J&J Powersports Bankruptcy- Arctic cat and Yamaha Faribault, MN.

favoritos

favoritos

Well-known member
Bummer, I was just in there a couple weeks back. Very nice showroom. I do see that it a chapter 11 filing, so maybe they will make it through.
 
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ezra

Well-known member
wont be the first. hope and change on top of no snow. then the cost of a sled over 10g cant understand why they would go under
 
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anonomoose

New member
Chapter 11 is re-organization WITH reduced but not forgiven payments. Chapter 7 is liquidation and no OTHER payments required...so you will get your money but you will not get it as quickly nor will you get the high interest you were charging if you were a creditor.

Giving these folks MORE business will help them thru this...avoiding them will send them into a chapter 7.
 
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blutooth

New member
I hate to be cynical, but pennies on the dollar isn't going to induce most creditors to continue supporting a business...

Sorry to hear about your trouble Daryl. Good luck getting whatever you can (without spending too much time/energy/money pursuing it).

anonomoose said:
Chapter 11 is re-organization WITH reduced but not forgiven payments. Chapter 7 is liquidation and no OTHER payments required...so you will get your money but you will not get it as quickly nor will you get the high interest you were charging if you were a creditor.

Giving these folks MORE business will help them thru this...avoiding them will send them into a chapter 7.
Click to expand...
 
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t660redrocket

New member
Thanks Matt! It would be a great value to me to not see them pay us an let them go down. Tim Groves the front door man is a pompous individual who has become the face of the company. Bad decision by ownership to have this guy with "short man syndrome" up front. Do what you want but I know I won't be going there!
 
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ezra

Well-known member
I for 1 hope he has a large cat inventory then it goes back to cat and in to salvage were folks who know folks can buy them cheep.
more so if they are huge D.B.
 
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anonomoose

New member
blutooth said:
I hate to be cynical, but pennies on the dollar isn't going to induce most creditors to continue supporting a business...

Sorry to hear about your trouble Daryl. Good luck getting whatever you can (without spending too much time/energy/money pursuing it).
Click to expand...

Who says "pennies on the dollar"?

Chapter 11 is "re-organization" of debt load, court ordered interest rate, but payment in FULL.... unless they can't make it in which case they will be forced into Chapter 7...which is liquidation, and then pennies on the dollar. Supporting the company will enable the first, and staying "away" will enable the second route.

Don't know the company, and maybe if the front office guy is a spin head, company owner will move him out of the shop...and it can become viable again.
 
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whitedust

Well-known member
Well if you have a sled, ATV or anything that you own get it the heck out of there just incase the doors are locked by the bank or whomever. I have seen cops show up at other shops padlock everything nothing inside can be released until the court figures out who owns what. Be careful stuff happens without warning.
 
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