A YouTuber discusses their recent video about the collapse of Defy Media, a multi-channel network (MCN) that owed $1.7 million to 50 independent channel creators. The creators' earnings, sent by YouTube, were trapped in a bank account with Ally Bank, who claimed they were a victim of Defy's closure. However, the YouTuber argues that Ally's situation is not the same as the creators', as they had made a calculated risk by lending to Defy and had access to the company's financial records. The YouTuber also points out that Ally may have a hand in deciding who gets paid back through their seat on Defy's Board of Directors. They urge Ally not to prioritize their own interests over those of the creators, who are the true victims of Defy's actions.
Here are the key facts extracted from the text:
1. Defy Media, a multi-channel network (MCN), collapsed and left 50 independent channel creators with $1.7 million in unpaid earnings.
2. Ally Bank is holding the $1.7 million, which is intended for the creators, and is treating it as Defy's money.
3. The creators' earnings were sent to them by YouTube through Defy Media.
4. Ally Bank made a loan to Defy Media that it was unable to pay back after experiencing excessive losses.
5. Defy Media is being liquidated by a professional hired by its Board of Directors, and Ally stands to lose most of its loan.
6. Ally Bank has revenues of $9.8 billion (in 2017) and is trying to compare its losses to the creators' losses.
7. Ally Bank chose to make a commercial loan to Defy Media, which is a business risk and an investment.
8. Between 2006 and 2015, over 17% of small business loans ended up going into default.
9. Ally Bank has the ability to choose who they give a loan to and who they reject the loan application from.
10. Ally Bank hires people to do due diligence on businesses they are considering investing in.
11. Defy Media's Board of Directors has the power to hire a professional to liquidate the company's assets and decide how to parcel them out.
12. Ally Bank likely has a seat on Defy Media's Board of Directors due to its significant loan to the company.
13. The professional hired by Defy's Board of Directors will have to decide who gets prioritized in getting their money back, including the creators, creditors, employees, and Ally Bank.
14. Ally Bank's motto is "8,000 allies all looking out for one thing: You."
15. The creator of the video has received requests to cover various topics related to MCNs and Defy Media, and plans to create more videos on these topics.