020, 08:03 »
+3
Glad I left that sinking ship years ago.

Shutterstock is doing on of the same things and is sinking fast.

Yeah, but no.
There is quite a difference between blue whale Shutterstock and plankton Crestock.

The writing is on the wall. Whether you choose to read it or not. That's your choice.
Wanting to believe something is true doesn't make it so. Shutterstock's financial position is quite strong from what I can see or do you have evidence to the contary?

m

« Reply #37 on: April 18, 2020, 08:37 »
+1
Wanting to believe something is true doesn't make it so. Shutterstock's financial position is quite strong from what I can see or do you have evidence to the contary?

Revenue has plateaued, Net income/margin is down and declining for the past 3 years
Not to mention all the bad policies. Just look at glassdoor and some of the recent reviews. Seems like the good ones(not all) might be written by HR.
It took masterfile 6 years to go under completely. I think masterfile's lease agreement for their office was one of their biggest issues at the end. Take a look at SS lease agreement see what you think.
https://www.sec.gov/Archives/edgar/data/1549346/000110465913040280/a13-8713_1ex10d1.htm

lots of other signs but I'll leave it to you to research.

I'm not saying that SS will total go under but they've made lots of bad choices that are similar to what masterfile did. SS still has time to turn things around.

« Reply #38 on: April 18, 2020, 12:07 »
0
Wanting to believe something is true doesn't make it so. Shutterstock's financial position is quite strong from what I can see or do you have evidence to the contary?

Revenue has plateaued, Net income/margin is down and declining for the past 3 years
Not to mention all the bad policies. Just look at glassdoor and some of the recent reviews. Seems like the good ones(not all) might be written by HR.
It took masterfile 6 years to go under completely. I think masterfile's lease agreement for their office was one of their biggest issues at the end. Take a look at SS lease agreement see what you think.
https://www.sec.gov/Archives/edgar/data/1549346/000110465913040280/a13-8713_1ex10d1.htm

lots of other signs but I'll leave it to you to research.

I'm not saying that SS will total go under but they've made lots of bad choices that are similar to what masterfile d id. SS still has time to turn things around.
I agree with that but SS are not going to go bust for a couple of years. I certainly wouldn't buy stock in them.

Lev

« Reply #39 on: April 29, 2020, 05:18 »
0
I've sent several emails and also contacted via website form with request to close my Crestock account and remove my images from Crestock, Masterfile and all their partners.

No answer at all and they keep selling my files. Looks like the just decided to steal our contents.

Did anyone manage to close Crestock account lately? What can be possibly done to stop this theft?

« Reply #40 on: April 29, 2020, 11:45 »
+1
I've sent several emails and also contacted via website form with request to close my Crestock account and remove my images from Crestock, Masterfile and all their partners.

No answer at all and they keep selling my files. Looks like the just decided to steal our contents.

Did anyone manage to close Crestock account lately? What can be possibly done to stop this theft?

I did the same with the same results. They just want to use our money to cover their losses.

Lev

« Reply #41 on: April 29, 2020, 12:01 »
+1
What can we possibly do?

DMCA requests to take the site down to web hosting provider?

Report fraud to Canadian police?
« Last Edit: April 29, 2020, 12:07 by Lev »

« Reply #42 on: May 02, 2020, 01:11 »
+2
They haven't paid my more than $ 100 balance.

I closed my account 1 year ago.

They never answer for payment.

It makes me sad to not be able to do anything to these thieves.

« Reply #43 on: May 02, 2020, 02:14 »
+2
Probably a total waste of time but I have just sent a second request to them asking them to close my account, pay outstanding royalties and STOP SELLING MY IMAGES, not that they ever sold many.
I have also spelled out that to carry on selling my images will not only be a a breach of copyright but could also be fraudulent as they have no means or intention to pay royalties.
Not even expecting an answer to be honest, but sometimes life can be full of surprises.
I do wonder if enough people contacted them using words like breach of copyright and fraud it might provoke some response from them or at least some sort of communication.
Think I will change my ID to "the eternal optimist"

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #44 on: May 02, 2020, 08:36 »
0
Probably a total waste of time but I have just sent a second request to them asking them to close my account, pay outstanding royalties and STOP SELLING MY IMAGES, not that they ever sold many.
I have also spelled out that to carry on selling my images will not only be a a breach of copyright but could also be fraudulent as they have no means or intention to pay royalties.
Not even expecting an answer to be honest, but sometimes life can be full of surprises.
I do wonder if enough people contacted them using words like breach of copyright and fraud it might provoke some response from them or at least some sort of communication.
Think I will change my ID to "the eternal optimist"

You can threaten all you want and you can sue a dead fish, but a bankrupt corporation has nothing to lose.

Yes, it would be nice if they had someone handling all the requests. Sounds like they were dead a year ago, and now the posts her are showing that they stopped paying or answering long ago. Sorry to say, dead end and waste of time.

I always wondered, how does US DMCA law work in Canada? Does it mean anything? Like when someone files a DMCA for a site in China, click, delete, it has no legal standing? Or does it? I'm thinking the answer is, US laws don't apply in Canada or anyplace else, except the US?

« Reply #45 on: May 02, 2020, 08:52 »
+2
On April 24, the lawyers handling the bankruptcy sent out a preliminary report - I assume you all received it, or maybe it only went out to those who filed a claim.  In case it is the latter, what they said was, "As of the date of this report, the Trustee has received 7 (seven) proofs of claims totaling $908.67, and 0 proxies".  So a day before the deadline they had only received 7 requests totaling less than $1000.  Probably nobody will receive a penny but hopefully those of us who filed will be first in line just in case.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #46 on: May 03, 2020, 05:50 »
0
On April 24, the lawyers handling the bankruptcy sent out a preliminary report - I assume you all received it, or maybe it only went out to those who filed a claim.  In case it is the latter, what they said was, "As of the date of this report, the Trustee has received 7 (seven) proofs of claims totaling $908.67, and 0 proxies".  So a day before the deadline they had only received 7 requests totaling less than $1000.  Probably nobody will receive a penny but hopefully those of us who filed will be first in line just in case.

Is that contributors or something else? Seems they are ignoring artists.

« Reply #47 on: May 03, 2020, 14:27 »
0
I don't know - that is the sum total of what they reported.  I was assuming that was contributors but I guess it could be anyone with a claim.  We will see if they pay anything out - I won't hold my breath.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #48 on: May 04, 2020, 10:43 »
+1
I don't know - that is the sum total of what they reported.  I was assuming that was contributors but I guess it could be anyone with a claim.  We will see if they pay anything out - I won't hold my breath.

Yes, and that could be everyone, except contributors.  :( Whatever it is, that seems terribly low for millions of dollars in debt. I don't have time to dig for the details, there should be a list of creditors involved.

Either way, for those who have filed or written, here's hoping? The fact that people have been writing for up to a year and get no reply, wouldn't make me very hopeful of anything. Good Luck

« Reply #49 on: May 07, 2020, 18:00 »
+1
Well you can rest assured that ALL of us creatives will get NOTHING.
The administrators will get the bulk of funds.

« Reply #50 on: June 19, 2022, 09:04 »
+1
I thought Crestock is out of bussines? I just got email that one of my images sold?

« Reply #51 on: June 19, 2022, 13:07 »
+2
Yes, me too.
I just checked back to earlier in this thread and realised that I had already made two requests to close my account two years ago.
Looks like I may have to revisit the site and delete all my images.

« Reply #52 on: June 19, 2022, 13:14 »
+2
Not holding my breat waiting for a reply but I have just contacted them to ask why they are still selling my images. Their auto response says to expect an answer within 1 business day.
Lets see how long their days turn out to be.

« Reply #53 on: June 19, 2022, 18:14 »
+1
Apparently Crestock (as part of Masterfile) was acquired in 2020 by Design Pics, based in Edmonton, Alberta, Canada

https://www.designpics.com/who-we-are

"Since its inception in 2001, the company has focused on innovation to provide international exposure, fair compensation, and technology-driven opportunities for our artists and photographers. By acquiring other agencies in recent years, our goal is to maintain the brand equity and authenticity of each collection, bringing added value to our clients through greater access to our growing library of "Distinctively Different Imagery." We currently represent over 2,00 contributors with over 2,000,000 world class images. These works are available across our various websites and through our international partners, providing significant exposure for image buyers worldwide. Based in Edmonton, Alberta, Canada, the Design Pics family of brands includes: Design Pics, Printscapes, The Irish Image Collection, First Light, Axiom Photographic, Pacific Stock, Alaska Stock, AgStock Images, Disability Images and most recently, Masterfile."


http://www.crestock.com/about.aspx

"Crestock is a visual content provider, offering quality royalty-free stock images at a great price
Founded in 2005, Crestock focused on providing a great experience to both buyers and sellers.

Crestock was purchased on July 1, 2010 by Toronto-based Masterfile Corporation, a premium stock photography agency with over 30 years experience in commercial licensing. On April 24th, 2020, the assets of Crestock were acquired by Edmonton based Design Pics Inc.

Crestock Today
Crestock is a unique player in micropayment royalty-free stock photography, helping clients with small budgets to find creative images for their projects. With a fast and reliable image upload system, Crestock also gives photographers and illustrators a great platform for licensing their creative work.

Crestock is a global business, with artists, editors and clients in over 100 countries."


Design Pics has Getty Images pricing ($49 to $499 CAD) and a bizarre search - I did a couple of test searches and the results appeared to be completely unrelated to my search terms. They have a portfolio on Offset (SS)

https://www.offset.com/agency/Design+Pics

Crestock has per image prices from $1 to $20 (XS to XXL) or a subscription for $199/month (20 per day). Slightly saner search. All the images you see everywhere - I think I'd probably go with Shutterstock's 350 images/month (no contract) for $199 as I'd get more choice.

Not clear how Crestock can do more than limp along in the current market, given their prices and competitors, but it is at least owned now by an active business :)
« Last Edit: June 19, 2022, 18:22 by Jo Ann Snover »

« Reply #54 on: June 20, 2022, 00:43 »
+3
They're clearly still in business: I earned $0.75 in the last 3 years, so I will reach my next payout in about 200 years.

« Reply #55 on: June 20, 2022, 04:55 »
0
Really unsurprising. I just hope the administrators don't make a grab for our IP.

k_t_g

  • Professional Dreamer
« Reply #56 on: June 21, 2022, 22:52 »
0
I wonder when they're going to bother doing something about their old website entrance?  https://www.canstockphoto.ca/auth/login/
Its still just sitting there after they made their announcement and collecting dust and spiders.  ;D :P

« Reply #57 on: June 22, 2022, 00:51 »
0
I wonder when they're going to bother doing something about their old website entrance?  https://www.canstockphoto.ca/auth/login/
Its still just sitting there after they made their announcement and collecting dust and spiders.  ;D :P

The link you gave is for Canstock not Crestock  ???

k_t_g

  • Professional Dreamer
« Reply #58 on: June 22, 2022, 23:24 »
+1
Oops you're right. Thanks for he heads up. It was late after all.
http://www.crestock.com/
There we go. And yeah same old entrance.

« Reply #59 on: June 23, 2022, 08:59 »
0
That site is still on the net I thought they went bankrupt
http://www.crestock.com/
« Last Edit: June 23, 2022, 09:02 by TonyD »


 

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