Looks like the creditors are all posturing and defining what is left and the value of each asset - then the carving will start . Creditors first , and the dealers and the owners holding the bag .
H345 wrote: Looks like the creditors are all posturing and defining what is left and the value of each asset - then the carving will start . Creditors first , and the dealers and the owners holding the bag .
Yup you are right. There will not be much left I fear. But someone may buy the molds and name and who knows what will happen then.
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
In the latest Wells Fargo saga, bank says it will pursue seizure of assets despite creditors filing for Involuntary Bankruptcy. The move would most likely force Country Coach to close permanently. I don't believe Wells Fargo will be successful. The bank is certainly in their right to object to any reorganization plan, but not circumvent the Bankruptcy process, which IMO they are trying to do. See article Bank will keep trying to get assets!.
Actually, if I remember correctly, Wells Fargo was one of a small number of banks that DID NOT WANT OR NEED bailout money. The Fed MADE them all take bailout money to prevent "runs" on the ones that did need it. As bad as this situation is,can you imagine what would have happened if they were not all treated the same by the FED.??
rooster wrote: Actually, if I remember correctly, Wells Fargo was one of a small number of banks that DID NOT WANT OR NEED bailout money. The Fed MADE them all take bailout money to prevent "runs" on the ones that did need it. As bad as this situation is,can you imagine what would have happened if they were not all treated the same by the FED.??
You are correct about Wells Fargo and the bailout money.
As for Wells Fargo working to protect their position with CC and protect their (WF’s) shareholders, who can blame them? CC defaulted on the conditions of the loan and actually worked to hide money that was due to Wells Fargo under the conditions of the loan. That kind of action certainly would build trust with your lender.
updated 6:30 a.m. PT, Wed., Feb. 4, 2009
WASHINGTON - Wells Fargo & Co. abruptly canceled Tuesday a pricey Las Vegas casino junket for employees after a torrent of criticism that it was misusing $25 billion in taxpayer bailout money.
The company initially defended the trip after The Associated Press reported it had booked 12 nights beginning Friday at the Wynn Las Vegas and the Encore Las Vegas. But within hours, investigators and lawmakers on Capitol Hill had scorned the bank, and the company canceled.
PS - I could do a lot with $25 Billion!! lol
2006 Revolution LE 40E
2004 Jeep Rubicon Toad/Brake Buddy or
20' Toy Trailer/Quads 'n Dirt Bikes
Livin Good wrote: Everyone can't get a bailout. RV's are typically toys. Banks are instruments of commerce to be used to improve our daily lives. And, no I'm not a banker. There's already enough bad press regarding the bailout money being used for corporate jets, parties etc. I can see it now, " Tax Dollars Used for the Rich To Purchase Luxury RVS".
Apparently, Another Man's Toy was acceptable to receive taxpayer funds . . . our money . . . in the "spendulus" bill.
Let's face it. A lot of products are considered to be "toys" by many people. But the production of those "toys" equated to good paying jobs for the many thousands of citizens who now are unemployed.
Now it looks as if there is a different buyer stepping up. It will remain to be seen if it will fly but it is interesting and it might just be a great buy for them.
Possible Buyer Emerges in Country Coach Case
RV Business
Thursday, February 12, 2009
A possible buyer of Junction City, Ore.-based Country Coach LLC emerged Thursday (Feb. 12) in U.S. Bankruptcy Court as creditors argued over whether one of the RV makers’ biggest creditors, Wells Fargo, should be permitted to immediately seize and liquidate the company’s assets.
The Register-Guard, Eugene, reported that the start of Thursday’s hearing was delayed for 45 minutes as lawyers for Wells Fargo and for Riley Investment Management, the company’s majority owner, met together and separately in an effort to strike some sort of deal, but no agreement was forthcoming.
In court, Wells Fargo attorney Wilson Muhlheim told U.S. Bankruptcy Judge Albert Radcliffe that the bank no longer trusted Country Coach and that it wants to seize the company’s assets to make good on a loan balance of $8.5 million.
Carter Mann, attorney for Riley Investment Management, told the judge that if he granted Wells Fargo’s motion, “There will be no more Country Coach,” and after the bank liquidated the company’s assets, nothing would be left for the company’s other creditors. Country Coach owes Riley Investment Management about $15 million, he said.
Mann said a Los Angeles private equity firm called Balmoral Advisors has expressed serious interest in buying Country Coach and continuing to operate it.
“Country Coach should have an opportunity to have that happen,” he said, instead of letting Wells Fargo “drive a stake through its heart on two days notice.”
The Register-Guard reported that Radcliffe also heard from lawyers for Prevost, a Canadian company that says Country Coach is in possession of four bus shells worth about $2 million that Prevost holds the title to; and from Giant RV of Montclair, Calif., the nation’s largest RV dealer.
The judge also heard from Rob Dickman, owner of Les Schwab Tire in Junction, who said he is owed about $195,000 by Country Coach. He urged the judge to give Country Coach a chance to continue operations, and took a shot at Wells Fargo.
“Quite honestly, I’m insulted by Wells Fargo,” he said. “They got $25 billion of our money (from the federal bailout) and now they want more by liquidating Country Coach and taking it all back to Atlanta and leaving us to pick up the pieces.”
Wells Fargo’s commercial banking division is based in Atlanta.
I wouldn't count your chickens before the eggs hatch. CC has the right to file bankrupcy to fend off Wells Fargo's action and it looks like their ready to do so or already have. Once this takes place Well's fall in line as a secured creditor, the new investment group could then bid whatever they want for the company ( a lot less than Well's has invested) and if not out bid by anyone else walk away with a debt free company.
I can't see why they would want to fall under Well's thumb by trying to inject cash into a company that is upside down and deep in debt at this time. As far as Well's goes this is why they are trying to move as fast as they can to liquidate CC buy calling their secured notes due.
It would be my guess there is some kind of incentive in the new loans made by the Gov. that if Well's get their way they can be made whole on the original amount. If it goes the bankrupcy way they eat it.
I think that over the past 12 months we have all learned that there are no bigger and more powerful group in the U.S. then the Banks. I know I didn't see my name on the list for any tarp money did any of you. They made the Big three auto companys beg for money but handed it out to the banks like water with no strings.
Banks are no better than a bunch of thiefs, it was their choice to lend CC the money and CC to pay it back, if not they can do just as they are doing. Remember those famous words of one Gordon Geko "GREED IS GOOD" and the banks live by that moto.
Offline
