Tilt is shutting down
blog.tilt.com
Tilt is shutting down
1–10 of 53 posts
Re: Tilt is shutting down
#2[deleted]
Re: Tilt is shutting down
#3pretty abrupt email went out to some (not all) Tilt users, stating that after today, no new campaigns can be created, and after June 4, no more funds can be collected from existing campaigns. it had the feel a rude landlord booting you out of your apartment that you've spent thousands of dollars on, with 1 week's notice
Re: Tilt is shutting down
#4Wow. That's some incredibly short notice. One would think given the much larger company that acquired them, they'd be able to give a reasonable grace period before shutting it down.
Re: Tilt is shutting down
#5Today is a bad day, so many startups going down.
Re: Tilt is shutting down
#6> You can also initiate withdrawals for any collected funds to your bank account through the Tilt platform until June 12, 2017.
I highly doubt that is legal. If you hold third party funds you can't just make some arbitrary statement or the money is yours.
They will have to make a reasonable effort to reach the affected parties and they will have to give them ample time to withdraw their funds.
Re: Tilt is shutting down
#7> You can also initiate withdrawals for any collected funds to your bank account through the Tilt platform until June 12, 2017. I highly doubt that is legal. If you hold third party funds you can't just make some arbitrary statement or the money is yours. They will have to make a reasonable effort to reach the affected parties and they will have to give them ample time to withdraw their funds.
It's worked for PayPal for years... Google will find you a hundred examples of PP deciding to freeze accounts and the funds going up in smoke.
Re: Tilt is shutting down
#8> You can also initiate withdrawals for any collected funds to your bank account through the Tilt platform until June 12, 2017. I highly doubt that is legal. If you hold third party funds you can't just make some arbitrary statement or the money is yours. They will have to make a reasonable effort to reach the affected parties and they will have to give them ample time to withdraw their funds.
It's worked for PayPal for years ... Google will find you a hundred examples of PP deciding to freeze accounts and the funds going up in smoke.
Paypal eventually always pays out, I've yet to hear of a confirmed case where they eventually did not pay out though they can hold on to the money for an unreasonably long time.
All the cases that I'm personally familiar with the money eventually turned up. In some cases this took 6 months.
That doesn't excuse them but they do have some responsibilities, especially since here in the EU they are seen as a bank and have a Luxembourgian banking license.
Re: Tilt is shutting down
#9> You can also initiate withdrawals for any collected funds to your bank account through the Tilt platform until June 12, 2017. I highly doubt that is legal. If you hold third party funds you can't just make some arbitrary statement or the money is yours. They will have to make a reasonable effort to reach the affected parties and they will have to give them ample time to withdraw their funds.
It's worked for PayPal for years ... Google will find you a hundred examples of PP deciding to freeze accounts and the funds going up in smoke.
How many times has it stood up in court, though?
Google finds me plenty of reports where it apparently didn't.
Re: Tilt is shutting down
#10Is it traditional to announce startup shutdown on Friday (this & Sprig) just like layoffs?