Ceiling Bug
The penny worth billions
They stole for years. Then, in total silence, they tried to erase their tracks
If you used Packlink-Auctane for your shipments up until October 2025, you were the victim of a forced, constant, and mathematical extraction.
This was never a system error: we are talking about an invisible algorithm, programmed into the servers to alter the decimals of every single transaction.
Just a few cents per shipment, imperceptible individually, but capable of draining the pockets of European merchants through the VAT Ceiling Bug.
Thousands of Packlink reviews have confirmed this for years
THE CHICKEN COOP
Auctane - Packlink
Their "super managers" are the ones truly responsible. They became millionaires using the cents stolen from our companies.
THEY KNEW EVERYTHING, BUT THEY CHOSE TO REMAIN SILENT
Our archives reveal that the extraction went on from 2019 until October 2025, when the algorithm was suddenly turned off, likely to evade the strict checks of the new Spanish anti-fraud regulation, Verifactu
LET'S DEEP DIVE!
A staff of Wall Street specialists
Behind a financial architecture of this magnitude, there is always precise direction.
Who orchestrated the operation?
And who pretended not to see accounting discrepancies that were blatantly massive?
Let's give the Amigos a name and a face:
In 1st place is him. Orlando Bravo: the top of the pyramid.
A repeating pattern: using technology to extract artificial profit at the expense of users.
The Executive Board
Key roles and responsibilities behind the transition.
Albert "Al" Ko
Chief Executive Officer - CEO
Joined Auctane in 2023, leaving office on June 1, 2026, in conjunction with the closing of the merger. Beneficiary of an extraordinary exit bonus, calculated directly on the consolidated gross operating margins (EBITDA) during his tenure.
Mr. Kinlock "Kin" Gill III
Chief Legal Officer - CLO
Responsible for the legal and regulatory compliance of all global Auctane/Packlink operations. Steps down on June 1, 2026, with an extraordinary severance package, after having validated the formal regularity of corporate flows.
Javier Valenzuela B.
General Counsel Auctane-Packlink Spain
Legal head for the European market, based in Spain (Packlink headquarters). He is the signing officer responsible for regulatory compliance and the regularity of European subsidiaries.
Sal Lombardi
Chief Financial Officer (CFO)
Responsible for the financial management and direction of Auctane from 2024 to June 1, 2026. He supervised the consolidation of financial statements and the structure of corporate cash flows up to the moment of the sale.
The June 1st Closing
But how can a single cent skimmed over years move such colossal figures?
In the world of Private Equity, the value of a company is calculated by applying a multiplier to the gross operating margin (EBITDA). The systematic rounding algorithm (ceiling bug) applied to millions of shipments did not serve to pay carriers: it generated 100% pure margin, free of any live costs.
This artificial cash flow, accumulated over years, was used as financial leverage to massively inflate the company's final valuation at the time of the merger.
In simple terms: it is like tuning the engine of an economy car to resell it at the price of a supercar. The managers cashed in their multi-million dollar bonuses and left the scene immediately after the closing.
The legal crux
To sell a company at these figures, however, just showing the numbers is not enough. Someone must certify before the law that those financial statements are clean and that those profits are legitimate.
Who validated the transaction?
The Gatekeeper
They had the tools to trace the algorithm. They had the accounting data on their desks. And yet, the entire operation was certified as perfectly clean.
the ChickenKeeper
Some guardians of the chicken coop
Rebecca Villarreal
Law Firm: Proskauer Rose LLP
The Evidence: Even though the accounting records already showed the mathematical anomalies of the algorithm and the improper application of VAT, she validated the financial statements as perfectly clean.
Corey Fox
Law Firm Kirkland & Ellis LLP
The Evidence: On March 11, 2026, he received the complete technical audit regarding the cyber fraud on his desk. He chose to ignore the alarm a full 81 days before the closing of the deal.
Paul Kukish
Law Firm: Latham & Watkins LLP
The Evidence: On April 9, 2026, he received formal notification of the filing with US federal agencies for fraud and violation of financial standards (FTC Case No. 200105759). He knew, yet he authorized the closing.
And in the end, them
BDO is the firm that certified the financial statements of Auctane S.L.U. (Spain).
They are one of the most important auditing firms in the world.
They assume direct responsibility for declaring that Auctane S.L.U.’s financial statements comply with the law.
and if they say so...
A brown box—black would be too elegant for them
Auctane/Packlink is owned by a parent company based in London.
BDO certified the local accounts in Madrid, but RSM in London guarantees the £308 million valuation of the entire group. If the Spanish subsidiary is built on algorithmic fraud, the million-pound balance sheet of the British parent company is fake too.
But who signs in London?
Professionals of the highest integrity, without a doubt!
Chris Tate
Signing Auditor
With over 20 years of experience, he is the one who certified for years that the Spanish company was fully compliant.
A true mastermind! And indeed, he is.
The Tate Report
Tate senses that something is wrong, and in his report (pages 8-10) he states it clearly, not least to cover his own backside.
Even to an untrained eye, reading this document makes it clear what really happened. The numbers are a paradox..
Who protects them in Italy
If you try to raise your head in Italy, Lawyer Giuggioli terrorizes you with nasty letters that would make even Rambo tremble.. He concludes them with "COI migliori saluti". Ah, Italian, the language of poets.
Giulio Giuggioli
Law firm: Giuggioli & Partners (Milano)
The Role: The Italian legal shield activated as a matter of urgency to reject merchants, deny the evidence, and protect the multi-billion dollar closing of the Thoma Bravo fund.
The Strategy: A total, standardized, and categorical rejection. Dismisses IT forensic reports on the missing decimals as "completely unfounded" complaints and warns victims against demanding their money.
The Blunder: Forced to rush on a Monday morning to plug a transatlantic leak, he writes the document in a total hurry and slips on the closing, signing off a formal legal warning with an inadequate and sloppy colloquial formula: "Coi migliori saluti" (With best regards). The perfect signature for a defense improvised in a few hours in an attempt to hide a blatant, obvious accounting void.
Billion-dollar managers, teenage reactions
The LinkedIn trap and the Global Chief Legal Officer's "Rage Quit".
Sophisticated legal strategies are unnecessary when the opposing party corners themselves.
We notified the fraud audit directly on the profile of the Global Chief Legal Officer (CLO), Kin Gill.
The Instant Admission: Caught off guard, the American super-lawyer capitulates immediately.
He officially responds in writing, admitting the debt and stating that they are ready to pay.
The Panic Circuit: A second later, he realizes his catastrophic gaffe. Admitting that debt means legally confessing that Auctane has flooded Europe with fake invoices for years.
The Flight: Panicked and unable to manage the crisis, the cover-page manager behaves like a teenager caught stealing quiz answers: he sends a petulant message and blocks the contact on LinkedIn to prevent any replies (as documented by the screenshot on the right).
The technical note: Dear Kin, confessing to the VAT error means admitting willful intent. If we hadn't built this wall, that clean 22% would have stayed in your pockets forever. In fact, it still is, because we completely rejected your pittance.
Moving from the towers of Wall Street to the "Block" button on a social network is a record to be proud of.
Gripping, isn't it?
Everything clear?
Now let's dismantle the code.
Don't take our word for it, look at the numbers. Discover the exact mechanism of the Ceiling Bug: the invisible algorithm that has altered the decimals on your invoices for years.