Personal Finance

Plastc Card is filing for Chapter 7 Bankruptcy

  • Last Updated:
  • Apr 22nd, 2017 2:27 pm
[OP]
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Plastc Card is filing for Chapter 7 Bankruptcy

As you may or may not know, Plastc Card was a company that was in development of a Digital Credit card/Debit Card/Loyalty Card that was supposed to be able to replace all the cards you carry in your wallet. They began development over 2 years ago. For the past couple of years, pre-orders have been taken place, and I myself placed my pre-order on September 30th of 2016. They kept delaying their launch of the card with the most recent update this past January indicating a Q2 launch.

Then all of a sudden, an hour ago, I received the following email indicating that their investors are pulling out and therefore they will have to file for Chapter 7 Bankruptcy:
Important Notice

We Regret to Inform You...
For the past 3 years, our mission here at Plastc was to build and deliver the most technically ambitious smart card on the planet. After making enormous leaps in development, product innovation and progress towards our goal, Plastc has exhausted all of its options to raise the money it needs to continue.

Plastc, Inc. is exploring options to file Chapter 7 Bankruptcy and will cease operations on April 20, 2017.

While we have fallen short of our goal, we are proud of our team and the effort that went into developing a working Plastc Card. However, without the necessary capital to continue, all employees have been let go, which means that Customer Care and Social Media channels are unmanned or have been shut down.

How We Got Here:
We were expecting to close a $3.5 million Series A funding round on February 28, 2017. There are functioning Plastc Cards, which were demonstrated to our investors and our backers, and the capital was to be allocated for the mass production and shipping of Plastc Cards to pre-order customers. At first, the principal investment group postponed their investment and a couple of weeks later the round fell apart.

After the initial funding was unavailable, Plastc made progress with another investor who offered $6.75 million. This deal was scheduled to close last week and would propel development across the finish line, as well as allow for Plastc Card pre-orders to be shipped and for production to continue into a retail phase.

However, once again at the very last minute, our investor gave us notice that they have decided rescind their investment offer. The round was a signature away from closing and we were extremely caught off guard when they notified us yesterday they were backing out. Our existing investors kept us alive and functioning as long as they could during this fundraising process, but in the end, we needed new outside capital to get into production.

What This Means For Backers:
It’s been a long road with a lot of obstacles. The support of our amazing backers has been incredible, which makes this announcement even harder. We were so incredibly ready for production in order to hit our deadlines but without capital it is impossible for us to move forward and we will not be able to fulfill any pre-orders.

We are disappointed and emotionally distraught, and while we know this is extremely disappointing for you, we want our backers to know that we did everything we could to make Plastc Card a reality.

- Plastc Inc.
I personally made the purchase on my Chase Amazon Rewards Visa. I just got off the phone with them to process my claim. It was funny, as soon as I got transferred to the claims department, the rep said, "I just finished processing the dispute for another client who purchased the Plastc Card. Did you receive the email at 3:22pm?" lol, this was correct.

So it looks like Chase will post a credit in 15 days, as they first need to wait to see of Plastc will post a credit my credit card themselves, if they don't, then Chase will post a credit, and I guess Chase becomes one of many creditors who will go after the company for their losses. :)



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djino
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Mar 23, 2004
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Sad to hear, but with apps like Apple Pay, Android Pay, Samsung Pay, LG Pay and *Whatever you call it* Pay, i don't know how well this will work even if it did see the light of day.

It's also funny how the blurb didn't mention refunding the backers. Guess it's not coming.
「もし、奇跡を起こせたら……」
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angel_wing0 wrote:
Apr 20th, 2017 5:07 pm
Sad to hear, but with apps like Apple Pay, Android Pay, Samsung Pay, LG Pay and *Whatever you call it* Pay, i don't know how well this will work even if it did see the light of day.

It's also funny how the blurb didn't mention refunding the backers
. Guess it's not coming.
Already spent.
[OP]
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angel_wing0 wrote:
Apr 20th, 2017 5:07 pm
Sad to hear, but with apps like Apple Pay, Android Pay, Samsung Pay, LG Pay and *Whatever you call it* Pay, i don't know how well this will work even if it did see the light of day.

It's also funny how the blurb didn't mention refunding the backers. Guess it's not coming.
Exactly. I was always saying and posting on their social media page that if they keep delaying their launch, the product will soon become redundant.

Djino
"I'm assuming their investors agreed"
Oneplus 2
- Sim 1: $49/month - Rogers Quebec - 10GB/Canada-wide Calling/text/Call Display/Enhanced Voicemail/Call Waiting/Call Forwarding ($70 - 30% Corp Discount)
- Sim 2: $7.50/month - Fido - 3GB Data-only plan ($15 - 50% for 12 months)
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How did you get your money back after over 6 months?
[OP]
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Messerschmitt wrote:
Apr 20th, 2017 8:04 pm
How did you get your money back after over 6 months?
By filling a credit card claim under the credit card liability insurance, in that I never received a product that I paid for.

Djino
Oneplus 2
- Sim 1: $49/month - Rogers Quebec - 10GB/Canada-wide Calling/text/Call Display/Enhanced Voicemail/Call Waiting/Call Forwarding ($70 - 30% Corp Discount)
- Sim 2: $7.50/month - Fido - 3GB Data-only plan ($15 - 50% for 12 months)
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djino wrote:
Apr 20th, 2017 8:08 pm
By filling a credit card claim under the credit card liability insurance, in that I never received a product that I paid for.

Djino
How long do people usually have to claim that? Thought it was usually 90 days or so
[OP]
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Messerschmitt wrote:
Apr 20th, 2017 8:10 pm
How long do people usually have to claim that? Thought it was usually 90 days or so
I assume this is no different to any type of "pre-order" purchase. In that there is no time limit.

Had Plastc not gone into bankruptcy whereas there was still an expectation of the pre-order being fulfilled, then I'd likely have to first ask for a refund from Plastc themselves.

In this case where up until 3:22pm today, there was still an expectation of the item being fulfilled and now they have closed up shop and have no customer service people, my only remedy is to go through my credit card issuer. Perhaps there is now a time limit from knowing about what happened today, to contact Chase, but I called 1 hour after knowing.

djino
Oneplus 2
- Sim 1: $49/month - Rogers Quebec - 10GB/Canada-wide Calling/text/Call Display/Enhanced Voicemail/Call Waiting/Call Forwarding ($70 - 30% Corp Discount)
- Sim 2: $7.50/month - Fido - 3GB Data-only plan ($15 - 50% for 12 months)
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many more of these to come with the so-called "disruptors"
Their modum operandi is grow and sell the outfit even though the business model is no sustainable without further cash-injections from investors.
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May 13, 2005
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Messerschmitt wrote:
Apr 20th, 2017 8:10 pm
How long do people usually have to claim that? Thought it was usually 90 days or so
There are other conditions that you might do a credit card chargeback. For example, Plastc expects to ship you the product this month (you ordered last year), you still not receive it then you still in the timeframe for opening credit card chargeback.

For example, MasterCard credit card chargeback conditions...
4855 – Goods or Services Not Provided

The chargeback time limit is calculated based on one of the following:

• 120 calendar days after the Central Site Business Date when goods or services were provided

120 calendar days after the latest anticipated delivery date when the provision of goods or services was delayed

120 calendar days after the cardholder’s realization that interrupted services have ceased, but not to exceed 540 calendar days of the Central Site Business Date
https://chargebacks911.com/chargeback-time-limit/
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Nov 29, 2014
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I saw ads on T.V. about this card if I recall correctly. CCs are already thin. Having 4 in wallet really doesn't bother me none. There was way to small of a niche here.
I play the video games H2, WC3. I bank with low fee or no fee banks like Implicity. If you got questions ask.

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