Well said. I, too, will go the arbitration route. They are threatening to take legal action.. But its all a farce since by their own terms all disputes must be resolved through arbitration and not court.
I liked the post by rudedog, obviously he didn't buy the stock. I, like many purchased on the basis that the underwriters new their stuff and the IPO price would be at a "value" to the Vonage long term customers. Not quick thinking on my part. I've bought and sold stocks for 10 years or so and never participated in an IPO and thought this was my time. I'm holding for a while and keeping my Vonage account eventhough many would think I'm nuts.
What is the merit to the news about a Vonage buyback from its customers? Something from them would be warranted to keep my business. Otherwise I will eventually show my loss of loyalty and bolt.
I wish you and the rest of those who refuse to pay the best of luck. Sooner rather than later I think your going to find yourselves in a very bad spot. When your case goes to an arbitrator the ruling will not go in your favor. When this happens it will open the door to legal options. How can I say this? Vonage and the underwriters are not going to let people not pay for what they are obligated. If they were not to pursue this then it would open themselves up to even more lawsuits because all investors must be treated equally and they have more paying investors then bums like yourselves who are choosing not to pay.
You can obviously claim ignorance because clearly this is the case. You can't claim you didn't know because there were easily ten pages of information you had to read and acknowledge that you read by clicking a acceptance box and clicking "Next Step"
How can anyone not have seen all of these steps....
Step 1 Review of terms and conditions of Vonage Customer Directed Share Program Step 2 Prospectus Step 3 Selected risk factors Step 4 Opening of limited purpose brokerage account Step 5 Certification of Form W-9 Step 6 Submission of conditional offer Step 7 Payment for allocated shares
Are you kidding me! Your going to have a very difficult time trying to prove you didn't know what your doing.
If this was any other deal, the credit collection agency would have already been contacted due to a lack of payment.
Not necessarily. Selling the debt to a collection agency means you don't get anywhere near its face value. They would likely try to collect before selling off the debt. In fact, that's usually a last resort after a debt has gone over 90 days old.
The people who haven't paid, though, should be aware that at 30 days this will likely begin to show up on your credit report - regardless of what is going on with class action suits or arbitration or whatever.
I think this guy is just upset that he paid already. All of his post make it sound like if you have not paid yet you are a criminal, bad person, and you will die within 15 minutes of not paying.
I know if I hadn't paid, it would be hard to stomach but I would pay. Unfortunately I pay for all of my debts no matter how bad they are. On the flip side, if I can recoup by a company buyback that would be nice. I'm not holding my breath though.
From those terms and conditions you referenced that I had to read over.
"Carefully review the prospectus relating to the initial public offering of Vonage's common stock. You must indicate that you have had the opportunity to review this prospectus. A copy of the prospectus is available by clicking on the prospectus link on the bottom of this page. If the prospectus is amended, a new version of the prospectus will be posted on this website. You will need to review any amendments to the prospectus in order to remain eligible to participate in the Vonage Customer Directed Share Program."
I never logged back into that site until i was surprised with the notice that I allegedly owned 200 shares. Therefore I never looked at the updated prospectus. How then did I remain eligible. I guess there attorney will have to explain that at the arbitration hearing.
Then that is your fault because the website also says
"By clicking here, I consent to receive information relating to the Vonage Customer Directed Share Program and my participant account through information posted on this website. While information may be sent to me via e-mail, I understand that I should not expect to receive any notices or information in any manner other than through this website."
Do you not understand what this means? You had to acknowledge this statement in order to get into the website. This is telling you that you had to check the website regularly for updates.
ckudrna, You are criminal if you don't pay and as a investor of the company your in a round about way taking money from me. I'm not happy that I've lost a couple grand right now. I paid what I was suppose to pay because I understood what I was doing.
So what you are saying is the terms and conditions don't actually matter. That the clause you referenced super seeds the one i referenced.
I'm pretty sure an arbitrator would rule they contradicted themselves here and would find in my favor. I may be wrong but am willing to go through the process and find out.
will see. If I truly meant to buy this stock. I would have paid up and taken my lumps. Since this is not the case. I have no intention of paying unless ruled to through arbitration.
Etymology: Middle English superceden, from Middle French superseder to refrain from, from Latin supersedEre to be superior to, refrain from, from super- + sedEre to sit -- more at SIT 1 a : to cause to be set aside b : to force out of use as inferior 2 : to take the place, room, or position of 3 : to displace in favor of another : SUPPLANT
No wonder you didn't know what you were doing when you signed up for the stock. You should get your money back!
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