KOG
Winterville GA
Senior Member
Joined: 01/31/2001
View Profile
 Offline
|
There are different types of bankruptcy. WF is seeking to prevent CC from collecting money and then not applying that money to debts owed WF. It appears from the statement that CC has already ceased operating and doesn't have any prospect of reopening. Consider too that WF may be forced into taking this action because of its own financial position.
|
topflite51
In The Desert of Nevada
Senior Member
Joined: 05/13/2004
View Profile
Good Sam RV Club
|
In the scheme of things what's 7.9 million to WF. Chickenfeed.
 David
Just rolling along enjoying life
w/F53 Southwind towing 87 Samurai looking to golf or fish
Simply Despicable 
|
Deen
Vancouver, WA
Senior Member
Joined: 12/07/2000
View Profile
|
Glad you could make it to the "party" I posted the link to the actual court filing last WEEK!
|
Travelr
Lake Tahoe, Nevada
Senior Member
Joined: 10/24/2006
View Profile
Good Sam RV Club
Offline
|
Will be interesting.. Watch for WF to look East for a Bailout.. This may be chickenfeed but WF has problems too..
Ken Cash
|
John S.
Northern Virginia
Senior Member
Joined: 03/22/2002
View Profile
Offline
|
talotto wrote:"Wells Fargo is going to push them into bankruptcy"
Hmmmm, that is an interesting spin on they borrowed money that they can't repay so a legitimate lender is calling the note. What happened to responsibility. If I borrow money, I am responsible to repay it - different rules for them?
Calling a note and going to federal court are two different things
Here is CC response too
Country Coach Responds to Wells Fargo Suit
RV Business
Monday, February 2, 2009
Luxury motorcoach manufacturer Country Coach LLC responded to the legal action taken by Wells Fargo Bank (see previous RVBUSINESS.com story), stating that it could "potentially affect the company’s ability to resume production and exist as a going concern."
According to Country Coach, its legal team is working to address the bank’s issues. Also, in response to the bank’s action, last week Country Coach management allowed the company’s furloughed employees access to the facility to take possession of their personal property kept at the Country Coach campus.
“We continue to diligently pursue all alternatives with our lenders, equity holders and outside investors to secure the financing or investment necessary to bring workers back, and to reopen our factories," said President and CEO Jay Howard. "Allowing employees closely supervised access to only their personal items is a measure to minimize the risk to their valuable tools or other personal items because of the bank’s legal actions.”
Howard said that the company’s employee base has always been the its "most valuable asset," and it hopes to provide them "an opportunity to return to work with their tools and personal items in the near future."
Regarding Country Coach's future, Howard noted: “In spite of many persistent economic challenges, we remain cautiously hopeful that we will re-open our doors before spring."
Howard referenced the multiple viable investors who have "expressed an interest in being a part of Country Coach’s reopening and ongoing negotiations with these parties to secure the company’s future."
Howard also noted the ongoing support of Sen. Ron Wyden’s office in pursuing a positive solution for Country Coach's over 500 employees.
“For more than four months, Senator Wyden and his team have worked diligently to secure help for Country Coach and others in our Oregon-based industry," he said. "He and Rep. DeFazio continue to work independently and together for the benefit of the entire RV community, and they both have our sincere gratitude for their past, current, and future efforts on our behalf.”
* This post was
edited 02/02/09 07:51pm by John S. *
John
2001 42' Foretravel U320
2007 Bornfree 24 Painted
2001 Jeep Wrangler
2007 Burgman 650 Executive
Susie and Dolly (Cavalier King Charles Spaniels)
Dolly now in our hearts and thoughts 8-27-05
Doodle a Black and Tan Cavalier
Lolly a Ruby Cavalier
|
|
|
ArchHoagland
Clovis, CA, USA
Senior Member
Joined: 11/28/2004
View Profile
Good Sam RV Club
Offline
|
topflite51 said:
=======================================================================
In the scheme of things what's 7.9 million to WF. Chickenfeed.
==========================================================================
Hey!!! That will cover a couple bonuses for Wells Fargo management...
2004 Monaco
La Palma 36DBD
Two Slides
2 Potties
Workhorse 22 chassis
8.1 gas engine & Allison 1000 transmission
7.1 MPG based on fuel used over 32,000 miles
TOADS
2000 LEXUS RX300 FWD 22MPG 4020 LBS
US Gear Brakes
1991 Mazda Miata 5 speed 33MPG 2,310 LBS
|
AZPops
Southwest
Senior Member
Joined: 07/13/2006
View Profile
|
I wish I was the lawyers handling this for either side. This is where the real moneys going!!!
Pops
Captain: Pops
Ist Mate: Harlee "Vicious Attack Dog" only if you try to move her when she's sleeping...
Trouble Maker: CALVIN
|
topflite51
In The Desert of Nevada
Senior Member
Joined: 05/13/2004
View Profile
Good Sam RV Club
|
Travelr wrote:Will be interesting.. Watch for WF to look East for a Bailout.. This may be chickenfeed but WF has problems too.. It is kind of funny, Wells Fargo plays it smart and conservative on mortgages, then they play stupid and buy Wachovia who didn't. Now they need help. Go figure. LOL
|
topflite51
In The Desert of Nevada
Senior Member
Joined: 05/13/2004
View Profile
Good Sam RV Club
|
AZPops wrote:I wish I was the lawyers handling this for either side. This is where the real moneys going!!!
Pops That is a misconception. Sometimes, actually quite often during large commercial bankruptcies, attorney's representing the filing party get very little.
|
lbligh
USA
Senior Member
Joined: 01/08/2006
View Profile
Good Sam RV Club
Offline
|
ArchHoagland wrote:topflite51 said:
=======================================================================
In the scheme of things what's 7.9 million to WF. Chickenfeed.
==========================================================================
Hey!!! That will cover a couple bonuses for Wells Fargo management...
Well... the money does belong to Wells Fargo and one would have to assume that Wells Fargo simply didn't decide one day to pick on CC. Like with most loan defaults, there must have been steps taken by Wells Fargo to attempt collection and compliance with the note. I would add, that Wells Fargo is one of the best capitalized banks in the world. Seems like they are taking care of their business and their shareholders.
Safe travels.
L. Bligh
2006 Tradewinds - 40C
|
|
|
