Keisler

[Bill Howell]

Originally Posted by Revved

Yes.. that would be a "perfect world" end result. If you read his proposal he claims to intend to do just that... fill all the orders... pay all the creditors. I'd love to see that happen but this scenario has played out enough times with different names on the letter head that I'm a skeptic.

You don't file Chapter 7 if that is your plan, sorry. There are other plans that let you do that, but 7 wipes the slate clean, de-solves the company, and you start over. People that file chapter 7 tend to forget past debts anyway, sad but true.

[GregWeld]

In a bankruptcy --- any creditor that was paid within 90 days of the filing -- will be subject to a clawback... So if you were lucky enough to be paid -- you're giving the money back -- and the money will be divided by the court as an "asset"....


Sucks but that's the way the game is played. Keeps people that are intending to file -- from paying a preferential party... to the exclusion of others.

[DOOM]

Originally Posted by 71RS/SS396

Mario, I don't doubt that's what he's trying to do. I'm just not sure who would be foolish enough to financially back him with him at the controls. I could see the value in the assets at the right price and possibly keeping him in the background as a tech adviser depending on how much of that is actually him versus his engineering dept. which would become clear in a short period of time. I wouldn't sign any long term agreement to guarantee him a position without knowing this.

I hear ya Tim!!!

Originally Posted by Sieg

How many times have we all witnessed crooks leverage the bankruptcy laws in this country?

Sieg I'll never understand it. I've seen it and had it happen to me . Lost $30,000 and the guy is still operating to this day . That was 5 years ago and he's pulled it off several times since. Still has the big house 5 nice cars couple of Harley's boats all the toys. The guy just keeps screwing people and using the laws to protect him. It's amazing!!!! I guess one of the former members/ sponsors from this board is doing the same thing . His son has another car business and he's still living fat with all the the toys. How the f@ck do you live with yourself?

[Sieg]

Originally Posted by DOOM

How the f@ck do you live with yourself?

2009......3 home builders and one developer filed, each owing us between 20-40K.

The most prolific was posting pictures on facebook of his vacation in the Bahama's at the time and his new recreational boat with 3 axle trailer.........and his Harley's of course.

Since then he opened a restaurant strung the landlord out on lease payments for 15 months then filed bankruptcy again, now he has a newer bigger restaurant across from the U of O's new basketball arena.

The guy should be in jail considering $2,500 counts as a felony.

[glassman]

Originally Posted by Sieg

2009......3 home builders and one developer filed, each owing us between 20-40K.

The most prolific was posting pictures on facebook of his vacation in the Bahama's at the time and his new recreational boat with 3 axle trailer.........and his Harley's of course.

Since then he opened a restaurant strung the landlord out on lease payments for 15 months then filed bankruptcy again, now he has a newer bigger restaurant across from the U of O's new basketball arena.

The guy should be in jail considering $2,500 counts as a felony.

What I really dont understand, is one, why/how can they keep getting credit/loans? #2, if not loans, then why isn't the irs siezing personal assets (piercing the corporate veil)?
If you put these jokers on the street, and they go hungry for a few, and see their kids go hungry, you'd think they'd change (course they probably could see their own kids go hungry). Boy, i hate to say it, but Mob rules aren't always that bad...

[GregWeld]

Boyd Coddington was right in there with how many bankruptcies.... and he just kept on going and living large.

[Tom.A]

Originally Posted by GregWeld

In a bankruptcy --- any creditor that was paid within 90 days of the filing -- will be subject to a clawback... So if you were lucky enough to be paid -- you're giving the money back -- and the money will be divided by the court as an "asset"....


Sucks but that's the way the game is played. Keeps people that are intending to file -- from paying a preferential party... to the exclusion of others.

Yes that is a bummer. I had a third party procurement company for Chevron Oil burn us on this. However the original bill/payment was 32k. When the lawyer came calling we stalled them and settled for 20k so you can work them but I suspect on $2 or 3k they might not budge.

[Vegas69]

Bankruptcy=Complicated from of entitlement. Start a business with somebody elses money and fail. Then we'll let you off the hook.

[waynieZ]

I got the same E Mail from them. I'm better off then most of the others He only owes me a drive shaft and the correct T56 bell housing.
I hope some of this gets taken care of.

[214Chevy]

Hey guys, this is America. If people can get away with murder of another human being, surely a guy/company can get away with swindling a few measly dollars.