FWIW, I would wait on returning any money (or saying anything at all, really) + talk to a lawyer with experience in bankruptcy (their's + yours).
My guess is you can keep all/most of the $. They were fraudulent to you + the company is now evaporating. Sounds like you still need to pivot, but at least you can do so with $ in the bank and no black marks.
Not sure if you're being serious, but if you were an early investor, isn't it on you to make sure the business is legit? Anyone can be misled by a fraudster, but some responsibility lies with the VCs and angel investors throwing money at these companies and enabling this sort of thing to happen.
No, not an investor. Without giving a way too much, we are a company in the technology space. They paid us a fee per user. They paid us fees based on these fake numbers of users that they submitted to their investors. Which means they essentially over paid us what is a lot of money for our small company. We made business decisions around that money in the past and for the future. Now it looks like that not only will we get no more money, but they also want like 90% of what they paid us back.
No, not an investor. Without giving a way too much, we are a company in the technology space. They paid us a fee per user. They paid us fees based on these fake numbers of users that they submitted to their investors. Which means they essentially over paid us what is a lot of money for our small company. We made business decisions around that money in the past and for the future. Now it looks like that not only will we get no more money, but they also want like 90% of what they paid us back.
> How does no one see an insanely low COGs when paying the cloud services bills, or the lack of allocated resources when looking in the management interfaces?
Big data and a flawed system. They sell a service that is based off of using integrations. If you stop paying for the integrations, you should stop receiving the service. That in turn hurts their level of service offerings.
To be of any value, they have to monitor a ton of transnational data. So even if you quit paying, they still monitored your data and their modules were flawed that is still showed their acceptance score if you stopped paying.
