"The company’s liability to you would be reduced by
$1000, and you would have a laptop for $38.25."
That's one way to look at it. The other way would be you're not getting paid $1000 for work you already did, but instead getting a laptop worth $250. Guess it's better than nothing...
This was actually common during the last bubble. I've read accounts of people who were grateful they at least got to keep the laptop -- it let them continue freelancing.
On the other hand, laptops in the year 2000/2001 cost a lot more than they do now, and many people had desktop PCs at home.
That's one way to look at it. The other way would be you're not getting paid $1000 for work you already did, but instead getting a laptop worth $250. Guess it's better than nothing...