Everything Attachments - Bankrupt?

[mcmxi]

I'm opening it back up for further discussion of this situation.
Keep it civil and respectful towards all members!

Latest News:
Thanks to
@D2Cat & @Kennyd4110
For pointing this out.

For those that think Ted and EA are magically going to reopen, read this latest news article and tell us you feel the same way....
A Wake County Superior Court judge has issued a temporary restraining order against the owner of Conover-based Everything Attachments and its parent company.
The motion was filed last week after Fidelity Bank sought a restraining order and a temporary injunction against the company earlier this month.
A hearing is set for Feb. 26 in Wake County.
In 2023, Fidelity Bank filed a lawsuit against Conover businessman Ted Corriher, T.C. Corriher Implement Company and Landshark Attachments to recover nearly $8 million from a construction loan, as well as a $1.5 million line of credit.
Court documents filed in Wake County show the bank is asking for repayment of the loan, as well as possession of the company’s inventory.
The latest court document, issued Feb. 14, said that defendants have transferred multiple real estate assets to immediate family members, and Ted Corriher appears to have diverted more than $700,000 in loan funds.
The document also said that based on evidence presented, Corriher is attempting to sell a lake house and restaurant property. The document says these actions would likely allow the defendants to remove the assets from the reach of a final judgment in the case.
Court documents filed by Fidelity Bank said Corriher transferred property to his son and wife.
In addition to the courtroom, Everything Attachments is facing scrutiny on other fronts.
Customers who ordered equipment months ago still have not received the paid-for items.
County tax records list the company as delinquent on a $52,152 tax bill.
The phone mailbox of the manufacturing plant on Emmanuel Church Road in Conover is full.
The court document outlines some of the frustrations of Fidelity Bank.
“Despite repeated demands, defendants have failed and refused to pay the indebtedness owing under the line of credit,” the court document says.
The bank lists Ted Corriher, Corriher Implement Company and Landshark Attachments as defendants in the case. Corriher Implement Company does business as Everything Attachments.
Court documents say the company requested and received more than $1 million from the construction loan to pay Neill Grading. Everything Attachments, the court documents say, did not fully pay Neill Grading and did not repay Fidelity.
In January 2023, Everything Attachments become embroiled in a dispute with Neill Grading about the quality of a 105,000-square-foot building. Everything Attachments ordered the building. Neill Grading did the work.
Corriher said in a previous Hickory Daily Record article that he could not get a certificate of occupancy on the building constructed by Neill Grading and was withholding payment.
The Fidelity lawsuit notes the building was not complete by Oct. 28, 2022, construction of the building had ceased and construction remains incomplete.
Fidelity is asking for $7,883,293.57 plus interest on the construction loan to be paid in full. Fidelity is also seeking more than $1.5 million due on a line of credit.
Eric Millsaps is editor of the Hickory Daily Record

This is disappointing news for sure. Most of us are not directly affected by the demise of Everything Attachments, but as a very satisfied customer on five separate occasions I'm disappointed that EA is on the verge of extinction. All anyone can hope for now is that any and all customers who put money down get their money back.

 

[mcmxi]

It was at one time. The business is older than its current owner. As noted in the article linked in post 3, the business was 78 years old.

Clearly it wasn’t successful in the end. Maybe that means it never was. I don’t think so, but I suppose reasonable people can disagree on that point.

I agree! It was clearly a successful business right up until late last year despite the fact that many here didn't like the pay up front policy or the long lead times. We'll probably never know exactly what happened and why Ted did the things he's reported to have done, but it doesn't change the fact that EA made quality implements and were one of the most transparent manufacturers out there.

 

[fried1765]

Interesting viewpoint. They may have made an exceptionally good product but the owner was stealing his customers, his banks, and the company blind to enrich himself. I dont consider that a "successful business".

Dan

 

[TheOldHokie]

It was at one time. The business is older than its current owner. As noted in the article linked in post 3, the business was 78 years old.

Clearly it wasn’t successful in the end. Maybe that means it never was. I don’t think so, but I suppose reasonable people can disagree on that point.

I dont equate the internet scheme run by TC with the business he inherited.

Dan

 

[fried1765]

It was at one time. The business is older than its current owner. As noted in the article linked in post 3, the business was 78 years old.

Clearly it wasn’t successful in the end. Maybe that means it never was. I don’t think so, but I suppose reasonable people can disagree on that point.

I think most who have bought from EA, would agree that the manufacture of EA products was VERY "successful".
Sadly,...... the actual business became an unmitigated disaster.
It seems that a good 'ol boy from the South, just got too big/arrogant for his britches, and took some others down with him!

 

[GreensvilleJay]

It'd be nice if the employees could 'make and sell' but I bet Ted would be screaming.
Hopefully everyone with 'goods on order' can get their credit cards reversed ,though that is time limited . if not, they'll become 'unsecured creditors' and from the sounds of it won't get a penny back.
Now if you're fast, call the trustee handling the bankruptcy. They need 3(?) outsiders to act as 'OKers' to pay the bills(like heat,hydro, taxes, etc.). I got paid $50 for every conference phone call, made $1500 !

 

[jimh406]

It seems that a good 'ol boy from the South, just got too big/arrogant for his britches, and took some others down with him!

I don’t know what the South has to do with it, and as previously noted, nobody here knows the entire story.

 

[DustyRusty]

A year or two from now, the television program "American Greed" will have it all sorted out, and in an hour, including the commercials, we will all know who, when, and why Everything Attachments, its assorted other companies, and what Ted did with the money. Looking at that lake home, I have a good idea of where some of the money went. In my opinion, if it were not for the paid in-advance customers, this business would have failed much sooner, and a whole lot of people wouldn't have been as badly hurt as a result. Think about this..... How many places that you do business with require you to pay in advance and then wait a significant amount of time before the product is delivered?

 

[GreensvilleJay]

for me , NOT one ,however I do pay all my insurances,100% up front just so they can't say I didn't pay on the 1st,have an accident on the 3rd, and they say 'sorry...no coverage'.

 

[fried1765]

I don’t know what the South has to do with it, and as previously noted, nobody here knows the entire story.

The South has lots of locally trusted "down home folks" who are often casually referred to there as....... "good 'ol boys".

 

[Jim’sMX]

Yes, I believe Ted played up the awe shucks I’m just a good ol boy working hard to make good tools and cut down lead time’s when in reality he was driving a Tesla to his palatial Lake Norman mansion partying with the NASCAR coastal elites on borrowed money.

 

[MountainMeadows]

Often times when you go too far out on a limb to expand the limb winds up breaking.

I feel for all those who are going to be on the losing end having put down their hard earned funds for equipment that will never be delivered and the employees who lost their jobs.

It sounds like Ted covered his rear end at many others expense.

 

[The Evil Twin]

A year or two from now, the television program "American Greed" will have it all sorted out, and in an hour, including the commercials, we will all know who, when, and why Everything Attachments, its assorted other companies, and what Ted did with the money. Looking at that lake home, I have a good idea of where some of the money went. In my opinion, if it were not for the paid in-advance customers, this business would have failed much sooner, and a whole lot of people wouldn't have been as badly hurt as a result. Think about this..... How many places that you do business with require you to pay in advance and then wait a significant amount of time before the product is delivered?

Well...I did just order a landscape rake from Homestead......hopefully they aren't a internet scam.

 

[rh74]

It seems to me that the leaders of EA are mixture of Bernie Madoff, P.T. Barnum, and Jim Jones.

I don't own EA equipment and that is because I wouldn't pay up front for something that someone might have in the future. It's also the reason I won't buy anything from Homestead. I'm sure both did or do make great products, but their business models are shady at best and not the norm for any business. I guarantee that if you turned the table on any company and told them you wanted to be paid in full for goods and/or services that wouldn't be delivered until sometime in future, they would laugh at you and tell you to get lost.

In the end we all lose. All of the money this company lost will be pushed on to us the consumers in the form of higher interest rates, card fees, and card transaction fees. The banks, cc companies, and businesses pass all of these losses back to the consumers in the end.

 

[GreensvilleJay]

Odds are once the secured creditors get paid 100% ( if possible) there will be very little ,if any for the unsecured..aka guys who paid in full upfront. It'd be interesting to find out if the cc companies will be classed as 'secured',and do successful 'chargeback' customers get the interest they've paid out for the CC use ,on the EA purchases ?

 

[NCL4701]

After Neill Grading and Fidelity are done doesn’t sound like there will be much left on the bones of the carcass for anyone else.

 

[mcmxi]

Well...I did just order a landscape rake from Homestead......hopefully they aren't a internet scam.

Did you have to pay all upfront?

 

[rh74]

After Neill Grading and Fidelity are done doesn’t sound like there will be much left on the bones of the carcass for anyone else.

Also need to include the tax man (Fed and State) they get their money before anyone else does. They can also sieze assists, no else has that power.

 

[Fordtech86]

buy a suppressor

 

[TheOldHokie]

After Neill Grading and Fidelity are done doesn’t sound like there will be much left on the bones of the carcass for anyone else.

Neill Grading and Fidelity are probably just the tip of the iceberg.

Dan