Everything Attachments - Bankrupt?

[TheOldHokie]

You really wonder about that?

They will use the money form all their other customers to fill that void.

Thats why their actuaries make the big bucks

Dan

 

[fried1765]

They will undobtedly sustain a loss - probably already have. But they will not ",just write it off" without participation in the claims action against T C Corihor et. al. Right alongside a number of other major payment processors with similarly sized claims.

The little guys who wrote a check for a Wicked Awesome Ultralight 55" Unicorn will be bottom of the pyramid.

Dan

The point being, that even with a possible six finger number, PayPal will likely be a relatively small fish, in the BIG EA pond.

 

[rc51stierhoff]

The point being, that even with a possible six finger number, PayPal will likely be a relatively small fish, in the BIG EA pond.

Wouldn’t that be Count Rugen math?

 

[TheOldHokie]

Wouldn’t that be Count Rugen math?

Or a really hard drinker's bar order

We already know EA is in arears by 8 fingers (sic). Hope the prospective buyers of this "ongoing business" have deep pockets because they would be assuming a lot of debt....

Dan

 

[Plant 175]

You guys are overlooking the most important thing here.

Where's Peanut?

Ya who’s in charge of Peanut !

 

[The Evil Twin]

Corporations may "write it off" but we the people end up paying for it one way or another.

 

[Kennyd4110]

Website finally down?

Tractor Attachments And Skid Steer Attachments For Any Tractor Or Skid Steer

www.everythingattachments.com

 

[GreensvilleJay]

Probably another bill he didn't pay ??

That's actually a HUGE problem since sales were through the Internet. Had an advertising guy (10M$ sales...so he knows a few things...) explain that in 'challenging' economic times , you do NOT stop advertising.You can cut back other places but NEED to let the public, the buying public, that you're still here, 'open for business'.

 

[fried1765]

Or a really hard drinker's bar order

We already know EA is in arears by 8 fingers (sic). Hope the prospective buyers of this "ongoing business" have deep pockets because they would be assuming a lot of debt....

Dan

I would expect that the Bank, creditors, and some customers, will eat much of the debt.
A buyer would probably be required to assume a significantly lessened facility & equipment debt.

 

[TheOldHokie]

Website finally down?

Tractor Attachments And Skid Steer Attachments For Any Tractor Or Skid Steer

www.everythingattachments.com

Was still up just a couple days ago.

For the lawyers here could continuing to take payments in the current situation be construed as criminal fraud?

Dan

 

[TheOldHokie]

I would expect that the Bank, creditors, and some customers, will eat much of the debt.
A buyer would probably be required to assume a significantly lessened facility & equipment debt.

Thats called terms of sale.

Fidelity Bank and creditors are not yet the seller - TC is. The language in the consent order grants TC 13 weeks (91 days) to sell it as a "going concern". No mention of debt foregiveness and Fidelity could only forgive their portion if there was.

 

[fried1765]

Thats called terms of sale.

Fidelity Bank and creditors are not yet the seller - TC is. The language in the consent order grants TC 13 weeks (91 days) to sell it as a "going concern". No mention of debt foregiveness and Fidelity could only forgive their portion if there was.

As the likely most significant stake holder, I am quite certain that Fidelity Bank is driving the sale train, and Ted is simply being forced (by the court), to be the conductor.

 

[DustyRusty]

Or a really hard drinker's bar order

We already know EA is in arears by 8 fingers (sic). Hope the prospective buyers of this "ongoing business" have deep pockets because they would be assuming a lot of debt....

Dan

They could just purchase the assets from the bankruptcy court. That would allow them to continue to manufacture, put the former employees back to work, and start to rebuild the reputation of a quality tractor implement at a fair price. Those who placed orders and paid for the units in advance are still unsecured creditor status, and I doubt that there is going to be any way to make them whole again.

 

[TheOldHokie]

As the likely most significant stake holder, I am quite certain that Fidelity Bank is driving the sale train, and Ted is simply being forced (by the court), to be the conductor.

Want to bet a sale of Corihor Implementsvas a "going concern" is actually made? I want the "No Deal" side of the wager. My guess is Fidelity and is going to seize ALL of his assets abd liquidate everything.

Dan

They could just purchase the assets from the bankruptcy court. That would allow them to continue to manufacture, put the former employees back to work, and start to rebuild the reputation of a quality tractor implement at a fair price. Those who placed orders and paid for the units in advance are still unsecured creditor status, and I doubt that there is going to be any way to make them whole again.

Yes thats SOP. But as near as I can glean the sale referenced in the consent order is not a bankruptcy.

It sounds akin to the sale of my golf club when it was insolvent. The new owners assumed all of the outstanding debt along with new financing and spent the next ten years paying the assumed debt down.

Dan

 

[North Idaho Wolfman]

Probably another bill he didn't pay ??

That's actually a HUGE problem since sales were through the Internet. Had an advertising guy (10M$ sales...so he knows a few things...) explain that in 'challenging' economic times , you do NOT stop advertising.You can cut back other places but NEED to let the public, the buying public, that you're still here, 'open for business'.

I don't think you quite understand the situation.
EA is DONE plain and simple
There is no we are still open!
What EA/ Ted was doing by keeping the web page going was committing false and deceptive business practices, wire fraud (if the site took money), and a host of other very serious crimes, which in the US, can get you in more trouble than anything else he's done.

Landshark ( the other economy implement company) is down too.

https://www.landsharktractorattachments.com/cgi-sys/suspendedpage.cgi

 

[DustyRusty]

Want to bet a sale of Corihor Implementsvas a "going concern" is actually made? I want the "No Deal" side of the wager. My guess is Fidelity and is going to seize ALL of his assets abd liquidate everything.

Dan

Yes thats SOP. But as near as I can glean the sale referenced in the consent order is not a bankruptcy.

It sounds akin to the sale of my golf club when it was insolvent. The new owners assumed all of the outstanding debt along with new financing and spent the next ten years paying the assumed debt down.

Dan

If this were a huge company with a huge demand for the products they produced, then someone might be inclined to come in and assume the assets and liabilities, I doubt that many business people would take this on under the circumstances of absorbing the liabilities. It is clear to me that the only way out is for Ted and Corihor Implements and all the other companies that are intertwined with EA will file for bankruptcy or the bank will force this to clean up the mess. It is the only way, and only the people involved know why it hasn't happened yet. I guess that they are continuing to look for hidden assets and Ted is trying to hold onto as much of his wealth as possible.

 

[fried1765]

If this were a huge company with a huge demand for the products they produced, then someone might be inclined to come in and assume the assets and liabilities, I doubt that many business people would take this on under the circumstances of absorbing the liabilities. It is clear to me that the only way out is for Ted and Corihor Implements and all the other companies that are intertwined with EA will file for bankruptcy or the bank will force this to clean up the mess. It is the only way, and only the people involved know why it hasn't happened yet. I guess that they are continuing to look for hidden assets and Ted is trying to hold onto as much of his wealth as possible.

"Ted is trying to hold onto as much of his ( ILL GOTTEN ) wealth as possible"

 

[DustyRusty]

From the date of the bankruptcy, the court can go back 90 days and pull back any monies that the company paid out to suppliers, and wages paid to the principal owner, especially if they are excessive. My bet is that they are trying to run out the clock on the 90 days so he can keep the money that he received. Now, if they can determine ill intentions by the principal then they can go back as far as they can prove the ill intentions. The company didn't get into financial difficulties in the 3 or 4 months before closing down, so if he saw the handwriting on the wall, and kept bleeding off money into his accounts, then he is going to be in a world of hurt. If the IRS steps in and starts looking for irregularities in the books, it gets even worse. I wonder how many prepaid orders were in the queue for production every week? At what point were they saying 90 days, 120 days, 180 days? If the present shop was inadequate for production to get ahead of orders, then I would have put on a second or a third shift to get caught up. If they couldn't find the labor/welders to put on a 2nd or 3rd shift, what would magically change when they got into the new building?

 

[GreensvilleJay]

The conditions in the order sound like a 'final notice' to EA/Ted to it sorted out before formal 'bankuptcy' is actually issued. Most of ted's strings have been cut and 'they' are watching what's going on'. At least with today's computers it'll be fairly quick to see the real numbers, assets, liabilities, and the 'bottom line'.
Everyone whose been in business long enough knows that EA is 'history'. Highly unlikely anyone will pony up 10+ million to buy the business. The reputation of EA is GONE. If it does reopen, it'll be interesting to see if anyone will pay 100% in full, up front, to buy anything that's not in stock. 'Once bitten, twice shy'.
Seems a few on this board have recovered their money, though not the interest payments on their credit cards. I wonder if they will reorder if EA reopens ?
It'd make an interesting 'poll'.

 

[fried1765]

The conditions in the order sound like a 'final notice' to EA/Ted to it sorted out before formal 'bankuptcy' is actually issued. Most of ted's strings have been cut and 'they' are watching what's going on'. At least with today's computers it'll be fairly quick to see the real numbers, assets, liabilities, and the 'bottom line'.
Everyone whose been in business long enough knows that EA is 'history'. Highly unlikely anyone will pony up 10+ million to buy the business. The reputation of EA is GONE. If it does reopen, it'll be interesting to see if anyone will pay 100% in full, up front, to buy anything that's not in stock. 'Once bitten, twice shy'.
Seems a few on this board have recovered their money, though not the interest payments on their credit cards. I wonder if they will reorder if EA reopens ?
It'd make an interesting 'poll'.

I might order if EA were to open again, though I do believe that a reopening is highly unlikely.
I have learned something from all of this though.
If in doubt, use PayPal, and if not PayPal, do not order the item at all.
After ordering any item, if delivery date is approaching 60 days with no merchandise received, ......cancel payment through PayPal, or credit card company.

The loss of interest on a delayed/denied delivery pre-paid purchase is rather small potatoes, in the big picture of things.