Use this space to cheer the creator along, ask questions, and talk to your fellow backers. Please remember to be respectful and considerate. Thanks!
"Burns! " - nope, I did not receive a watch. Nor have any of my friends who also backed this project. These guys are scumbags for taking the money and running.
I concur with Johh Ahn. It is in all of our (backer) interests to not complete and submit the form. It may in fact do us more harm as the wording seems more like entering into a binding arbitration which typically puts the consumer at a disadvantage. We need to continue following up with the Illinois Attorney General's office and the FTC to get the satisfaction we deserve.
Did anyone else actually receive a watch? I did, but I've never seen anyone else comment that they have. I'd be curious as to how many they actually produced/shipped. Quite frankly, I was shocked when it showed up, as I thought (and still think) this was an elaborate fraud.
It's a shame for all serious crowdfunding projects, but it shows me the real face of Kickstarter and fellow sites.
Sad but I'm off for ever. More or less I've lost 3k on supported campaigns in the past few month/year and sadly to say 95% from US campaign owners.
I want say to CST team.
Shame on you!!!!!! >:(((((
VONDLE and HIS GOONS NEEDS TO GO TO JAIL!!
One word!!! B.S
Everyone has to keep one thing in mind: This is NOT Bankruptcy! This is a common law alternative in Illinois for a company to liquidate assets in an effort to pay off creditors. Unlike bankruptcy, at the conclusion of this process, any remaining debt IS NOT DISCHARGED. They will continue to bear legal responsibility to repay their debt. This process cannot force anyone to accept anything less than full repayment as a condition of participating in this distribution to creditors. This assignment of debt DOES NOT exempt CST from personal liability for willful misconduct or NEGLIGENCE!
So why would CST elect to use this process instead of regular bankruptcy? Well, they would have to give a full accounting of their financial records in a federal court under bankruptcy procedures. With this assignment of debt, they don't have to verify any info or do any kind of audit. All CST is saying to the Trustee is, "This is what we owe, now take possession of all our assets and sell it off for us". THERE IS NO INDEPENDENT VERIFICATION OR AUDITING! All CST is hoping to accomplish is to discourage backers/debtors from bringing any legal actions against them after this farcical liquidation is completed by making us think they have nothing left and this is the end of the road as to any legal/financial liability. CST is getting someone else to do the work of selling everything off and repaying debt at fractions of a penny on the dollar WITHOUT HAVING TO VERIFY OR DISCLOSE ANYTHING!
So where does this leave us? Well people, you can participate in this farce and submit your claims to the Trustee. But as you can see, CST is "reporting" that all they have is $30K in assets against almost $900K in liabilities. KS backers are behind in priority to any secured creditors, administrative expenses, and tax liabilities CST may have. Since they're only "reporting" $30K in assets, common sense should tell you THERE WILL BE NOTHING LEFT FOR KS BACKERS. At least this comical attempt to repay debtors shouldn't take too long, then we're basically back to where we are now. We can individually bring small claims actions against CST when we think any of them have gotten some money again, but that is obviously not a practical or efficient solution, especially if you are outside of Illinois. This brings us back to continuing to alert the Illinois AG and/or the FTC as to possible misconduct on the part of CST in wasting/misappropriating almost 2 million dollars once this Trustee completes this assignment of debt. Granted, any governmental agency might be less inclined to investigate after this assignment of debt, but its still the best option because the government is in the best position to have resources and punitive mechanisms to go after CST.
@Robert Russell agreed. Kickstarter need to rethink their terms of service. I have given up on crowd funding for now, at least until some better accountability is put in place.
It looks as if the Trustee wants to position us Kickstarter Backers as the last people to get any money. Welcome to Legal Limbo. There are laws to address creditor rights and consumer purchaser rights -- but it seems we gave CST money from the goodness of our hearts.
There's an easy way for all of us to deal with this: never give Kickstarter another penny until they change their terms with us and those we fund. Our rights should resemble those of Angel Investors, not foolish contributors. (Yes, I'll be waiting a very long time....)
@welshman the $10000 listed for parts is not the actual cost of the parts. It is a rough estimate of what the creditors would likely recoup from the sale of said parts. Basically, the company is being liquidated for legal reasons and we are highly unlikely to receive anything as pre-sales and investors will take priority over crowd-funding.
All Kickstarter do is to take 10% of whatever's raised. That is it. Kickstarters involvement is now finished.
Kickstarters 10% is there only aim & intention. If the money raised gets used to pay for a Ferrari so what. That's the chance you take on sites like Kickstarter. There's only one guarantee on Kickstarter & that is Kickstarter gets their 10%. Everything else is you hoping that the campaign creator is legit as are the product they're claiming to make & your hoping that what they tell you is the truth etc. Everything is in the campaign creators hands, including 90% of your money. What they do with it is the gamble you take.
Obviously this letter is an attempt to put this failed effort into the past at least legally for the creators of this project. A very disappointing conclusion.
Plan C = you lost your money. The end.
A great advert for giving Kickstarter a very wide berth.
Remember all the rubbish these people came out with about staying in vans for example as they had no money etc. Complete & utter rubbish. Someone or some persons have had a great time spending or doing whatever with the $1.8 million. No way was $10,000 of parts ever going to make the amount of watches needed to fulfil the pledges made. These people were magicians. Now you see $1.8million, now you don't!
Those are some suspiciously round numbers.
Just received an email from kickstarter. Attached is a letter from Commercial Recovery Associates that includes a Claim form. However, it also shows CST only has $30K in assets vs. $1.8M in liabilities. I'm guessing I will not be seeing any results from the claim.
Does anyone know what salary the 'founders' drew through the course of this development?
@Topher I'm from Canada too. I also received nothing from these liars (they promised so much, never produced anything final, and lied about shipping). I must say I've been fairly active in this comments section early on, but eventually gave up.
Unfortunately there is really nothing we could do. These cowards simply dropped the project and never even bothered to give us a closure (I mean, come on, just admit you've screwed up). I've filed a complaint at the FTC website posted in this comments section. I doubt there'll be any use but at least someone would read about the complaints. We just can't let these cowards get away like this.
nvm i misread it its just some knob writing an article
well apparently one person got a watch (published april 29 2016)...
Jerry O'Leary still advertises this watch design on his site - http://www.studiosurplus.com/
Plan C Jerry - I want my parts.
Are there any backers from Canada on this one? I'm curious to know what steps I might be able to take. I have, like many of you, never received so much as a thank you note from this project.
What are you doing now?
they can't even take a picture of these 1000s of parts which they supposedly paid for with our money.
Because of incompetence or because they don't exist?
Do you really think they have the parts?
With the complete absence of evidence, and refusal to provide any even after being asked, don't you think it could be more likely that they pocketed the money and never bought that many parts?
Looking forward to your opinion on this.
People, please stop asking for this watch, NO ONE is going to get one. Also, please stop asking for plan C, it was just a lie like everything else they told us, because it will require them to pay for postage to ship out the parts to all the backers, and they won't pay that. It is highly probable that these jokers were just incompetent and mismanaged/misappropriated our money.
The best thing to do is to keep reporting them to the Illinois AG and the FTC. Only one of those governmental agencies have the resources and authority to force them to give full disclosure as to where the million dollars really went and administer any applicable legal penalties and punishment.
Start Plan C: receive the parts so that we could attempt to assemble it ourselves. Thanks
I think it's worth noting that I DID receive an official letter in the mail from the FTC, as follow up from my complaint. Actually, it was more of a follow up to their original follow up... From what I understood it was indicative of them saying, "Hey, maybe we missed something here... NOW we're actually looking into it, rather than just filing your complaint away."
Where is my watch?? Germany.
Plan C?! Please send the parts!
This CST venture has been one disappointment after another.
@curiosity - Sure kickstarter is not a store, but there are certain requirements to do with transparency, communication etc. so that if a venture should fail people are informed as to why it occurred and to come to some agreement of parting ways.
CST has unfortunately failed on most accounts and strung people along or 'gone dark' in regards to communication. Many of us voted for 'Plan C' to receive the parts so that we could attempt to assemble it ourselves. Months have passed and there has been no further communication as to whether this has happened, is happening, or isn't going to happen.
I thought I'd check in, but am not surprised that there has been no change or update.
What is equally unacceptable is that @kickstarter has not made any of it's attempts to sort out this situation known. The only interaction they seem to have had is by blocking people and removing post with sensitive details of the creators or inflamatory remarks. One expects more particularly as they have already got their cut from this project and appear to be the only winners in this entire debacle.
I too got a postal letter from the Illinois AG saying they're looking into the situation. As a reminder, you can complain here :
If the field with your countRy is missing, add your country name right behind your town name.
Let's make sure we get the true answers to our questions, act today!
If any of us walked into a shop and stole a watch of the value of $144 USD the police would be called and you would be arrested
If you stole millions of dollars of people you would be in big trouble with a long stay in prison
How come the worlds thinnest watch managers can get away with it Scott free?????
So we are not receiving our watches after all. Got scammed of our money.
Interesting to note that according to Jerry's LinkedIn page he quit CST in January 2015. So there is not really a 'they' anymore.
They logged in a week ago.
These guys looked like the real deal originally. They tried and failed miserably. My honest believe is that they would have gone about the development and procurement of materials a bit more conservatively... I also thought that the cloud of positive backers (initially) would help them get additional funding to create a real company. The "flexteonics?" folks promised a lot, but at the end took like they took their cut and ran with it. Anyways, may we all learn a lesson (including myself).
Thanks @JS, it's done.
Where is my watch??
They probably squandered all of the remaining funds and want to see if the coast is clear to scam more people. The internet does not forget.
"Last login Feb 19 2016" Why do they still login, but lack the decency to even post an update or something?
Bert, just enter it into city.
Instead of "Paris" something like "Paris, France"
https://ccformsubmission.ilattorneygeneral.net/ I could not find how I could input my country on the first page. I did see a "county" field but that's not "countRy". Any help would be appreciated to help me fill this online form.
Have kickstarted 45 projects, and 3 failed.
Here it is not an online shop, we just fund and believe into entrepreneurs and their project.
I always expect some good news unfolding soon, and get my watch, keeping this little feeling that I am gambling on "win", like in a casino!
And indeed, the game seems endless :-(
With the Apple watch, Samsung watch, Pebble Watch, Moto 360 watch and their Chinese knock offs all having color touch screens and all kinds of advanced functionalities this watch now seems comically out of date tech wise. Still I think it's look is as cool as it ever was. A pity.
CST behauptet nur das sie das Geld fuer tausende Batterien, Baender und Displays ausgegeben haben. Einen Beweis dafuer haben sie nicht. Nicht einmal ein lausiges Foto von den tausenden Teilen. Da liegt natuerlich die Vermutung nahe das sie das Geld nicht fuer das Projekt ausgegeben haben sondern in die eigene Tasche steckten. Das ist ein alter Trick.
Wenn dann einer der Gruender noch in einem Video anscheinend ueber die kriminelle Vergangenheit seiner Vorfahren prahlt und zusammenfasst "Fake it until you make it" kann dies den Verdacht nur noch erhaerten. Hinzu kommen dann noch viele kleine andere Dinge ueber die sie nachweislich gelogen haben.
Vielleicht wird es schwer im Ausland sein Geld zurueck zu bekommen, was ich aber nicht glaube, aber zumindest wird ein Gerichtsfall Klarheit und fuer einige Genugtuung schaffen.
@Susanne: die uhr wird nie kommen, sie haben offiziell aufgegeben. Was das geld angeht, das haben sie scheinbar für maschinen und material ausgegeben. Heißt, auch hier wirst du nichts sehen. Sie meinten zwar, sie wollen alles verkaufen oder den Backern geben, aber das ist ewigkeiten her. Aktuell gibt es anstrengungen von backern die jungs zu verklagen. Wie erfolgreich das ist, ist fraglich. Tl;dr no watch, no money! Lawsuit in process
Hallo .... I`m form Germany .... I pay fore the Money fore the Watch in Februar 2013 an the last mail comes in Juni 2015 .... promise to send the Watch in April 2015 was not satisfied ..... Please let me know when the Watch comes .... ore tell me how I get my Money back ... Thank You
I'm in France and haven't got any letter. Hopefully they will send me one.
@ Reiner: same as by me. I also received a letter from IAG here in Germany.