Image Point to end production & sell off business

[eng0270]

Wow .... Feel sorry for all of the individuals laid off. Hopefully this doesn't effect too many on here.

Full story below:

http://www.wbir.com/news/local/story.aspx?...074&catid=2

[Neonleon2009]

I am truly amazed that ImagePoint folded.........I just heard from a friend in CO that she has completed 10 projects for them and had not received a dime. Surprisingly yesterday 3 checks came in the mail.......they BOUNCED!

They were huge........makes you wonder.

[Erik Sine]

I heard some rumors things downsize, but didn't know it would just suddenly end. That's too bad, I hope people get paid and not left hanging.

[Brian]

Sadly I think this is just the tip of the iceberg

[Erik Sine]

Sadly I think this is just the tip of the iceberg

As in for other company's as well? If so I think you're right

[manuellynch]

Sadly I think this is just the tip of the iceberg

I agree. We were their largest LED supplier. We always demanded payment in advance - they dont owe us anything and quit ordering months and months ago.

I just heard that it is estimated that several other wholesalers and suppliers are going to be hit hard - estimated that the 450 people laid off will end up affecting 3500 jobs in other companies.

And so we move on... and reconfirm our payment terms - prepay.

[paul321]

For all us subs, this is again is proof that we need to be paid upfront. Our services are not free and we can not absorb the loss of any moneies due to us. Everbrite has a strict policy of the balance paid before they ship any product. If you follow the saying " In God We Trust, All Others Pay Cash" You will never be out your money. Good luck to all those involed.

[manuellynch]

Let the employees of Imagepoint that you speak to know that we have put together a resource to help them.

We have already placed 3-4 people.

Tell them to visit this link - we want to help them: http://www.axiomled.com/imagepoint/

[Signtist007]

We're owed $80k :(

[Hanna Signs]

I feel really bad for the employees and others that will get stuck not being paid but Image Point (formerly Plasti-line) was known in my circles to be terrible about paying their bills. They actually drove one company that I used to work for out of business by changing pricing in the middle of a large project and then still dragging their feet to pay. I now own my own business and I refused to work for them. Again, I hate it for the people affected but as far as I'm concerned it's good riddance to Image Point.

[manuellynch]

I feel really bad for the employees and others that will get stuck not being paid but Image Point (formerly Plasti-line) was known in my circles to be terrible about paying their bills. They actually drove one company that I used to work for out of business by changing pricing in the middle of a large project and then still dragging their feet to pay. I now own my own business and I refused to work for them. Again, I hate it for the people affected but as far as I'm concerned it's good riddance to Image Point.

Being from SC - have you heard from anyone on how Davis Neon will be affected by this? This could cost a lot of sign companies like AGI and others to fall apart if their main fabricator/supplier cant stay open.

[Hanna Signs]

Being from SC - have you heard from anyone on how Davis Neon will be affected by this? This could cost a lot of sign companies like AGI and others to fall apart if their main fabricator/supplier cant stay open.

I haven't heard anything but I know that they are doing a lot of work for other companies. They are good people. I hope it doesn't hurt them too bad.

[TecnoluxMan]

Very unfortunate and not a very good way to start the new year, heard this fall down the pike too in another area

If you haven't received your email from Image Point yet, you will soon. There will not be any payments made on any out standing invoices due to the fact they owe $36million to the secured creditors, they have $40million in property. If they manage to sell the property for $40m that leaves $6m left to pay to the venders and installers. If you receive bad checks you lost, nothing can be done. These checks are coming with no dates on the bottom of the checks of when they were cut. They are not coming back NSF they just are not being honored for payment. To those that have jobs out there less than 90 days file lean immediatly, just hope they don't announce Bankruptcy before you file. The Bankruptcy court can go back 6 months on any check that you have received from Image Point to collect. If you can go to the dealer or whom ever your invoice is made out to you can try and settle up with them. Maybe at a settled price. You loose 1/3 with an attorney and second of all your only GOING TO COLLECT 5 CENTS ON A DOLLAR FROM IMAGE POINT. Good Luck!! Hope fully your not the one they owe over $600,000 to.

[denysesignsHR]

DeNyse Signs in Douglasville, GA (metro-Atlanta, GA area) will accept resumes for experienced Sales Representatives. If interested please send resume to H.R. Manager Pam Brown at pbrown@denysesigns.com. For more information about our company, visit our website at www.denysesigns.com. Good luck to all the Image Point employees....

Edited January 12, 2009 by Westcoast Sign Guy
email link

[Delaplane1]

= Delaplane & Son, Inc. date 1/13/09

We had the same experance with Image Point. Started out years ago that they would pay like clock work every 30 days. Then they began stringing out the payments from 30 to 45 to 60 to finally 120 days then we had heated discussions about payment. Finly enough was enough and I burn't the bridges about four years ago.

My experiance reguarding money owed the installers. It might as well be written off sorry to say. I have experianced that my self. Buyers will come in and purchase the assets only, not the liabilities leaving everyone hanging.

Good riddance to Image Point.