Zalman files for bankruptcy... oh, crap!

[AnitaPeterson]

As reported by MaximumPC:

http://www.maximumpc.com/zalman_reportedly_files_bankruptcy_allegations_bank_fraud_arise_2014

Time to stock up!

 

[mikeymikec]

Slashdot user reckons 'maybe not' with a few caveats (the first +5 post):
http://hardware.slashdot.org/story/...-specialist-zalman-goes-bankrupt-due-to-fraud

 

[aigomorla]

you goto jail in korea for bankruptcy.

 

[MagnusTheBrewer]

you goto jail in korea for bankruptcy.

Unless, of course, you have enough money. I'm pretty sure $3 billion is enough.

 

[PliotronX]

Wowzer, I guess it's not the first time a company with good products is caught cooking the books but damn. Whatever happened to scythe? I notice stock of their stuff drying up everywhere.. I love my ninja 3.

 

[exar333]

Zalman really was at the forefront of HSF cooling back in the 9500/9700 LED coolers. Those were great, but they kind of faded away after dual-cores were released.

 

[MarkLuvsCS]

Zalman used to be one of the few that had a diverse lineup, often leading the pack of innovated designs. I fear their recent products really lacked any innovation and just became another me too brand that failed to shine when their competition grew crazily.

 

[aigomorla]

Unless, of course, you have enough money. I'm pretty sure $3 billion is enough.

if you had enough money, then you could pay off your bankruptcy.
And just go out of business instead of bankruptcy.

Laws in korea are completely different to laws in other countries.

You default and file bankruptcy, you dont get away free with bad credit, you actually goto jail. You MUST pay all your secured creditors, and your employee's of owed wages, or else face jail time.

And the government will also block your passport and visa, preventing you from fleeing the country.

 

[MagnusTheBrewer]

if you had enough money, then you could pay off your bankruptcy.
And just go out of business instead of bankruptcy.

I was referring to the top three business officers who stole the money. Those responsible for corporate misdeeds rarely go to jail (in any country).

 

[aigomorla]

I was referring to the top three business officers who stole the money. Those responsible for corporate misdeeds rarely go to jail (in any country).

that's not how it works in Korea... lol...
I have some insight on how things work there.

The ones who signed the contract on loans as well as the officers of the company will be in big trouble.

 

[MagnusTheBrewer]

that's not how it works in Korea... lol...
I have some insight on how things work there.

The ones who signed the contract on loans as well as the officers of the company will be in big trouble.

Korea may be the only place on the planet where officials can't be bought but, I rather doubt it. As long as someone pays the price, the top three will live happily ever after.

 

[aigomorla]

Korea may be the only place on the planet where officials can't be bought but, I rather doubt it. As long as someone pays the price, the top three will live happily ever after.

Again... if they had the money to buy off offical's they would have the money to pay off the secured debitors + workers wages.
(or at least negotiate a settlement which would avoid them going to jail.)

Zalman isnt a super company.
And the Executives at Lucky almost went to jail as well, until Goldstar paid off their debitors and absorb'd the company.

That merger resulted in what is known as LG... the Electronic Company we now know as today.

So if the executives at a large company like that could not get away, i highly doubt Zalman has any chance.

Even Daewoo executives in korea went to jail, and got everything reposed.

The only company i think which can have some leway is probably samsung as they represent a bulk of the countries GDP.
I honestly dont think even hyundai could get away even tho they have military contracts with the government.

 

[Charlie98]

Korea may be the only place on the planet where officials can't be bought but, I rather doubt it.

Corruption is a way of life over there... I really wonder if it's part of their culture.

 

[aigomorla]

Corruption is a way of life over there... I really wonder if it's part of their culture.

i totally agree with this...

Speaking as a Korean, to avoid racial comments.
I dont like doing business with people in Korea, unless i can get a signed contract with a lawyer that's approved terms and conditions, which seems like most will avoid over there.

 

[MagnusTheBrewer]

Again... if they had the money to buy off offical's they would have the money to pay off the secured debitors + workers wages.

Zalman isnt a super company.
And the Executives at Lucky almost went to jail as well, until Goldstar paid off there debitors and absorb'd the company.

That merger resulted in what is known as LG... the Electronic Company we now know as today.

So if the executives at a large company like that could not get away, i highly doubt Zalman has any chance.

Even Daewoo executives in korea went to jail, and got everything reposed.

You keep assuming the top three officers care about what happens to the company. We're talking about $billions. That's not something crass like a bag full of cash in a back alley, that's a consortium of legitimate companies donating millions to a foundation controlled by a key official or, an upper level manager within Zalman deciding his family being extremely well cared for the rest of their lives is worth 'admitting his guilt.' This wasn't a mistake, bad business decision or, circumstance, this is top officials purposely gutting the company.

 

[aigomorla]

You keep assuming the top three officers care about what happens to the company. We're talking about $billions. That's not something crass like a bag full of cash in a back alley, that's a consortium of legitimate companies donating millions to a foundation controlled by a key official or, an upper level manager within Zalman deciding his family being extremely well cared for the rest of their lives is worth 'admitting his guilt.' This wasn't a mistake, bad business decision or, circumstance, this is top officials purposely gutting the company.

This is all in the assumption that laws work the same in America as it does in korea.

There is no such thing as LLC, which your implying.
The Officers are responsible for all debt, and they will go after EVERYTHING.
Nothing is shielded.

The banks will DIG DIG DIG DIG and DIG to make sure they got everything they can which they can liquidate.
Then the government will take whatever is left over and distribute the owed wages to the workers.

Trust me on this, my Aunt's business which was fairly large in korea almost went though that entire process, until a business deal with Hong Kong netted her funds to pay it all off.

I went though this entire process with my Family, and have a fair understanding of how things work in Korea.

My Uncle was a Officer for a fur company which also went bankrupt.
However he retired 5 yrs priors to when it was filed, and the banks still tried to go after him even tho he had resigned from the company.
He became a citizen of Canada, so the government couldnt do anything, but had he stayed in Korea, they would of burnt him at the stake.
Again on a resigned officer who quit the company before it became disolvant.


The country is honestly backwards when it comes to business, that is my honest opinion of Korea. Its not the customary things we assume in the US.

You just need to see how korean parlament fights during a disagreement to understand that..
https://www.youtube.com/watch?v=-eNnu5ODlrU
^ example of how things turn out...
google it in youtube, its flooded with parlament fighting scenes...

 

[MagnusTheBrewer]

This is all in the assumption that laws work the same in America as it does in korea.

There is no such thing as LLC, which your implying.
The Officers are responsible for all debt, and they will go after EVERYTHING.
Nothing is shielded.

The banks will DIG DIG DIG DIG and DIG to make sure they got everything they can which they can liquidate.
Then the government will take whatever is left over and distribute the owed wages to the workers.

Trust me on this, my Aunt's business which was fairly large in korea almost went though that entire process, until a business deal with Hong Kong netted her funds to pay it all off.

I went though this entire process with my Family, and have a fair understanding of how things work in Korea.

My Uncle was a Officer for a fur company which also went bankrupt.
However he retired 5 yrs priors to when it was filed, and the banks still tried to go after him even tho he had resigned from the company.
He became a citizen of Canada, so the government couldnt do anything, but had he stayed in Korea, they would of burnt him at the stake.
Again on a resigned officer who quit the company before it became disolvant.


The country is honestly backwards when it comes to business, that is my honest opinion of Korea. Its not the customary things we assume in the US.

None of which indicates the top three will suffer in any way. Were your family's businesses worth billions? Greed is universal and officials prey on the weak. Someone with a $billion in their pocket isn't weak.

 

[aigomorla]

None of which indicates the top three will suffer in any way. Were your family's businesses worth billions? Greed is universal and officials prey on the weak. Someone with a $billion in their pocket isn't weak.

Sigh... i honestly give up...

You just seem to refuse to understand how things are in Korea....
I assume ur not even Korean, nor have you had any connections with a business in Korea.

 

[monkeydelmagico]

Hope anyone with an outstanding rebate gets their $$$. As far as the business is concerned it's pretty much a big meh..... Zalman hasn't factored into into any of my purchasing decisions for several years.

As for justice being served:

"Unfortunately, the architects of this fraud may not receive what punishment they deserve; the CEO of Moneual has U.S. citizenship and his brother has Canadian, and there's some concerns that Korean law could face trouble prosecuting them."
http://www.anandtech.com/show/8697/corporate-fraud-drives-zalman-to-bankruptcy

 

[BonzaiDuck]

Hope anyone with an outstanding rebate gets their $$$. As far as the business is concerned it's pretty much a big meh..... Zalman hasn't factored into into any of my purchasing decisions for several years.

As for justice being served:

"Unfortunately, the architects of this fraud may not receive what punishment they deserve; the CEO of Moneual has U.S. citizenship and his brother has Canadian, and there's some concerns that Korean law could face trouble prosecuting them."
http://www.anandtech.com/show/8697/corporate-fraud-drives-zalman-to-bankruptcy

The original copper-flower coolers were introduced more than a decade ago, and heatpipes trounced them. Then -- they introduced a completely noiseless computer case, in which heatpipes from components were knitted to case panels -- too expensive. Beyond that, mostly "bling" and mediocre performance by comparison.

They had a nice little fan they produced called the OP-1, which is immensely useful -- I still have a couple of 'em. Otherwise, who the hell cares? And we seem to live in a sea of corporate and political corruption these days. If ISIS doesn't bring down civilization (less likely), then the corruption certainly will.

 

[ocer9999]

Zalman used to be pretty big brand, but they don't seem to have any new stuff in the last few years...

 

[DrMrLordX]

The original copper-flower coolers were introduced more than a decade ago, and heatpipes trounced them. Then -- they introduced a completely noiseless computer case, in which heatpipes from components were knitted to case panels -- too expensive. Beyond that, mostly "bling" and mediocre performance by comparison.

Out of curiosity, do you have a name for that old case, or any links to products reviews for it with pictures? I'd like to have a look at that.

As far as their HSFs went, the CNPS9700 caused a bit of a stir, but it got beaten out by stuff like the Tuniq Tower 120 and what have you. It never really was best-of-breed and sold more on its looks and brand than anything else. I can't think of anything relevant they've released since then.

 

[BonzaiDuck]

Out of curiosity, do you have a name for that old case, or any links to products reviews for it with pictures? I'd like to have a look at that.

As far as their HSFs went, the CNPS9700 caused a bit of a stir, but it got beaten out by stuff like the Tuniq Tower 120 and what have you. It never really was best-of-breed and sold more on its looks and brand than anything else. I can't think of anything relevant they've released since then.

Oh, Lord . . . I wish I had that info at my fingertips. I just remember it -- profoundly. I think it even had caster wheels, which I add to all my cases as a DIY improvement. And -- it was pretty darn expensive ten years ago, or sometime thereabouts. I think we were looking at $300+ in nominal dollars of that time.

I had a friend who went bazoobas over the flower cooler -- the really big one, and I was already using heatpipes that were available.

The only good thing I remember about the flower-cooler: somebody had made a Rube Goldberg of a ducting project that involved pulling a part of one of those household rubber gloves over the cooler. Rather clever, but the cleverness didn't belong to Zalman.

 

[DrMrLordX]

Is this the Zalman case? I am curious as to how the case maneuvered rigid copper heatpipes so that the connecting blocks could mate with the CPU/GPU to be cooled.

 

[xthetenth]

The CPU I could see bringing in from behind via a detachable mobo tray. I really don't know about the GPU, maybe there's a bunch of options for where to make contact with the case side and it screws on?