EarthCruiser is closing!?!?!
- Thread starter ReluctantTraveler
- Start date
Brentc17
Member
Thanks for the YT love. That was my experience, others will say they where great. I always wondered if it was because I bought mine used. Always been a rebel anyways lol
Well Eco, "bringing money in" doesn't mean there is discretionary income or earnings which may not be realized until the final payment is received.
So, your question is sounding accusatory by insinuating money was available, money is missing and that owners skipped the country.
Frankly, if I were an owner, I would consider bring suit for slander against someone making such accusations.
Brentc17
Member
Sounds like those owners where told to come get their rigs and the consignment program was ended. My limited knowledge is that all previous owners got their rigs back to sell themselves. 2 new rigs are supposed to go out the door next week and so far sounds like that may still happen, hoping they get their rigs.
Brentc17
Member
It is, I have been waffling on selling it for a year but right now for sale. Was trying to get ahold of EC to consign it when the news hit List on here under different thread. Going to be updating the listing next week when I get to Montana to take new videos and photos. Gonna go with new 4 wheel camper flatbed model they are designing.
tkj23qe1387
Member
In bankruptcy parlance, liquidation in accordance to state law could either mean a Bankruptcy Code Chapter 7 liquidation or a foreclosure sale. Since they announced that they are also winding down operations, I would strongly suspect that this is heading into Chapter 7. No emergence from bankruptcy (that’s for chapter 11), unfortunately. I would certainly wish this was a chapter 11.
ReluctantTraveler
Well-known member
Speculation !== slander
ReluctantTraveler
Well-known member
Oh right, it's a consignment program! EC doesn't buy them back. Good call!
I'm jealous you're on some owners list/forum. I'm deeply curious about what's going on here.
ReluctantTraveler
Well-known member
This is 100% a separate conversation but... I thought in a recent video you said the EC was just too small for y'all. Does FWC have a bigger rig in the works? Every one I've seen is smaller than your EC.
ReluctantTraveler
Well-known member
Forgive my ignorance here, but what's the difference between chapter 7 and chapter 11 bankruptcy?
As to those concerned about deposits on orders, these folks have the highest priority (after taxes and debts owing to governments) since a deposit is unearned income and depending on State law may be viewed as funds in trust.
It may take awhile to get your deposit back, but if accounting was properly managed, your funds or sale of assets, including inventory, will be paid through bankruptcy.
Units held for sale, including pre-owned units are considered inventory and such will be sold, most likely sold at auction.
Pre-owned units on consignment are not owned by the debtor, they may have a contractual interest but such would be abandoned as the debtor is unable to perform. Pre-owned units will go back to owners and they, most likely, will be relieved of paying for services of perfecting any sale, such as any commissions. Contractual debts created on behalf of owners may be collected from owners by the court (such as maintenance to be performed to prepare a unit for sale).
Pending sales must be approved by the court, most likely closed quickly as the contract will represent the highest and best price and is the obligation of the debtor.
This disposition will hold generally for Chapter 7 or 11 for a business, but under C 11 Reorganization, business would continue, such as selling units on consignment, but if they are closing their doors, it sounds like they will be walking away with C 7.
We will know the outcome within a year for C 7 most likely and could be 5+ years for C 11 Reorganization. And, at this point, it could be that the type of bankruptcy has not been filed yet or could be amended while representatives sift through the mess of it all.
@Reluctant Traveler
It may take awhile to get your deposit back, but if accounting was properly managed, your funds or sale of assets, including inventory, will be paid through bankruptcy.
Units held for sale, including pre-owned units are considered inventory and such will be sold, most likely sold at auction.
Pre-owned units on consignment are not owned by the debtor, they may have a contractual interest but such would be abandoned as the debtor is unable to perform. Pre-owned units will go back to owners and they, most likely, will be relieved of paying for services of perfecting any sale, such as any commissions. Contractual debts created on behalf of owners may be collected from owners by the court (such as maintenance to be performed to prepare a unit for sale).
Pending sales must be approved by the court, most likely closed quickly as the contract will represent the highest and best price and is the obligation of the debtor.
This disposition will hold generally for Chapter 7 or 11 for a business, but under C 11 Reorganization, business would continue, such as selling units on consignment, but if they are closing their doors, it sounds like they will be walking away with C 7.
We will know the outcome within a year for C 7 most likely and could be 5+ years for C 11 Reorganization. And, at this point, it could be that the type of bankruptcy has not been filed yet or could be amended while representatives sift through the mess of it all.
@Reluctant Traveler
Open ended speculations implying wrong doing, falsely is defamation, a form of slander.
State law does not govern any aspect of bankruptcy which is under Title 11, U.S. Code.
State law is recognized as to administrative acts/actions of a business entity, such as its accounting requirements, its place of business, building code requirements, etc.
Foreclosure is by State Law, a forced sale of collateral. While a forced sale of assets could be required under bankruptcy, Federal Law governs.
You're right, this smells like a Chapter 7.
You might find a new company being organized which may end up buying assets of EC as the dust settles. Generally, a good product survives poor management.
ReluctantTraveler
Well-known member
Nowhere near the threshold to bring a lawsuit for that kind of thing. It's the same kind of freedom of speech that allows you to criticize people and things you don't like.
Speculating and being wrong is different from knowingly saying something false.
Spoken like a Yale man that failed to complete the last class.
