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Call the guy back and give him what's coming to him. That's not cool.
I don't always say sue, but I would still complain to the company. Take plenty of pictures, and have them pay for the damage. Unless OP did something really stupid to make it fall off the wall, the company is responsible for either not knowing the walls weight restrictions or improper installation.
@52 - If you use screws to attach the TV mount to the studs behind the drywall, then barring severe termite damage there's no way in hell any TV that can be mounted on a wall is heavy enough to tear down said wall. I can almost guarantee that since the TV wasn't properly installed, then the OP will be able to get the TV replaced at no cost. Whether or not damage to his floors or wall is covered depends on the installer.
@70, Normal people would approach the company that installed the TV, ask for a replacement TV and to repair the damages to the house (or pay for it; if it is in fact their fault) first. Just because suing is an option does not mean that should be the first step. Most honest businesses would correct their mistake without much of a fight. If the business refuses to make good on their mistake, then the courts are always still an option.
People who's first thought is suing have probably never sued/ been sued. Suing really is a costly, time consuming headache that may end up not being in your favor. If that happens not only is he out of his TV cost and repairs cost, he's out court fees. Most company's will gladly fix their mistakes because they don't want a bad reputation.
84 - "I am NOW left with." I.e. that is what he now has - a busted TV, a hole in the wall, and a severely drained bank account. He has not spent money on repairs yet, and has a severely drained bank account. So he "severely drained" his bank account on the TV. It saddens me that people's reading comprehension is so bad that they thumbs'd me down. Or maybe they think it's OK to drain your bank account on a TV.
Call that guy back and tell him to fix everything! That's ridiculous. :/
That's what you get for cutting corners. If they were professional I'm sure you can get a settlement.
What's the big obsession with hanging your tv on the wall. A tv stand is cheaper and sturdier.... I guess it's just my preference. Call them and ask them to fix it for you or reimburse you.