Vendor Tesla Model S Battery Extended Service Plans from 057 Technology

[stopcrazypp]

Sooo…. What happened to all the service plan funds?

What a total cluster F bomb.

Sounds like the company was never sold but only some equipment / assets.

Unless you are a lawyer (I'm not either), I would suggest not making blind speculation (suggestions apply also to people above).

From a quick Google, "asset acquisition" is simply one of two common methods to "buy a company". The other way is a stock purchase. Sometimes the company acquiring will also assume the liabilities, sometimes not.

"What Is an Asset Acquisition Strategy?
An asset acquisition strategy is when one company buys another company through the process of buying its assets, as opposed to a traditional acquisition strategy, which involves the purchase of stock."

Asset Acquisition Strategy: Key Concepts Explained

An asset acquisition strategy is a means for a company to promote growth by purchasing other companies by buying their assets instead of their stock.

www.investopedia.com

As for the claim the two companies are the same, they obviously are not legally the same. Not only are the owners completely different, they aren't even registered in the same state, nor is the name the same. I get people are angry, but you still need to stick to the facts and not try to make points that obviously will fail.

 

[willy_d]

This is an open and public forum where people come to express their thoughts and concerns.

If you don't ask questions and don't draw lines, conclusions can never be drawn or discussed.

If this was a court of law, sure - we would need to have studied all types of legal terms etc. But this is a thread where we are trying to understand and shed light on what is going on.

In my note "sounds like..." this is me thinking out loud and open to any information or guidance in the manner.

Thank you for your comment, but I'm still approaching this with the mindset of learning and questioning areas that I am uncertain of.

In regards to your comment about the companies being different, I totally understand they are different.

But it just seems odd that somebody purchasing 057 technologies, named themselves 057 companies?

It's like Pepsi Kola buying Pepsi Cola. It's all merely some thoughts that come together. Somebody mentioning IPs being similar.

Through speculations from this thread , we found out a lot of missing information and many wonderful members used the data to dig further. So, with respect I disagree with your idea that people shouldn’t speculate as it brings up great conversation and leads to answers.

Unless you are lawyer (I'm not either), I would suggest not making blind speculation (suggestions apply also to people above).

From a quick Google, "asset acquisition" is simply one of two common methods to "buy a company". The other way is a stock purchase. Sometimes the company acquiring will also assume the liabilities, sometimes not.

"What Is an Asset Acquisition Strategy?
An asset acquisition strategy is when one company buys another company through the process of buying its assets, as opposed to a traditional acquisition strategy, which involves the purchase of stock."

Asset Acquisition Strategy: Key Concepts Explained

An asset acquisition strategy is a means for a company to promote growth by purchasing other companies by buying their assets instead of their stock.

www.investopedia.com

As for the claim the two companies are the same, they obviously are not legally the same. Not only are the owners completely different, they aren't even registered in the same state, nor is the name the same. I get people are angry, but you still need to stick to the facts and not try to make points that obviously will fail.

 

[zoomer0056]

suggest not making blind speculation

You're kidding right ... this is TMC. So much speculation and guessing goes on in many threads, it's absolutely rampant .

 

[CrankyGypsy]

I'm trying to recall one time Hughes said he specifically sold the assets, but I just keep remembering the many times he said he sold the company.

 

[MP3Mike]

I'm trying to recall one time Hughes said he specifically sold the assets, but I just keep remembering the many times he said he sold the company.

While answering someone else's question in the other thread, the fact that the new owners operated out of the old building, meaning they took over some of the liabilities, and not just some of the assets, which lead me to come up with another theory of what could have happened:

Or after thinking about it some more there is another possibility:

• Jason sold 057 Technologies to the new people, lock, stock, and barrel. (Liabilities and all.)
• They ran the business for a while, and after things were seen to be going south, the new people spun up 057 Companies and sold some of the assets to it.
  • Which could have been a way to try to make sure Jason couldn't get his IP back.

That theory totally matches both what Jason has said, as well as what Julian said.

 

[vcor]

When you sell assets, the website can be included. The fact the new company didn't bother to update the site could be nefarious, or more likely with a small company, they may not have had a clue. A lot of small business owners are not web developers and barely understand web development. Still, you have to wonder about the technical competence of the buying company. It sounds like it was just a couple of people. Doubt we'll ever get a clear resolution as to exactly what went down (other than quite a few owners got screwed).

 

[CrankyGypsy]

@MP3Mike good possibility. Though 057 Companies was registered 6/6/2023 just as 057 Technology was ceasing.

 

[CrankyGypsy]

@vcor the website was updated. The terms were updated the same week 057 Companies was registered. Hughes basically snuck in and took his Twitter link off. The FAQ was updated to let the public know that Service Plans would not be extended.

 

[CrankyGypsy]

Rereading this post, I've put together a theory:

What if new-057 (057 Companies) states is correct, and they purchased the assets from 057 Technology (@wk057 Jason Hughes)? If so, I have a feeling this was mostly with the hope to acquire the rights to any future DOD-type contracts. Hughes, still needing an income, was permitted to operate out of the brick and mortar asset (though I'm doubting new-057 even had a desire to maintain the physical space). According to Reid, this agreement existed until September (which is what we had surmised) when Hughes decided he no longer wanted to continue. All that would lead me to believe that Hughes himself updated the website (I'll have to use the waybackmachine to try to verify when) and subsequently lied when the forum called him out. Speculating that, this would have effectively bought himself the 120days to escape typical chargeback deadlines. Diabolical. Keeping in mind that Reid is providing exact dates, it doesn't paint a great picture for Hughes' honesty.

The thing that confuses me with this, but may have a simple answer from a more knowledgeable person, is this claim that new Service Plan orders were labeled "057 Companies LLC" on credit card statements.

 

[OrbiterTI4]

...
The thing that confuses me with this, but may have a simple answer from a more knowledgeable person, is this claim that new Service Plan orders were labeled "057 Companies LLC" on credit card statements.

When I got home and was able to look at my saved copy of the invoice PDF, I confirmed the invoicing title and logo on the QuickBooks-generated invoice from an ESP purchased on 23Jun2023 were also using the new company name.

 

[zoomer0056]

When I got home and was able to look at my saved copy of the invoice PDF, I confirmed the invoicing title and logo on the QuickBooks-generated invoice from an ESP purchased on 23Jun2023 were also using the new company name.

View attachment 1030618

Interesting. Seems the new company did assume contract responsibilities.

Also, @wk057 reacted to post #869 with a thumbs down. He has since removed this reaction. I did not screen capture so I can't prove this.

 

[MP3Mike]

When I got home and was able to look at my saved copy of the invoice PDF, I confirmed the invoicing title and logo on the QuickBooks-generated invoice from an ESP purchased on 23Jun2023 were also using the new company name.

View attachment 1030618

But using the 057Tech website/email... Yep completely separate and unrelated... Uh Huh...

 

[gillmj24]

Posting about other unrelated scams and fraud now in another thread.

Here's mine

 

[gillmj24]

To be fair, I don’t think he mentioned the last time he pooped either. Or his shoe size. Or if it’s boxers or briefs.

Welcome to private companies, no one owes you a look into their financials/business dealings.

You bought a plan from a company that is still around, has the same contact methods (from latest Jason’s post).

Entitlement is wild.

It sounds like contacting your credit card company and filing a chargeback with a list of supporting docs is likely your best bet to obtain that black hole cash(your words, not mine).

This did not age well (emphasis mine)

 

[CrankyGypsy]

But using the 057Tech website/email... Yep completely separate and unrelated... Uh Huh...

Well, to add to my theory: Hughes stated he was working for 057 Companies. If so, all monies would flow through the 057 Companies LLC first, even if Hughes was effectively autonomous. This would be beneficial for both parties: Hughes could continue to make something close to his income with his Service Plan gig (with a fraction of the admin, book keeping, and overhead) and 057 Companies could continue to ride the reputation of 057 Technology towards whatever their plan is/was. All of this would explain the changes in billing but the same domain.

Furthermore: These two companies were definitely intertwined ... even Hughes said he worked for them. The only party trying to separate the two is Julian Reid.

 

[CrankyGypsy]

It appears someone has requested that the 057 website be removed from The Wayback Machine. I have not used it since the end of February, so I have no idea when someone might've made that request, but it is still populating Google searches.

LOL. Someone is actively covering tracks. For those of you defending any parties of this "057 conglomerate" you gotta admit that the optics of all this aren't looking too good.

 

[Crutonius]

Well that's suspicious. Better make your backups now.

 

[gillmj24]

too late

 

[ccalahan]

If I had money, I would hire a lawyer and go to town. But oh well, I am chalking this up as a loss. Jason, Julian, etc can all kiss my a$$. I hope you are reading this, and something tells me you are.........I hope you are proud of yourselves.

 

[zoomer0056]

If I had money, I would hire a lawyer and go to town. But oh well, I am chalking this up as a loss. Jason, Julian, etc can all kiss my a$$. I hope you are reading this, and something tells me you are.........I hope you are proud of yourselves.

At least one is monitoring this thread.