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Bankruptcy seems quite appropriate. They not only failed to maintain the security of the data, they also provided no identity theft protection to the public (un

by bdamm 7y ago

Bankruptcy seems quite appropriate. They not only failed to maintain the security of the data, they also provided no identity theft protection to the public (unless you asked for it), and as a company appeared to have no plan for this event. Given that they were entrusted with the identity data for basically all Americans, that is inexcusable.

the_watcher 7y ago
Sorry, should have been more clear: I wasn't commenting on whether or not bankruptcy is fair to Equifax or not, I was meant "Would Equifax avoid paying the money out via bankruptcy protections (from which companies can actually emerge from in better position)?" I assumed the OP cared primarily about receiving the settlement.
ptero 7y ago
> Bankruptcy seems quite appropriate. Hmm... Would not they just file for a Chapter 11 bankruptcy, restructure their debts (i.e., write those pesky $125 payments off), then emerge in a better shape than they were?
- mffnbs 7y ago
  (i.e., write those pesky $125 payments off) What does that mean? As far as I know, you can't just announce that you're "writing off" debts and have them magically disappear.
  - posterboy 7y ago
    You sell the company at a low price to a friend and pay out the low sum to the plaintiffs. This would need approval under chapter 11, I guess, and if you sell the company it includes the debt, so they'd have to be tricky about it and just sell the meat or the milk, not the whole cow. Ironically, this invariably means selling the customer data (but also existing contracts and what not). IANAL
    - nradov 7y ago
      The bankruptcy judge and trustee wouldn't approve an asset sale at significantly less than fair market value.
- nradov 7y ago
  That's not how bankruptcy works. The court and trustee divide the assets across creditors according to debt seniority.
FireBeyond 7y ago
> provided no identity theft protection to the public (unless you asked for it) And unless you're _exceedingly_ careful and diligent, after a short period of time, you will be paying them to continue it.

by bdamm 7y ago

the_watcher 7y ago

Sorry, should have been more clear: I wasn't commenting on whether or not bankruptcy is fair to Equifax or not, I was meant "Would Equifax avoid paying the money out via bankruptcy protections (from which companies can actually emerge from in better position)?" I assumed the OP cared primarily about receiving the settlement.

ptero 7y ago

> Bankruptcy seems quite appropriate. Hmm... Would not they just file for a Chapter 11 bankruptcy, restructure their debts (i.e., write those pesky $125 payments off), then emerge in a better shape than they were?

mffnbs 7y ago
(i.e., write those pesky $125 payments off) What does that mean? As far as I know, you can't just announce that you're "writing off" debts and have them magically disappear.
- posterboy 7y ago
  You sell the company at a low price to a friend and pay out the low sum to the plaintiffs. This would need approval under chapter 11, I guess, and if you sell the company it includes the debt, so they'd have to be tricky about it and just sell the meat or the milk, not the whole cow. Ironically, this invariably means selling the customer data (but also existing contracts and what not). IANAL
  - nradov 7y ago
    The bankruptcy judge and trustee wouldn't approve an asset sale at significantly less than fair market value.
nradov 7y ago
That's not how bankruptcy works. The court and trustee divide the assets across creditors according to debt seniority.

FireBeyond 7y ago

> provided no identity theft protection to the public (unless you asked for it) And unless you're _exceedingly_ careful and diligent, after a short period of time, you will be paying them to continue it.