Alumicraft Filed Chapter 7 Bankruptcy

[acefuture]

Here's the catch I noticed in the bankruptcy. Matt Fleming (new owner of Alumicraft) "leant" the business money subject to lien. It also states his son Tristan owns 100% of Alumicraft currently. So If Alumicraft files for bankruptcy, the lien would indicate that Matt Fleming (dad) would now own the company. If this is the case, things will continue as normal and the debts owed to the lawsuit will be settled. Just my take

 

[Crusty]

Here's the catch I noticed in the bankruptcy. Matt Fleming (new owner of Alumicraft) "leant" the business money subject to lien. It also states his son Tristan owns 100% of Alumicraft currently. So If Alumicraft files for bankruptcy, the lien would indicate that Matt Fleming (dad) would now own the company. If this is the case, things will continue as normal and the debts owed to the lawsuit will be settled. Just my take

Sounds like business legal maneuvering...lots of companies do it.

 

[wesinls]

Hope Matt isn't negatively affected...Great guy

 

[acefuture]

Sounds like business legal maneuvering...lots of companies do it.

Yep. Essentially nothing will change. Just who owns it on paper, which is still in the family

Hope Matt isn't negatively affected...Great guy

If I'm correct about the bankruptcy, literally nothing will change. Same family ownership, just less liabilities.

 

[Rockwood]

Wait, so someone crashed their buggy at mach Jesus with only belts on, had nothing to do with the company other than buying a buggy from them years ago, sued and won?

I hate attorneys.

 

[Sausage450r]

Looks like he drove into a witches eye, rolled, and both driver and passenger died. Passenger's family is now suing. Couldn't really tell if Alumicraft is being sucked into this by the passengers family, or if those scumbags at State Farm (Driver's insurance company) are dragging Alumicraft into it. Another insurance company happily taking premium money but then not wanting to pay when a claim is filed. The fact that Cooley sold and retired is further muddying the waters.

Took the back seat out of my car a few years ago and never put it back in since my kids don't go out anymore, shit like this makes me wonder if I should take out the front passenger seat as well.

We deal with it alot in aviation. Any time a plane crashes lawyers sue everyone in the log books prior 5 years. Even if all you did was change the oil 5 years ago. They hit you with a settlement # thats easier than going to court to fight it.