Even for the most respectable buyers and sellers, many domain name sales fail to close. Even real estate sales often fail to close. It does not seem prudent to rely on any sale being definite.
Kevin, save your rep and do what's right before the door slams all the way closed. Typing "Kevin Leto" into Google bring this up on the very first page: http://www.solorwell.com/kevin-leto-is-a-fraud/
Get your pal Rick The Ego That Roared Domain King Schwartz to lend you a few bucks and then you can feed just one guy excuses rather than a dozen who want your throat. I think it's high time to change the thread title back to "scam". This guy's denial just ain't funny any more.
...Some people always look to take the cheap shots...
Firstly, as I've said on many posts here, when you're working in a lot of business ventures it is inevitable
that some succeed and some don't. Some end up with good cash flow and some don't and require retweaking
and more capital to continue. I'm not giving up on the FID model. I've had enough discussions with other people
in the industry whose opinion I respect about the parts of it that are viable and the parts of it that aren't. So
I'm not going out of business on that venture like some are making it sound here. And I will get the 8 clients whole.
One mistake I and others made this past year as the economy floundered was putting too much capital into domains.
It seemed like the domain industry would be able to hold it's own through the turbulent storm the entire global economy
has experienced, but as everyone knows the market became flooded with domains for sale, revs have gone down on
nearly every monetization platform and the impact has become very profound. So everyone who looked at domains as
a safe way to ride out the storm, has also seen they aren't as liquid as they were, and it's much tougher now to move
these assets back to cash. I think in the long term, domains will regain their footing and will become more liquid again.
So yes, keeping cash flow strong when you're in the domain business depends on a strong marketplace, and being able
to buy and sell profitably at any time. I also focus on the higher side of the market, where that too has seen a big impact
with more sellers than buyers. Ironically the large deal I just got done is happening at a time when the biggest so far this
year has only been a sale at Sedo for $500k. So that will be good news for everyone, especially for those who have the
very high value one worders in their portfolio.
I have acknowledged and am working on every issue brought up in this thread and I will continue to do so until everything
is handled as promised. I have been in this industry for a long time, have helped share knowledge and my time with new
and long time domainers asking for advice, done good work for the vast majority of clients, and I am deeply resent the malicious terms
being slung around now, but this is the Net and there will always be folks who take advantage of situations with cheap shots and
use popular threads like this for their own gain and promotion, and I always believe people are entitled to say what they
feel, be it good, bad or ugly. So it sucks to have a bashing but that is the price you pay when issues aren't resolved quickly enough.
I have to keep all my endeavors going and deal with the stuff in this thread, so it is a lot to handle, and as I stated I am committed
to resolving each situation as fast as possible and as cash flow provides the means to do so.
Thank you to everyone who has posted professionally in this thread. I deeply appreciate your words of understanding.
Kevin
I dont see anything malicious what I see is excuse and another excuse and another excuse. While you are "waiting" for these deals to "close" why are you not cranking out the sites you built? This seems an somewhat like a Ponzi Scheme in a sense. Everything is black and white. You take money from me promise a site on XXX day and dont deliver and MONTHS later it is still not delivered and no hope of being delivered in my professional opinion (former law enforcement) it is called obtaning under false pretenses. In my jurisdiction anything over $300 is a felony. Short of them paying you cash in person you either have wire(paid over the internet counts as wire) fraud or mail fraud if they mailed you a check. I Told a guy to google this who deals with financial crimes who also stated the whole "FID" deal you have going on if you havent filed paperwork with the state for selling investments (because you promised a return) would also be in violation of most states securities laws as well as several federal laws ad SEC rules and regulations. This will be the last time I post on this but my advice would be to "take" money from your "profitable" businesses and pay these folks back what is owed. Go get you a payday loan and pay them back or get a job delivering pizza until it is paid back but if one files criminal charges and they find evidence (through the course of the investigation) in other states they will be obligated to turn that info over to the other states as well and then you will have a lot of problems.
good luck to all involved this is my last post here
That's just a link back to this thread...geez he must be a REAL authority on the issues. At least he uses a real who.is and doesn't hide behind a fake moniker.
Seems to me KRL has a cash flow problem....combined with a business model that tanked with the economy or just a bad idea, not an issue with "fraud".
Some people always look to take the cheap shots...
I personally hope it all works out especially for you razorblade.
Digi if you go back to earlier posts in this thread I've explained the platform is like a real estate sale leaseback.
Buyers get the domain ownership right away. Then they get paid for monetizing it on the FID network just like PPC.
Only difference is its a set time frame of 12 months so they can make enough from monetizing this way to recoup
the domains cost or the cost plus a small profit. That's it in a nutshell. It's a simple monetizing concept. Not some
kind of wall street deal. Only 8 of my clients and 2 of James clients bought domains using this monetization process.
James himself liked the concept so much he asked me if he could sell domains with this monetizing method. Which
he did.
James has been paid so far.
$4800 FID
$550 in brokerage comms
Besides the FID deal we did, during th past year James also got me to buy 50% interests in 2 of his .TV domains
One we sold and James made $1750 and one we still own together and I already told him he could keep my 1/2
on for extra compensation for him.
So in our 2 biz deals I sent James $7,100.
Over the past year I've also sent James $1800 in revs for his 2 clients.
So I've sent James $8,900 in total so far during the past year.
And he has the $800 + $800 + $300 he mentioned still to come.
He can also sell the domains he bought and has in his possession at any time to generate
further profits for himself. They are sellable domains.
I just want this to be stated again for everyone because if someone doesn't read this whole
thread they've missed a lot of our earlier informative posts.
Point being yes James has his final payments noted above to be paid still. And I just want
it to be clearly recognized it's not like he didn't make money from the 2 deals we did. He
made money from the FID and from the .tv domains he sold me and I brokered one of them
for us.
So I'm NOT scamming James and I am paying his final rev payments.
And when you add up all the money I've sent to him over the past year at least recognize he's in a positive profit
position from our dealings already and will be even more so after the final payments complete.
Kevin
Issues in August.
James Barclay August 12, 2010 at 7:38pm
Kev, I am being asked about the money from xxxxx. I do not have the $250 to lay out on the 18th, although I did lay out for the $500 name for xxxx.. Will you confirm a date with me for the very latest I can expect to get the monies. I would hate to look bad by being late on the payments with them......
Kevin Leto August 13, 2010 at 5:13am Report
My funds transfer should be hitting paypal today.
James Barclay August 15, 2010 at 12:03pm
Any news Kevin,
The 18th is only two days away. I need to have the money for the 18th. Please do not forget the money from the 8th aswell.
To be perfectly honest, I am feeling a little nervous (and let down) having to chase you with emails about payments owed.
James Barclay August 16, 2010
Issues in November
November 23, 2010 at 6:59am
Kevin - what day will you be able to send me the $750? ($50 already paid)
Kevin Leto November 24, 2010 at 8:41am Report
You're on the priorty list.
James Barclay November 30, 2010 at 5:47am
Please Kevin - whatever you do today, please make sure that you dont default on the payment plan. You have asked me for flexability and I have said no problem. But that does not extend to not getting paid by the end of the month. It is such a shame that I am having to beg for what was promised in a contractual agreement.
In the same way that I thanked you wholeheartedly for helping put some money in both our pockets, please be aware that I do not have the luxury of missing out on the payment plan. So far, I have sent xxx and xxx their money, but have received nothing myself. It is not fair. And if I am on the priority list - how does that work , if I am still not getting paid by the last day of the month?
I notice that you are still advertising for fixed income domains.... How do you think that makes me feel.??
I really hope that you make the right decision today.
Issues since January
James Barclay December 10, 2010 at 8:55pm
Please let me know a date when you can make the $800 payment this month .
Kevin - its been four months now that you have defaulted on payment due date, including a payment for this month aswell.
I am no longer prepared to put up with this.
If you dont keep to prearranged contractual agreements, I will have no alternative than to seek remedial measures aswell as letting people know that your fixed domains may be fixed - but the dates certainly are not and payments are sporadic at best.
I think you would be the first to agree that you have been letting me down month after month.
So - waiting games and flexability have come to an end. I would like to get paid on time every month.
I hope you acknowledge this email has been a last resort and I have been more than patient with you - much longer than anyone else would - and I have come to the end of my rope.
Kevin Leto December 10, 2010 at 11:03pm Report
James I'm working on getting this structured better on the timelines. I had hoped you were going to do what you had promised and market at a consumer based ROI, which wasn't done. I had hoped this would be a self funding division, now with the ad market still weak, I have to fund this all from BTD.
Anyways, since we are biz partners on DT.TV and I would like to keep a good relationship with you, I would appreciate you not making threats towards me. That really really rubs me the wrong way. Issues always happen in business. You deal with them and get things right. But it doesn't help when the person you are working with to get things right with is taking an attack posture. So please you've gotten your payments already so far of $3400 on $4500+$450, so that is already 70% ROI. And after this month's payment you'll be at 80% payback so far.
Good things are happening in other divisions so that is good.
So I will take good care of you. I like you and want to continue a good relationship together.
Kevin
James Barclay December 10, 2010 at 11:17pm
i take the threat back. Pay me when you can.
Kevin Leto December 10, 2010 at 11:24pm Report
Thank you James. I just sent you xxxx payment.
Kev
James Barclay January 1 at 1:39pm
whats going on kevin?
James Barclay February 22 at 12:48pm
kevin - please can you tell me when i will get the 800 dollars for the month of february. i would like you to give me a firm date please
Kevin Leto February 23 at 4:12am Report
I'm expecting to close some sales this week. Your first in line for payments.
James Barclay February 28 at 6:36am
last day of february and still nothing. What good is first in line when you are not meeting your obligations at all.
Anyway, i am getting more and more tired with this cat and mouse game. Everyone has a breaking point and i am surely there any day now.
For the last time - please pay me according to the contractual agreement for $800 for the month of February - now long overdue.
Kevin Leto February 28 at 6:56am Report
Hi James,
I am not playing games and I wish you would stop feeling that way.
I recognize all the obligations at hand. My monthly overhead is enormous and I take care of everyone as fast as the incoming flow allows.
The domain market has become next to impossible to deal with compared to the way it was when we started working together. At any time I've got $10k to $50k of inventory for sale. The market is flooded with sellers and buyers are grabbing the deals where sellers are litterally giving away domains for nothing. It doesn't do any good to sell for nothing. I've got very low prices but it takes way longer to get sales. It's never been like this for domain investors. PPC dived too as I'm sure you've recognized so you have to monetize much differently than before as well.
I've got people that owe me money that are late paying me. I'm trying to get that in today.
If you'd like to talk on the phone call this morning on 561-208-8244. I've got to walk my dog now, but will be back and available for a call in 45 mins.
Kevin
James Barclay March 2 at 4:30pm
I have no doubt Kevin that if you were rolling in cash that you would be paying me on time.
Unfortunately, you never sold me on making 12 monthly payments if and when you can. You sold me (and i sold two others) on the fact that your excellent reputation in the domaining business warranted your trust that I would be paid for 12 months on time every time.
To be blunt, your situation is very similar to alot of others, myself included. i am selling excellent names at bargain basement prices to try and keep my head above water. But if I make a promise supported by a contract, I would only enter that if I was assured that no matter what - I could pay the installments on time.
You have not done this for the last eight months and you have defaulted yet again by an entire month.
So I feel for you, but I am not responsible for your troubles. You are only as good as your word that you gave Kevin.........
Kevin Leto March 2 at 4:45pm Report
Hi James,
I've got good growth ideas working and the only idea from last year not working on a timely basis is the fixed income concept for the reasons we've discussed. My word is something I take very seriously. But if stuff beyond your control impacts a business concept it creates challenges to even the best of concepts. I'm not marketing the FID concept further with the way domain market conditions have continued to slide.
So I'm working on a way to keep the FID payments balanced as timely as possible until all are paid in full.
You have 2 more payments on your first deal, and we're 1/2 way on the 2 clients.
Kevin
James Barclay March 7 at 4:01pm
ok, but an entire month to go by without anything is unacceptable. you should know i am paying out of my own pockets $250 a month to the two other people concerned in this venture - leaving me to take the hit when all i was trying to do was help getting you more clients.
Kevin Leto March 7 at 4:19pm Report
I know. I know. I know. The domain market has become illiquid.
James Barclay March 8 at 7:17am
So after all this back and fourth - you have yet to give me a date for my february payment. Tell me the exact date please so that i dont have to feel like an idiot begging for my money - even though this is exactly what \i am doing.
This will be my last correspondence with you directly.
Sent via Facebook Mobile
Kevin Leto March 8 at 7:20am Report
I will give you a date as soon as I have it James.
Firstly, as I've said on many posts here, when you're working in a lot of business ventures it is inevitable
that some succeed and some don't.
Digi if you go back to earlier posts in this thread I've explained the platform is like a real estate sale leaseback.
Buyers get the domain ownership right away. Then they get paid for monetizing it on the FID network just like PPC.
Only difference is its a set time frame of 12 months so they can make enough from monetizing this way to recoup
the domains cost or the cost plus a small profit. That's it in a nutshell. It's a simple monetizing concept. Not some
kind of wall street deal. Only 8 of my clients and 2 of James clients bought domains using this monetization process.
James himself liked the concept so much he asked me if he could sell domains with this monetizing method. Which
he did.
James has been paid so far.
$4800 FID
$550 in brokerage comms
Besides the FID deal we did, during th past year James also got me to buy 50% interests in 2 of his .TV domains
One we sold and James made $1750 and one we still own together and I already told him he could keep my 1/2
on for extra compensation for him.
So in our 2 biz deals I sent James $7,100.
Over the past year I've also sent James $1800 in revs for his 2 clients.
So I've sent James $8,900 in total so far during the past year.
And he has the $800 + $800 + $300 he mentioned still to come.
He can also sell the domains he bought and has in his possession at any time to generate
further profits for himself. They are sellable domains.
I just want this to be stated again for everyone because if someone doesn't read this whole
thread they've missed a lot of our earlier informative posts.
Point being yes James has his final payments noted above to be paid still. And I just want
it to be clearly recognized it's not like he didn't make money from the 2 deals we did. He
made money from the FID and from the .tv domains he sold me and I brokered one of them
for us.
So I'm NOT scamming James and I am paying his final rev payments.
And when you add up all the money I've sent to him over the past year at least recognize he's in a positive profit
position from our dealings already and will be even more so after the final payments complete.
Kevin
He probably does not want to sell good names at firesale prices since the resale market is so bad and he knows how cheap domain forum buyers can be.
James I emailed you the update on 3/31/11 at 2:43PM that the wire for the domain brokered
was being sent from Europe on April 8th. And I told you as soon as it hits the account (sellers)
then I'll get my distribution the following day. And I confirmed your remaining payments amount
to get you up to date.
That is the latest update. So plan accordingly as I indicated to you on that email I sent on the 31st.
It is as precise as I have.
Kevin
Fair enough.
Please update me daily from the eighth. Also, when would the absolute latest date be? You must be able to forecast when you think you will be able to paypal me in a worst case scenario....