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SCL and Cambridge Analytica Bankruptcy

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Posted on May 18 2018

 

Chapter 7, liquidation...buh bye

 

Shocked, said no one EVER...and while most maybe caught up in the fuber of the stunning fall from grace. Focus. No really focus.

How we got here:

 

So let’s start with the May 2, 2018 Cambridge Analytica Press Release. Re-read that first sentence of their press release, there’s a “condition” invoked that many will gloss over, I’ve emphasized it for you;

 

London, UK – May 2, 2018—Earlier today, SCL Elections Ltd., as well as certain of its and Cambridge Analytica LLC’s U.K. affiliates (collectively, the “Company” or “Cambridge Analytica”) filed applications to commence insolvency proceedings in the U.K.  The Company is immediately ceasing all operations and the boards have applied to appoint insolvency practitioners Crowe Clark Whitehill LLP to act as the independent administrator for Cambridge Analytica.

 

Additionally, parallel bankruptcy proceedings will soon be commenced on behalf of Cambridge Analytica LLC and certain of the Company’s U.S. affiliates in the United States Bankruptcy Court for the Southern District of New York.

 

And predictably Cambridge Analytica defiant to the very bitter end, their press release goes on to state (appropriate emphasis added):

 

Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the Company’s efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas.   

In light of those accusations, noted Queen’s Counsel Julian Malins was retained to conduct an independent investigation into the allegations regarding the Company’s political activities.  Mr. Malins report, which the Company posted on its website today, concluded that the allegations were not “borne out by the facts.”

Regarding the conclusions set forth in his report, Mr. Malins stated:

“I had full access to all members of staff and documents in the preparation of my report.  My findings entirely reflect the amazement of the staff, on watching the television programmes and reading the sensationalistic reporting, that any of these media outlets could have been talking about the company for which they worked.  Nothing of what they heard or read resonated with what they actually did for a living.”

 

And then in their last corporate breathe, Cambridge Analytica goes full Trump. Never go full Trump, it’s often overly dramatic, detached from reality and puts the oneus on others. Versus embracing culpability of Cambridge Analytica’s  actions and offensively cavalier attitude towards their use of misappropriated data in which they re-engineered to create an affective Big Data weapon. Cambridge Analytica concluded their May 2nd Press Release by litterally playing the victim card:

 

Despite  Cambridge Analytica’s unwavering confidence that its employees have acted ethically and lawfully, which view is now fully supported by Mr. Malins’ report, the siege of media coverage has driven away virtually all of the Company’s customers and suppliers.  As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the Company into administration.

While this decision was extremely painful for Cambridge Analytica’s leaders, they recognize that it is all the more difficult for the Company’s dedicated employees who learned today that they likely would be losing their jobs as a result of the damage caused to the business by the unfairly negative media coverage.  Despite the Company’s precarious financial condition, Cambridge Analytica intends to fully meet its obligations to its employees, including with respect to notice periods, severance terms, and redundancy entitlements.

 

I have taken the liberty of archiving their May 2nd Press Release onthe WayBack. Archive link here 

 

SCL USA, Inc

Voluntary Chapter 7 Bankruptcy

Case No 18-11501 (SDNY)

 

 

It is intriguing to me, how financially insolvent or poorly managed SCL/Cambridge was or what they want the Courts to believe. I mean I guess there isn’t a box for Big Data, Federal Elections Violation or PhyOps Data, Right?

 

 

 

 

In today’s Bankruptcy filing SCL states they have <$50,000.00 in assets, while carrying a liability load of $1M to $10M. A cursory review of the FEC reports, Cambridge Analytica from 2013-present billed over $28 million. Again where did ALL the money go? Cambridge Analytica has already agreed to a 3rd party independent audit of the Facebook data, perhaps lawmakers or the Court should require Cambridge Analytica to undergo a forensic financial audit too?

 

 And now for the list of SCL entries, notice there’s a separate bankruptcy for Cambridge Analytica, LLC (in SDNY) and the various UK Entities. At first glance you’d think “oh wow they are going out of business”  right? ‘

Well remember the first paragraph of this entry and what I emphasized in Cambridge Analytica’s May 2nd Press Release...

Remember  earlier this month I created a nifty liddle’ twitter thread? I -think- I uncovered all of their various entities... would it shock you to know that not ALL of SCL or Cambridge Analytica Entities are listed in their bankruptcy? 

 

  • SCL Insight Limited UK ID 1037330, NEW filing, here, primary here
  • SCL Commercial Ltd, UK ID 08840965, link here
  • SCL ASIA LIMITED, ID 1388584, link here , see SCL Malaysia here see SCL Malaysia archived page, here
  • Firecrest Technologies Ltd, UK ID 11238956, link here 

 

 

SCL USA list of creditors, I really am surprised that very few MSM news organizations did NOT catch this. Shocker when news broke that Cambridge Analytica filed Chapter 7, I was a tad bit busy with my actual job. In my rush to get the info out I slap-dashed a thread where I casually eluded to this but now that I am not at work. Let’s drill down on who’s listed and who’s NOT listed:

You can read their list of creditors via this open source link, found here 

🚨SEC, at the present time I am NOT aware of any pending SEC proceedings against Cambridge or any of their subsidiaries.

🚨FEC, there are numerous FEC Complaints in progress, see here 

Senator Thune, in his capacity as Commerce Chairman✔️

a bunch of State Attorneys General, a States Attorney, see here

did you notice SCL’s FARA Agent is also listed as a creditor? Oh you forgot, no worries, here

or this one...

 

or this twitter thread too ...

 

But this might explain a lot...remember that 10 page Bracewell Giuliani Memo I embedded in a previous entry?

 

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