Epik agrees to be sold, Temporary Restraining Order requested to block deal – Domain Name Wire

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26 Comments June 1, 2023
Deal would pay off debt to many domain registries, and the new entity might be able to pay back customers.
Domain name registrar Epik has agreed to sell many of its assets for $4.9 million, most of which will be used to pay outstanding debt, according to recently filed court documents. [Update: the sale closed.]
That includes a payment to Matthew Adkisson, who sued the company because he’s owed over $300,000 from a failed domain transaction. But that payment would only cover the amount he’s owed from the transaction, and not any legal fees or other penalties, so Adkisson has requested a Temporary Restraining Order (pdf) to block the deal.
The buyer is a new entity called Epik LLC. Adkisson’s motion alleges that the new entity is backed by Registered Agents, Inc., which acts as a registered agent for businesses.
The Asset Purchase Agreement discloses that Epik is heavily indebted to many businesses, carrying $1.6 million of trade debt. It owes domain name registry Identity Digital the most, with a $383,000 tab. Upon execution, those debts would be paid off.
Many assets are not included in the sale, including Masterbucks.
The deal could potentially lead to a payout to customers who are owed money. The assumed liabilities include “in-store creditors” that have provided appropriate Know Your Customer documentation.
In an email sent Tuesday, an attorney representing Epik told Adkisson’s attorney that:
Epik has significant payments due this Thursday for its ICANN and domain registries obligations, which are necessary to keep the company going. Thus, if this deal does not proceed, Epik unravels and its value (and any ability for your client to recover from it), becomes virtually zero.
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Michael says
June 1, 2023 at 12:11 pm
And Monster escaped for months to Asia to avoid getting killed, according to himself. Who needs Netflix?
Scott Ross says
June 1, 2023 at 1:05 pm
> ❝Who needs Netflix?❞
GREAT wit. #ComicRelief
Brad Mugford says
June 1, 2023 at 12:15 pm
Like you said the $1.6M is trade debt, it does not include Epik’s debt to customers.
The fact that Masterbucks is not included is telling.
Do you really think this deal is going to pay back the customers who are holding worthless Masterbucks?
Many of these customers were involuntarily forced to hold it, like Kathleen Kalaf. They were ripped off by Epik’s unlicensed “escrow” service.
This is nothing but a blatant attempt to shield the assets with any value, while leaving the customers holding the bag. All it does is benefit Epik insiders.
Brad
Andrew Allemann says
June 1, 2023 at 2:54 pm
The Asset Purchase Agreement specifically states that the buyers will be liable for the “in store” credit, but I’m not sure what all this includes and how difficult it will be to make a claim.
Brad Mugford says
June 1, 2023 at 3:13 pm
That basically translates to just another IOU from a company that has no credibility. They have spent many months now misleading, telling lies, making false promises.
I don’t think “Just trust us” is going to fly.
Wyoming is notorious for shady business dealings and being used to shield assets.
Also, this still does not include the many people who have been scammed by Epik via Masterbucks, and now hold that worthless currency.
BTW, you were mentioned in emails by Rob Monster that were listed as exhibits. I assume you have seen that?
Brad
Richard Funden says
June 1, 2023 at 4:49 pm
This could just mean prepayments and payments received for services not yet rendered (see: Renewals).
Squarely says
June 1, 2023 at 12:35 pm
What assets??
What kind of assets does epik own?? All junk
Brokerage says
June 1, 2023 at 12:44 pm
Adkisson is owed 300k from one domain, what about the other customers that have 500k domains there and have no money to transfer out?
Brokerage says
June 1, 2023 at 12:45 pm
We will have our names moved to some random registrar, with all the risks that has, including to domains that are about to expire. Many, many clients have no idea about these issues either.
Mark Thorpe says
June 1, 2023 at 1:24 pm
No comment Lol
John Berryhill says
June 1, 2023 at 4:23 pm
MINUTE ORDER (text only) authorized by Judge Lauren King. Defendants are ordered to respond to Plaintiff’s 16 Motion for Temporary Restraining Order by 9 a.m. on 6/2/2023, and Plaintiff may file an optional reply brief by 2 p.m. the same day. The Court sets a hearing on the motion for 4 p.m. on 6/2/2023, which will be conducted via Zoom videoconference. The Courtroom Deputy will contact the parties with the link. (NAW) (Entered: 06/01/2023)
Richard Funden says
June 1, 2023 at 4:48 pm
“I am not a rat”
JZ says
June 1, 2023 at 5:16 pm
is anyone really surprised this is the outcome from someone like “Rob Monster”? The more crazy he appeared to become it should of been clear to all that it was even worse behind the scenes.
Green Jobs says
June 1, 2023 at 5:18 pm
They are done.
MarkMajor says
June 1, 2023 at 6:17 pm
Monsters’ MONSTROUS MESS !
Nothing EPIC about EPIK !
Geld Win says
June 1, 2023 at 8:14 pm
The deal was to pay akisson lawyers in full. And would have, but once Perkins saw it they ran up 100,000 in legal fees to ruin the deal. When offer to settle was maid, Perkins had 20,000 in legal fees. Offer was for $330,000. They then rushed to make 150 page filings and create a problem that didn’t exist. They are preying on Akisson and Monsters naiveness and immaturity in litigation and managing lawyer expenses. One lawyers opinion is just that. There’s always another side. Akinson is to noob to understand that when a lawyer says I think it will go this way. There’s always another way. Monster didn’t commit fraud. He was a horrible business person. That’s not fraud.
The deal clearly says the new buyer is taking on in store credit. Everyone would have walked away being taken care of except for Monster and Royce. But Perkins ruined it to try to make more money. Next week there’s no registry agreements and soon after no Icann agreements. Everyone loses. Epik is worthless next week and everyone will spend 2-3 years in court and nothing left of value to distribute. Lawyers get paid though. Maybe Netflix rights will pay some?
Geld Win says
June 1, 2023 at 8:19 pm
It starts:
https://www.icann.org/uploads/compliance_notice/attachment/1205/hedlund-to-royce-1jun2023.pdf
Donuts is next week. Epik is all gone because of Perkins Coie Lawyers not helping akkinson take a deal where current legal fees would have been paid in full. Running up 100k in not needed legal bills and then stalling the deal. Everyone loses Perkins Coi maybe wins, but 2 years from now Akkinson probably won’t have the 700,000 in legal fees Perkins will want after they realize they won, but no assets to sell.
Brad Mugford says
June 1, 2023 at 8:32 pm
Sorry, but there are many other victims other than Matthew Adkisson. He is just one of the people who was scammed by Epik’s unlicensed “escrow” service.
Kathleen Kalaf was scammed out of $100K via Epik’s “escrow” services as well.
https://domainnamewire.com/2022/12/05/an-epik-victim-tells-her-story/
There are many other customers who would not get a dime if this transfer went through.
This deal is clearly about shifting assets and liabilities.
Epik (Washington) wants to shift the assets of value to Epik LLC in Wyoming to an unknown buyer.
Why Wyoming? To shield assets.
3. Asset Protection & High Privacy
There are several benefits in incorporating in Wyoming for small businesses. The first time entrepreneurs and asset protection along with high privacy are two of the foremost advantages. Wyoming has one of the strongest asset protection laws in the nation. Unlike some states like California; in Wyoming, creditors will be unable to force sale of assets. Once you incorporate in Wyoming, you will also be able to take advantage of the limited liability protection under which business owners will not be responsible for any business debts or liabilities. The state also ensures businesses can enjoy privacy. The law ensures that business owner, manager or member information is not required to be listed on the state’s public database.
At the same time Epik is specifically excluding assets like Masterbucks, and trying to leave those debts behind in Washington…in a company with no valuable assets left.
The plaintiff did not ruin anything.
Escrow funds are supposed to be separated. They are not a companies to do with as they please. There is no excuse for taking a $300,000+ escrow payment and not transferring the domain or returning the money for a year.
The people who ruined Epik were Rob Monster, Brian Royce, and anyone else involved in this scheme.
Brad
Snail Mucin says
June 2, 2023 at 4:40 am
They should teach this is business school.
“How to ruin a business!”
Brokerage says
June 2, 2023 at 6:11 am
“customers who would not get a dime” , now they will get little more than a dime, after Receivership fees and everything is sold for peanuts. Everyone loses except the lawyers involved.
Snail Mucin says
June 2, 2023 at 8:25 am
Common
Marko says
June 2, 2023 at 1:43 am
Epik owes me $600 how do I get my money?
lothar74 says
June 2, 2023 at 6:04 pm
I wonder if/how this sale complies with RAA Section 5.5.8, which allows ICANN to terminate a registrar’s RAA if “(i) Registrar makes an assignment for the benefit of creditors or similar act; (ii) attachment, garnishment or similar proceedings are commenced against Registrar, which proceedings are a material threat to Registrar’s ability to provide Registrar Services for gTLDs, and are not dismissed within sixty (60) days of their commencement; (iii) a trustee, receiver, liquidator or equivalent is appointed in place of Registrar or maintains control over any of Registrar’s property; (iv) execution is levied upon any property of Registrar, (v) proceedings are instituted by or against Registrar under any bankruptcy, insolvency, reorganization or other laws relating to the relief of debtors and such proceedings are not dismissed within thirty (30) days of their commencement, or (vi) Registrar files for protection under the United States Bankruptcy Code, 11 U.S.C. Section 101 et seq., or a foreign equivalent or liquidates, dissolves or otherwise discontinues its operations.”
Jose says
June 2, 2023 at 8:29 pm
How many of those who write here comments about Epik are lawyers?
I studied law little to defend myself, and the truth of the little I learned, none of you write with a solid reason?
This seems like knowing everything and if so why aren’t they in the courts attacking or defending all the parties involved?
Let justice do its job.
Very probably the state of Wyoming is the most current, who writes it.
If Epik goes bankrupt, I will also lose and if this happens, do not open any US lawyer to return all the money in the world to me, I know too much about justice in your country to attack the untouchable culprits for ideologies that are widespread among a large majority that defend themselves all at the same time and win.
They never lose out and many of you know that.
Andrew Allemann says
June 3, 2023 at 12:35 pm
Update: the deal went through after Adkisson settled –
https://domainnamewire.com/2023/06/03/epik-is-sold/
Snoopy says
June 6, 2023 at 5:13 am
Rob needs to check himself into the nuthouse, and stop starting domain related companies.
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