Jump to content

Goetz


o69u812

Recommended Posts

Rumor Around the campfire is Eric is trying to find investment groups to buy a portion of the business to keep them a float -

 

Man if Goetz closes their doors that will be a very sad day indeed.

 

Don't they have a 1/2 way built mega racer that someone pulled out of?

 

We could as a community, bail out Goetz, finish the boat, Get into the 33rd AC, Win and Piss off Ernie!

 

If everyone coughs up $200 that's like 4M to work with - Sell some ad space on the Anarchy Challenge boat, BAM! done deal!

Link to post
Share on other sites

One of the nicest guys I have ever known. I sailed on the 3/4 ton and 2 ton Thunderbirds. Beautiul finishes and capable of standing up to tremendous loadings without scaring me. I hope everything works out for Eric.

Link to post
Share on other sites
Rumor Around the campfire is Eric is trying to find investment groups to buy a portion of the business to keep them a float -

 

Man if Goetz closes their doors that will be a very sad day indeed.

 

Don't they have a 1/2 way built mega racer that someone pulled out of?

 

We could as a community, bail out Goetz, finish the boat, Get into the 33rd AC, Win and Piss off Ernie!

 

If everyone coughs up $200 that's like 4M to work with - Sell some ad space on the Anarchy Challenge boat, BAM! done deal!

 

Eric's a great guy....Done Deal...I'm in

Link to post
Share on other sites
Full story here in the NY Times

 

Goetz

 

Whoa that's a blast from the past - 24 years later and still going on -

 

Rumor Around the campfire is Eric is trying to find investment groups to buy a portion of the business to keep them a float -

 

Man if Goetz closes their doors that will be a very sad day indeed.

 

Don't they have a 1/2 way built mega racer that someone pulled out of?

 

We could as a community, bail out Goetz, finish the boat, Get into the 33rd AC, Win and Piss off Ernie!

 

If everyone coughs up $200 that's like 4M to work with - Sell some ad space on the Anarchy Challenge boat, BAM! done deal!

 

Eric's a great guy....Done Deal...I'm in

 

Ok there $400, 19,998 Anarchists to go

Link to post
Share on other sites
This was already mentioned weeks ago in the "who will go under first" thread.

If you were to buy a custom boat from them you might have saved them from going under instead of sailing around in that 4knt shitbox you have

Link to post
Share on other sites
Full story here in the NY Times

 

Goetz

 

Whoa that's a blast from the past - 24 years later and still going on -

 

Rumor Around the campfire is Eric is trying to find investment groups to buy a portion of the business to keep them a float -

 

Man if Goetz closes their doors that will be a very sad day indeed.

 

Don't they have a 1/2 way built mega racer that someone pulled out of?

 

We could as a community, bail out Goetz, finish the boat, Get into the 33rd AC, Win and Piss off Ernie!

 

If everyone coughs up $200 that's like 4M to work with - Sell some ad space on the Anarchy Challenge boat, BAM! done deal!

 

Eric's a great guy....Done Deal...I'm in

 

Ok there $400, 19,998 Anarchists to go

You put this together, I'll give $200.00 keep me posted.

Link to post
Share on other sites

 

Who pulled out and what was the boat they were having built

 

As the U.S. economy slowed, U.S. orders to Goetz slowed, but simultaneously the dollar became weak against the Euro and he got European orders. The dollar has regained some of its lost ground, so his shop isn't as attractive to Euro buyers, and the U.S. is still in the tank. He doesn't need investors, he needs orders. A self correcting solution.

Link to post
Share on other sites
This was already mentioned weeks ago in the "who will go under first" thread.

If you were to buy a custom boat from them you might have saved them from going under instead of sailing around in that 4knt shitbox you have

 

I was going to place my order after KW!

Link to post
Share on other sites

 

Who pulled out and what was the boat they were having built

 

As the U.S. economy slowed, U.S. orders to Goetz slowed, but simultaneously the dollar became weak against the Euro and he got European orders. The dollar has regained some of its lost ground, so his shop isn't as attractive to Euro buyers, and the U.S. is still in the tank. He doesn't need investors, he needs orders. A self correcting solution.

 

 

thanks for that DB - the article here http://www.tradeonlytoday.com/index.php/ho...-times-at-goetz mentioned a construction contract had been terminated. I'm interested to know if the contract was terminated in midstream and there is a half baked rocket that needs to be finished off...

Link to post
Share on other sites

Wasnt it Irving Laidlaw? A new Wally? Now, here is a guy worth £700,000,000 pulling the plug on a boat maybe costing £10,000,000...and possibly pulling down one of the most respected boatbuilders in the business. Hmm. Seeing it thru wouldn't exactly bankrupt him. Although no business should ever have all its eggs in one basket, it seems Goetz have maybe had trouble with other people cancelling too? The best part of the Laidlaw (thats Baron Lord Laidlaw to all us plebs) thing is that, despite being a raving Tory (biggest contributer to the Scottish Conservative party last year), he would fit right in here having a sex addiction and having hosted parties in South Africa for prostitutes he hired over from Britain. LEGEND! Now be a nice chappie and pay for yer boat...

 

Hope Goetz makes it.

 

http://www.timesonline.co.uk/tol/news/poli...icle3822710.ece

 

http://www.monacorichlist.com/the_rich_list.html

 

http://en.wikipedia.org/wiki/Irvine_Laidlaw,_Baron_Laidlaw

Link to post
Share on other sites
Wasnt it Irving Laidlaw? A new Wally? Now, here is a guy worth £700,000,000 pulling the plug on a boat maybe costing £10,000,000...and possibly pulling down one of the most respected boatbuilders in the business. Hmm. Seeing it thru wouldn't exactly bankrupt him. Although no business should ever have all its eggs in one basket, it seems Goetz have maybe had trouble with other people cancelling too? The best part of the Laidlaw (thats Baron Lord Laidlaw to all us plebs) thing is that, despite being a raving Tory (biggest contributer to the Scottish Conservative party last year), he would fit right in here having a sex addiction and having hosted parties in South Africa for prostitutes he hired over from Britain. LEGEND! Now be a nice chappie and pay for yer boat...

 

Hope Goetz makes it.

 

http://www.timesonline.co.uk/tol/news/poli...icle3822710.ece

 

http://www.monacorichlist.com/the_rich_list.html

 

http://en.wikipedia.org/wiki/Irvine_Laidlaw,_Baron_Laidlaw

 

 

Sexual addiction is comparable to the other, better known addictions, such as drugs, alcohol and gambling. Many people suffer different types of this disease. There is no cure for it, and self help is rarely successful.

 

Too funny.

Link to post
Share on other sites
Sexual addiction is comparable to the other, better known addictions, such as drugs, alcohol and gambling. Many people suffer different types of this disease. There is no cure for it, and self help is rarely successful.

 

Too funny.

 

 

:lol:

Link to post
Share on other sites

 

Who pulled out and what was the boat they were having built

 

From the Goetz site - I think this is what was under construction. It doesn't say who contracted for it

http://www.goetzboats.com/news/ongoing/ryd.html

 

Real bummer - I have friends who work there and are impacted by this.

Link to post
Share on other sites

splitting hairs here, but Chapter 9 in the US Bankruptcy Code is for Municipalities...

Chapter 7 is liquidation (for companies)

Chapter 11 is reorganization (for companies)

 

I have only met Eric once, at the S@SS last Spring... most impressive and and nice guy too...

Link to post
Share on other sites

I wonder if this will make Resolute Racing Shells go under as well. Probably not but they actually have some market share in the colleges and national teams.

 

This is really a stunner. Talk about a sign of the times.

Link to post
Share on other sites

 

Who pulled out and what was the boat they were having built

 

From the Goetz site - I think this is what was under construction. It doesn't say who contracted for it

http://www.goetzboats.com/news/ongoing/ryd.html

 

Real bummer - I have friends who work there and are impacted by this.

 

 

Have known the owner of that one, probably not billionaire league like some others

Link to post
Share on other sites
I've known Eric for many years and he's a total class act and one of the nicest guys in the world.

 

I hope he comes through this and will be be able to build great boats again.

 

 

I have only met him a few times but I second the sentiment expressed here.

Link to post
Share on other sites
  • 1 month later...
he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership.

Which assets? If that was true, I imagine there'd already be a fraud charge or investigation. Creditors don't fuck around with this stuff. What info do you have, n00b?

Link to post
Share on other sites
After seeing the love being given to Eric Goetz on the front page, too bad a newbie has to bump up these crooks. Just read in Scuttlebutt how Eric Goetz licensed a new LLC on Dec. 5, 2008. When Eric is getting ready to lay off everyone on Dec 31, 2008, and is going into receivership on Jan 6, 2009, he has already started a new company. Details:

 

CEKI, LLC: M: Eric Goetz, 115 Broad Common Rd., Bristol 02809. A: A. Max Kohlenberg, c/o Edwards Angell Palmer & Dodge LLP, 2800 Financial Plaza, Providence 02903. -- http://www.projo.com/business/content/BZ_n...v3.314f9f8.html

 

Have also heard that he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership. Anyone else have details on this?

 

That shit happens all the time. SOP for a BK.

 

BK courts will look back for a certain period of time to make sure no "funny business" goes on. He's fine.

Link to post
Share on other sites
Goetz does not deserve the pass that he has gotten in the media. He had money troubles throughout 2008, and the client that defaulted on him in December was only the last straw. Bummer yes, but he bought a lot of things during the year, after his line of credit disappeared, knowing that he did not have the money to pay.

 

It has been pretty quiet as to the number of companies that he screwed, probably because they all still hoped to get paid.

 

Guess what - you are not going to get paid. It's now time to scream.

 

 

I guess 34 years of trouble free business does not count for anything anymore. I am sure there are many suppliers and contractors that have done well for themselves over that time because of Eric. He deserves a second chance.

Link to post
Share on other sites
Goetz does not deserve the pass that he has gotten in the media. He had money troubles throughout 2008, and the client that defaulted on him in December was only the last straw. Bummer yes, but he bought a lot of things during the year, after his line of credit disappeared, knowing that he did not have the money to pay.

 

It has been pretty quiet as to the number of companies that he screwed, probably because they all still hoped to get paid.

 

Guess what - you are not going to get paid. It's now time to scream.

 

 

I guess 34 years of trouble free business does not count for anything anymore. I am sure there are many suppliers and contractors that have done well for themselves over that time because of Eric. He deserves a second chance.

agreed

 

and i think the owner in december did what he did more because of the designers and the huge rise in the value of the dollar as oposed to any prob with eric

 

not to say that many people havent head goetz have issues

 

"too many cheifs and not enough engines"

Link to post
Share on other sites
After seeing the love being given to Eric Goetz on the front page, too bad a newbie has to bump up these crooks. Just read in Scuttlebutt how Eric Goetz licensed a new LLC on Dec. 5, 2008. When Eric is getting ready to lay off everyone on Dec 31, 2008, and is going into receivership on Jan 6, 2009, he has already started a new company. Details:

 

CEKI, LLC: M: Eric Goetz, 115 Broad Common Rd., Bristol 02809. A: A. Max Kohlenberg, c/o Edwards Angell Palmer & Dodge LLP, 2800 Financial Plaza, Providence 02903. -- http://www.projo.com/business/content/BZ_n...v3.314f9f8.html

 

Have also heard that he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership. Anyone else have details on this?

 

That shit happens all the time. SOP for a BK.

 

BK courts will look back for a certain period of time to make sure no "funny business" goes on. He's fine.

 

 

Ditto.

 

I've known guys that have bought back their failed businesses a couple of times. No Fraud. Many times they are the highest bidder because they know the business and assets, have the crew, customer list etc and its more valuable to them than anyone else with some new financing in place.

Link to post
Share on other sites
Guess what. You are just another anonymous troll who signed up a new name to act like an asshat.

mate what is this trolling thing

 

the dude has an opinon

 

and i think anyone at Goetz around Goetz or has worked with Goetz has a few opinions on them

 

i know the owners of the boats being built at goetz and i know they are good for the money

Link to post
Share on other sites
You have no idea the trail that Eric has left. I am out.

Share the trail. Despite the obvious good will Goetz has among this community, something beyond "I heard" would go a long way and might prevent some from being defrauded - if your information is real.

Link to post
Share on other sites
Guess what. You are just another anonymous troll who signed up a new name to act like an asshat.

mate what is this trolling thing

 

the dude has an opinon

 

and i think anyone at Goetz around Goetz or has worked with Goetz has a few opinions on them

 

i know the owners of the boats being built at goetz and i know they are good for the money

 

 

What, are you drunk?

 

h

Link to post
Share on other sites
Guess what. You are just another anonymous troll who signed up a new name to act like an asshat.

mate what is this trolling thing

 

the dude has an opinon

 

and i think anyone at Goetz around Goetz or has worked with Goetz has a few opinions on them

 

i know the owners of the boats being built at goetz and i know they are good for the money

 

 

What, are you drunk?

 

h

not currently why do you fancy one...! mines a guiness ?

Link to post
Share on other sites

It really is ridiculous. We've already hit fraud investigations for no reason. In a few posts someone will say they have naked photos of Eric G. with Dr. Laura from 20 years ago, 5 pages later it will all fade away. Dragging a guys name around most likely all because some disgruntled little shit didnt get what the think they deserved, or they didnt return a request for an interview. You try running a custom CF yacht business nowadays.

Link to post
Share on other sites
It really is ridiculous. We've already hit fraud investigations for no reason. In a few posts someone will say they have naked photos of Eric G. with Dr. Laura from 20 years ago, 5 pages later it will all fade away. Dragging a guys name around most likely all because some disgruntled little shit didnt get what the think they deserved, or they didnt return a request for an interview. You try running a custom CF yacht business nowadays.

 

 

As long as they don't come out with a naked picture of Turtle it will be Ok

Link to post
Share on other sites
After seeing the love being given to Eric Goetz on the front page, too bad a newbie has to bump up these crooks. Just read in Scuttlebutt how Eric Goetz licensed a new LLC on Dec. 5, 2008. When Eric is getting ready to lay off everyone on Dec 31, 2008, and is going into receivership on Jan 6, 2009, he has already started a new company. Details:

 

CEKI, LLC: M: Eric Goetz, 115 Broad Common Rd., Bristol 02809. A: A. Max Kohlenberg, c/o Edwards Angell Palmer & Dodge LLP, 2800 Financial Plaza, Providence 02903. -- http://www.projo.com/business/content/BZ_n...v3.314f9f8.html

 

Have also heard that he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership. Anyone else have details on this?

 

That shit happens all the time. SOP for a BK.

 

BK courts will look back for a certain period of time to make sure no "funny business" goes on. He's fine.

 

 

Ditto.

 

I've known guys that have bought back their failed businesses a couple of times. No Fraud. Many times they are the highest bidder because they know the business and assets, have the crew, customer list etc and its more valuable to them than anyone else with some new financing in place.

 

 

you'd think that after they did that a few times, people would wise up, and stop extending credit...

Link to post
Share on other sites

 

 

Ditto.

 

I've known guys that have bought back their failed businesses a couple of times. No Fraud. Many times they are the highest bidder because they know the business and assets, have the crew, customer list etc and its more valuable to them than anyone else with some new financing in place.

 

 

you'd think that after they did that a few times, people would wise up, and stop extending credit...

 

"There's a sucker born every minute"

P.T. Barnum (1810 – 1891)

Link to post
Share on other sites
Geezus Kjrist Brian Ackworth rasied it to an art form with Seafarer back in the day.

 

Moondance II was a 1976 Seafarer 31 MkI!

(McCurdy Rhodes)

Link to post
Share on other sites
Geezus Kjrist Brian Ackworth rasied it to an art form with Seafarer back in the day.

 

Seafarer Yachts LTD.

Seafarer& Co.

Seafarer INC.

Seafarer boats of Huntington...

 

And a few more after that.

 

He also got a free building and piece of land out of the town, for keeping 10 jobs in the town for 10 years, and at 10years and one day, tore down the plant and built an office building.

Link to post
Share on other sites
Guess what - you are not going to get paid. It's now time to scream.

Guess what. You are just another anonymous troll who signed up a new name to act like an asshat.

 

Thanks... you just confirmed why I hadn't signed up before. You have no idea the trail that Eric has left. I am out.

Before you go maybe you could add some inside dope that would clear up the other fraud broken in these hallowed pages - the STC vs Promises Kept scam.

Link to post
Share on other sites
Geezus Kjrist Brian Ackworth rasied it to an art form with Seafarer back in the day.

 

Seafarer Yachts LTD.

Seafarer& Co.

Seafarer INC.

Seafarer boats of Huntington...

 

And a few more after that.

 

He also got a free building and piece of land out of the town, for keeping 10 jobs in the town for 10 years, and at 10years and one day, tore down the plant and built an office building.

 

(useless trivia)

My kindergarden school was next door .. but that was couple of years before they came to Huntington.

Link to post
Share on other sites
Guess what. You are just another anonymous troll who signed up a new name to act like an asshat.

mate what is this trolling thing

 

the dude has an opinon

 

and i think anyone at Goetz around Goetz or has worked with Goetz has a few opinions on them

 

i know the owners of the boats being built at goetz and i know they are good for the money

 

The dude's opinion is not worth squat if he is not signing his name. Anonotroll opinion = horseshit = STFU = go away.

Link to post
Share on other sites

Sure looks like the bank will be out about $1.5 million, plus who knows what to other creditors.

 

I realize it's not an uncommon business practice, but notice that Goetz Custom Sailboats doesn't own the land their shops are on, another entity owned by EG owns the land (and possibly the buildings?).

 

That would probably have a strongly discouraging effect on any bid for the business, as you're bidding against your future landlord.

 

Maybe he gets his business back, but I doubt he can go back the same bankers for credit.

 

He made the deals, borrowed the money. Sounds like if you add in the land, he has the assets to at least pay off a lot of his creditors. Having the land in a separate entity is legal, but that doesn't make it right. It would be interesting to know more about the entire consolidated financial picture, including any marine suppliers who may get stiffed, what the land is worth, and who the buildings belong to. What do the leases look like and do they survive the sale?

Link to post
Share on other sites

my guess is here are plenty of stinking fish with this whole thing.

if it is true he knew he was going down, started a new company before hand and

stiffed a bunch of peeps on the way down - that sucks

but as they say, the truth will be found and karma can be a ass kicker

Link to post
Share on other sites
Sure looks like the bank will be out about $1.5 million, plus who knows what to other creditors.

 

I realize it's not an uncommon business practice, but notice that Goetz Custom Sailboats doesn't own the land their shops are on, another entity owned by EG owns the land (and possibly the buildings?).

 

That would probably have a strongly discouraging effect on any bid for the business, as you're bidding against your future landlord.

 

Maybe he gets his business back, but I doubt he can go back the same bankers for credit.

 

He made the deals, borrowed the money. Sounds like if you add in the land, he has the assets to at least pay off a lot of his creditors. Having the land in a separate entity is legal, but that doesn't make it right. It would be interesting to know more about the entire consolidated financial picture, including any marine suppliers who may get stiffed, what the land is worth, and who the buildings belong to. What do the leases look like and do they survive the sale?

 

Having the facility under another entity is also SOP for people who own businesses. Another layer of protection for litigation, typically.

Link to post
Share on other sites
my guess is here are plenty of stinking fish with this whole thing.

if it is true he knew he was going down, started a new company before hand and

stiffed a bunch of peeps on the way down - that sucks

but as they say, the truth will be found and karma can be a ass kicker

 

Sounds to me like he found a bunch of investors that didn't want to take on the burden of his failed business.

 

BK's suck, but it's better for the marine industry as a whole that they continue to operate.

Link to post
Share on other sites
....

 

Have also heard that he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership. Anyone else have details on this?

If the assets were unencumbered (no lean) when they were purchased or purchased from a secured creditor at a mutually agreed to price there is absolutely nothing wrong with it. It is smart business sense and most likely provided the leverage needed to keep the business moving forward. The business moving forward is the best possible way for unsecured creditors (vendors), to get something in the future. If the company is gone they get nothing now and nothing later, the secured creditors (banks) will take it all if there is a liquidation even if it means inflating their loan amount through legal fees.

 

you are obviously talking out of your uninformed ass.

Link to post
Share on other sites
....

 

Have also heard that he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership. Anyone else have details on this?

If the assets were unencumbered (no lean) when they were purchased or purchased from a secured creditor at a mutually agreed to price there is absolutely nothing wrong with it. It is smart business sense and most likely provided the leverage needed to keep the business moving forward. The business moving forward is the best possible way for unsecured creditors (vendors), to get something in the future. If the company is gone they get nothing now and nothing later, the secured creditors (banks) will take it all if there is a liquidation even if it means inflating their loan amount through legal fees.

 

you are obviously talking out of your uninformed ass.

 

I think he's implying that Eric had a fire sale of equipment right before he pulled the plug, in which case, the BK court will investigate what liquidated funds went where.

Link to post
Share on other sites
....

 

Have also heard that he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership. Anyone else have details on this?

If the assets were unencumbered (no lean) when they were purchased or purchased from a secured creditor at a mutually agreed to price there is absolutely nothing wrong with it. It is smart business sense and most likely provided the leverage needed to keep the business moving forward. The business moving forward is the best possible way for unsecured creditors (vendors), to get something in the future. If the company is gone they get nothing now and nothing later, the secured creditors (banks) will take it all if there is a liquidation even if it means inflating their loan amount through legal fees.

 

you are obviously talking out of your uninformed ass.

 

 

$100 bucks says Oxnard is Leweck @ scuttlebutt trying to make up some socalled news, NBC school of journalism :rolleyes:<_<

Link to post
Share on other sites
....

 

Have also heard that he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership. Anyone else have details on this?

If the assets were unencumbered (no lean) when they were purchased or purchased from a secured creditor at a mutually agreed to price there is absolutely nothing wrong with it. It is smart business sense and most likely provided the leverage needed to keep the business moving forward. The business moving forward is the best possible way for unsecured creditors (vendors), to get something in the future. If the company is gone they get nothing now and nothing later, the secured creditors (banks) will take it all if there is a liquidation even if it means inflating their loan amount through legal fees.

 

you are obviously talking out of your uninformed ass.

 

I think he's implying that Eric had a fire sale of equipment right before he pulled the plug, in which case, the BK court will investigate what liquidated funds went where.

which has absolutely nothing to do with what unsecured creditors would have seen in a liquidation.

 

The attempt to arrive at some value for assets to reduce the dept load of a struggling company is not something that would be questioned by a court. If the assets were unencumbered the principles can sell at a very low dollar # with no legal questions. If they are encumbered it would be the responsibility of the lean holder to question the transaction if it was not agreed to. If the old lien holders have been satisfied in the NewCo deal the buy out would no doubt have protection clauses that prevent seller remorse. Aside from that the assets would have been sold by the old company which no longer exists, if the NewCo deal was an asset purchase (which it sounds like) what jurisdiction does the court have over NewCo? there was no exit plan for OldCo that gave value to unsecured creditors, the plan is in NewCo which is a different entity. A suppliers best position will be to work a supplier agreement with NewCo that helps them receive value from the relationship moving forward and asking for some future protection in that contract. These suppliers need to take advantage of the relationships they have had to make the best of a bad situation.

 

NewCo is a fresh new company with a clean balance sheet moving forward in the best interest of all current suppliers and customers.

Link to post
Share on other sites
....

 

Have also heard that he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership. Anyone else have details on this?

If the assets were unencumbered (no lean) when they were purchased or purchased from a secured creditor at a mutually agreed to price there is absolutely nothing wrong with it. It is smart business sense and most likely provided the leverage needed to keep the business moving forward. The business moving forward is the best possible way for unsecured creditors (vendors), to get something in the future. If the company is gone they get nothing now and nothing later, the secured creditors (banks) will take it all if there is a liquidation even if it means inflating their loan amount through legal fees.

 

you are obviously talking out of your uninformed ass.

 

I think he's implying that Eric had a fire sale of equipment right before he pulled the plug, in which case, the BK court will investigate what liquidated funds went where.

which has absolutely nothing to do with what unsecured creditors would have seen in a liquidation.

 

The attempt to arrive at some value for assets to reduce the dept load of a struggling company is not something that would be questioned by a court. If the assets were unencumbered the principles can sell at a very low dollar # with no legal questions. If they are encumbered it would be the responsibility of the lean holder to question the transaction if it was not agreed to. If the old lien holders have been satisfied in the NewCo deal the buy out would no doubt have protection clauses that prevent seller remorse. Aside from that the assets would have been sold by the old company which no longer exists, if the NewCo deal was an asset purchase (which it sounds like) what jurisdiction does the court have over NewCo? there was no exit plan for OldCo that gave value to unsecured creditors, the plan is in NewCo which is a different entity. A suppliers best position will be to work a supplier agreement with NewCo that helps them receive value from the relationship moving forward and asking for some future protection in that contract. These suppliers need to take advantage of the relationships they have had to make the best of a bad situation.

 

NewCo is a fresh new company with a clean balance sheet moving forward in the best interest of all current suppliers and customers.

Link to post
Share on other sites
....

 

Have also heard that he used this new company to buy some of the assets of Goetz Custom Boats before it went into receivership. Anyone else have details on this?

If the assets were unencumbered (no lean) when they were purchased or purchased from a secured creditor at a mutually agreed to price there is absolutely nothing wrong with it. It is smart business sense and most likely provided the leverage needed to keep the business moving forward. The business moving forward is the best possible way for unsecured creditors (vendors), to get something in the future. If the company is gone they get nothing now and nothing later, the secured creditors (banks) will take it all if there is a liquidation even if it means inflating their loan amount through legal fees.

 

you are obviously talking out of your uninformed ass.

 

I think he's implying that Eric had a fire sale of equipment right before he pulled the plug, in which case, the BK court will investigate what liquidated funds went where.

which has absolutely nothing to do with what unsecured creditors would have seen in a liquidation.

 

The attempt to arrive at some value for assets to reduce the dept load of a struggling company is not something that would be questioned by a court. If the assets were unencumbered the principles can sell at a very low dollar # with no legal questions. If they are encumbered it would be the responsibility of the lean holder to question the transaction if it was not agreed to. If the old lien holders have been satisfied in the NewCo deal the buy out would no doubt have protection clauses that prevent seller remorse. Aside from that the assets would have been sold by the old company which no longer exists, if the NewCo deal was an asset purchase (which it sounds like) what jurisdiction does the court have over NewCo? there was no exit plan for OldCo that gave value to unsecured creditors, the plan is in NewCo which is a different entity. A suppliers best position will be to work a supplier agreement with NewCo that helps them receive value from the relationship moving forward and asking for some future protection in that contract. These suppliers need to take advantage of the relationships they have had to make the best of a bad situation.

 

NewCo is a fresh new company with a clean balance sheet moving forward in the best interest of all current suppliers and customers.

 

Gotcha. You obviously know alot more than I about this subject, and I was unaware it worked that way. I'm just glad to see that (hopefully) the newco will continue and the marine industry will not take yet another hit.

Link to post
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...