As you guys know what is happening now, the topics are so long, my question is simple: will SNO get paid this month or not?
It’s up to the judge now to make that decision. My bet is yes (likely not in time) and only for july 27…31.
SNOs will get paid.
The point of Chapter 11 is to keep things running while the company restructures. At a minimum that means: customer money comes in: Storj takes their cut: and payments go to node operators.
what do you mean by this?
Under some bankruptcies, all debts pre-bankruptcy get frozen and tied up in court, while debts during the bankruptcy are paid more or less normally.
I am not a chapter 11 expert though so I also don’t know if/when/how much node operators will get paid.
I wonder how many SNOs actually follow this forum. My guess is that 90% come here only if they see some critical issues with their nodes. So the news about Chapter 11 is still not known to most SNOs. And they will only find out about it if Storj misses the next payout. So if payouts aren’t delivered next week, we have another 7-10 days before everyone finds out that they are now working for free, and then the shitstorm will hit here 
It’s going to be quite a show.
I’m about 60/40 that NO you will not be paid.
This company has shown to have NOT filed SNOs as a critical vendor status in the filing itself; not that I have seen anywhere here. That designation is required up front, on the first day of filing. They have said nothing, therefore, they failed to consider it, they don’t know what they’re doing, or have poor counsel.
They were to write a doctrine of necessity, petitioning the judge to immediately consider:
SNOs cannot quickly be replaced
SNOs are essential to their business
We would refuse to continue providing services if not paid
That we preserve the value of the company because we are essentially the company.
Given the complexity, the judge has total le-way to fix known deficiencies.
Instead they’ve gone on some tangent to submit a survey that some of us might provide capital in interest of ownership, in a rather abstract way; that’s leaning in the opposite direction of distribution of current SNO payables.
The judge could/would consider this and side with SNOs, but he needed to be told.
Doesn’t look like he was, or will be.
You can file your own registration of debt should this happen.
Nevertheless, there is no getting blood from a stone. There’s no knowing what little cash they have left, check their online wallets.
July 27th - 31st = yes, payment. They could even use one of their online wallets for that, before the price implodes, I’ve already hinted to them to do that with a wallet. This could be dangerous if not catastrophic negligence.
2 cents,
Julio
I don’t think we won’t get paid. It seems strange to me. If that happened, the network would collapse in less than 24 hours. Because everyone would shut down their nodes immediately. And I’m one of those who currently holds over 200TB of data.
They could simply answer the question.
It is bizarre.
The debts owed within the month can get paid if the judge allows it. After chapter 11 get paid normally.
This makes it tricky to work out payments. It might be cheaper to pay in full or not pay at all than to try to work out part payment
It’s already August, and nobody from Storj has commented on this topic, so I assume there won’t be any payment.
Storj: “Trust us SNOs, dont speculate”
SNOs: “Sure. Will we get paid this month?”
Storj: Silence.
It’s published also on our blogs:
If they don’t follow at least them, then, well, they would find out eventually.
However, I with @Roxor, I think that SNO should be paid in time.
This is simple untrue. Otherwise there would not be this topic:
at all.
And this is not a first time, when we are communicated with SNO to make some decisions.
We also didn’t cut a payout when it was necessary and postponed it as much, as possible.
I don’t know. I am getting told that they are working on it so I can say they have the intension to pay it. I don’t know how chapter 11 handels that. I was told that expenses to keep the service allive are somehow treated differently. Not sure what that means.
One good news. The pricing was increased and that is not reflected in the spreadsheet right now. So my hope is that after the invoice cycle leadership will find out that there have a bit more money in the bank than the spreadsheet claimed they would and from there it might be easier to take a bit of money and use that for storagenode payments. For that reason I would also expect a delay in storagenode payments this time. Like an additional week or so.
That’s great to hear. So let’s keep our fingers crossed.
Which would make sense.
If a company needs Chapter 11 to remain alive it obviously does not make sense to prevent it from paying their operation.
That sounds like a problem that cries for additional cash inflow.
It always starts with: Have a little patience. Soon we will. The cheque is in the mail…
We will see.
The elephant in the room … I suppose all the held amounts are wiped out?
Why would they be?
Whether they’ll get paid or not is a different matter, mind…
The held amounts feel like a debt from before chapter 11 and it would be illegal to pay them
Did I miss the post where they said the storj reserves ran dry? Yes, I understand the storj token is an asset but any creditor should know the token would become instantly worthless if the company sold them all to pay off regular debt. SNOs are probably the only debt they can pay off with tokens.