Author Topic: Crestok has just filed for bankruptcy (Read 6448 times)

Uncle Pete · « **Reply #25 on:** April 10, 2020, 11:42 »

Quote from: m on April 10, 2020, 08:08

"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?

Microstock Man · « **Reply #26 on:** April 10, 2020, 18:42 »

Quote from: Uncle Pete on April 10, 2020, 11:42

Quote from: m on April 10, 2020, 08:08
"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.

Pauws99 · « **Reply #27 on:** April 15, 2020, 03:51 »

"was unable to make any royalty payments to photographers after January 2018." That sounds like fraud to me.....shocking.

Noedelhap · « **Reply #28 on:** April 15, 2020, 04:30 »

Glad I left that sinking ship years ago.

Uncle Pete · « **Reply #29 on:** April 15, 2020, 07:19 »

Quote from: Pauws99 on April 15, 2020, 03:51

"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 »

Quote from: Noedelhap on April 15, 2020, 04:30

Glad I left that sinking ship years ago.

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

YadaYadaYada · « **Reply #31 on:** April 15, 2020, 07:49 »

Quote from: m on April 15, 2020, 07:45

Quote from: Noedelhap on April 15, 2020, 04:30
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 »

Quote from: YadaYadaYada on April 15, 2020, 07:49

Quote from: m on April 15, 2020, 07:45
Quote from: Noedelhap on April 15, 2020, 04:30
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 · « **Reply #33 on:** April 15, 2020, 15:00 »

Quote from: m on April 15, 2020, 10:11

Quote from: YadaYadaYada on April 15, 2020, 07:49
Quote from: m on April 15, 2020, 07:45
Quote from: Noedelhap on April 15, 2020, 04:30
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.

Noedelhap · « **Reply #34 on:** April 17, 2020, 18:43 »

Quote from: m on April 15, 2020, 07:45

Quote from: Noedelhap on April 15, 2020, 04:30
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 »

Quote from: Noedelhap on April 17, 2020, 18:43

Quote from: m on April 15, 2020, 07:45
Quote from: Noedelhap on April 15, 2020, 04:30
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.

Pauws99 · « **Reply #36 on:** April 18, 2020, 08:03 »

Quote from: m on April 18, 2020, 06:22

Quote from: Noedelhap on April 17, 2020, 18:43
Quote from: m on April 15, 2020, 07:45
Quote from: Noedelhap on April 15, 2020, 04:30
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 »

Quote from: Pauws99 on April 18, 2020, 08:03

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.

Pauws99 · « **Reply #38 on:** April 18, 2020, 12:07 »

Quote from: m on April 18, 2020, 08:37

Quote from: Pauws99 on April 18, 2020, 08:03
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 »

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?

Fairplay · « **Reply #40 on:** April 29, 2020, 11:45 »

Quote from: Lev on April 29, 2020, 05:18

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 »

What can we possibly do?

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

Report fraud to Canadian police?

selensergen · « **Reply #42 on:** May 02, 2020, 01:11 »

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.

emjaysmith · « **Reply #43 on:** May 02, 2020, 02:14 »

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 · « **Reply #44 on:** May 02, 2020, 08:36 »

Quote from: emjaysmith on May 02, 2020, 02:14

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?

sgoodwin4813 · « **Reply #45 on:** May 02, 2020, 08:52 »

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 · « **Reply #46 on:** May 03, 2020, 05:50 »

Quote from: sgoodwin4813 on May 02, 2020, 08:52

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.

sgoodwin4813 · « **Reply #47 on:** May 03, 2020, 14:27 »

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 · « **Reply #48 on:** May 04, 2020, 10:43 »

Quote from: sgoodwin4813 on May 03, 2020, 14:27

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

Dave · « **Reply #49 on:** May 07, 2020, 18:00 »

Well you can rest assured that ALL of us creatives will get NOTHING.
The administrators will get the bulk of funds.

MicrostockGroup Sponsors

Author Topic: Crestok has just filed for bankruptcy (Read 6448 times)

Uncle Pete

Microstock Man

Pauws99

Noedelhap

Uncle Pete

m

YadaYadaYada

m

Uncle Pete

Noedelhap

m

Pauws99

m

Pauws99

Lev

Fairplay

Lev

selensergen

emjaysmith

Uncle Pete

sgoodwin4813

Uncle Pete

sgoodwin4813

Uncle Pete

Dave

Related Topics

Sponsors

Microstock Poll Results

Sponsors