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Old 02-12-2008, 09:37 PM   #1
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Default Holley is Broke!

Here is a SHOCKER

Link to Holley, Specialty Car-Parts Maker, Files Bankruptcy
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Old 02-12-2008, 09:47 PM   #2
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I bet someone smart buys them up.... and sells off the subsidiaries that is what I would do....

John
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Old 02-12-2008, 09:52 PM   #3
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That also somewhat explains the Lunati "sell off" early this year.
Too little too late
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Old 02-12-2008, 10:36 PM   #4
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not like that will affect me in anyway, i use none of there products
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Dude, bitches come and go. Oldsmobile is forever.
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what you mean tires? that car aint got no posi, you was doing them retarded ass peg leg burnouts lol
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Old 02-12-2008, 10:37 PM   #5
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lol john, just seen the avator pic man, lol whats up with that?
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what you mean tires? that car aint got no posi, you was doing them retarded ass peg leg burnouts lol
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Old 02-12-2008, 11:32 PM   #6
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ya everyone is going bankrupt, american lefrance, a company that builds fire trucks just filed too, the stock market has hit hard
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Old 02-13-2008, 04:22 AM   #7
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ya everyone is going bankrupt, american lefrance, a company that builds fire trucks just filed too, the stock market has hit hard

American LaFrance filed Bankrupcy a while back... Then DailmerChrysler bought em up. Figured they could make some money off of them, since the Chassis are Freightliner, and Chrysler owns Freightliner.

They took over the defunct brand new Western Star factory in North Charleston and moved their Pumper and Rescue building operation from PA to here.

Quality control was VERY poor, and the overall Quality truly sucks. ALF's are plauged by electrical problems. On top of that, what they had hoped to produce was taking twice as long here as it would in their old facility. Chrysler said...... "SELL THAT HUNK OF SH@#" And it was sold. To a lady that buys up companies in the crapper. Then she turns them around and makes them profitable.

She moved ALF to a NEW factory about 5 miles away. Now... ALF STILL has major problems, they are still WAY TOO SLOW. Example: My Department was due to have two trucks delivered in March of 07. As of today, they are still not completed. Now they are back in trouble financially, and I hate to say it, what was once a proud company making the Cadillac of Fire Vehicles............ Needs to go out like Macks did.

Only REAL fire trucks wear the badge of a Bulldog.
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Old 02-13-2008, 05:16 AM   #8
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this is all news to me i thought holley was doing fine???????
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Old 02-13-2008, 05:38 AM   #9
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its rochester's fault, they made the quadrajet too good
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Old 02-13-2008, 06:23 AM   #10
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This is just a rich man’s legal way to steal money from investors and vendors. Some creditors are going to get 10% some will get nothing. Who suffers? We do. All of the people Holley won’t have to pay are going to have to pass the loss on to us in higher prices or interest rates.

Remember K-Mart? They file bankruptcy; which results in share holders, creditors and vendors getting screwed out of hundreds of millions. The CEO gets multi-million dollar compensation for “turnaround” and K-Mart goes right out and buys Sears. Nice way to free up some cash……

It’s nearly impossible for an individual to not ruin himself with a bankruptcy, but if you are a CEO you can make millions. I think Vendors ought to be able to sue the officers of companies that pull this crap.
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Old 02-13-2008, 06:36 AM   #11
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like they said in the article they are just freeing up what 100 million dollars in debt but are still going to be functioning as normal, if they die im going to have to buy a 750 dbl pumper before they are gone
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Old 02-13-2008, 07:44 AM   #12
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like they said in the article they are just freeing up what 100 million dollars in debt but are still going to be functioning as normal, if they die im going to have to buy a 750 dbl pumper before they are gone

"Freeing up 100 million in debt" yeah, exactly. I wish I could free up a 100 million somewhere.

1st tier/1st lien debtors get ownership. Those debtors are the ones that were smart/large (Banks, large companies with good lawyers) enough to force a lien on the business. The second tier (investors) debtors get 10%. Anything below that gets nothing.

Yes, they are going to continue doing business as usual.....except for the people that got the screwing of their life thru the bankruptcy.
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Old 02-13-2008, 07:51 AM   #13
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not really a surprise... the mail order catalogs squeeze the hell out of them.

If you can't make a product for absolutely dirt cheap, regardless of quality these days in America, you are going under as a business. Generally, the only way around it is if you are selling to the government.

I'm in the professional radio group at Motorola... we can't make a radio that is going to break every time it sees moisture and sell it to the military... we gotta make them dust and water tight so it can go through all sorts of hell. Few groups other than military and public safety are willing to pay for that type of quality. There are fire townships out there who will buy sets of cheap radios that won't resist water... and wonder why they break... all b/c it's "cheaper".
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Old 02-13-2008, 07:53 AM   #14
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its rochester's fault, they made the quadrajet too good
Right on

John - Ew. Don't need to associate Ron's face with you John Jeremy
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Old 02-13-2008, 01:51 PM   #15
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Quote:
Originally Posted by FDWheelMan View Post
American LaFrance filed Bankrupcy a while back... Then DailmerChrysler bought em up. Figured they could make some money off of them, since the Chassis are Freightliner, and Chrysler owns Freightliner.

They took over the defunct brand new Western Star factory in North Charleston and moved their Pumper and Rescue building operation from PA to here.

Quality control was VERY poor, and the overall Quality truly sucks. ALF's are plauged by electrical problems. On top of that, what they had hoped to produce was taking twice as long here as it would in their old facility. Chrysler said...... "SELL THAT HUNK OF SH@#" And it was sold. To a lady that buys up companies in the crapper. Then she turns them around and makes them profitable.

She moved ALF to a NEW factory about 5 miles away. Now... ALF STILL has major problems, they are still WAY TOO SLOW. Example: My Department was due to have two trucks delivered in March of 07. As of today, they are still not completed. Now they are back in trouble financially, and I hate to say it, what was once a proud company making the Cadillac of Fire Vehicles............ Needs to go out like Macks did.

Only REAL fire trucks wear the badge of a Bulldog.
ya my department is getting two new spartans soon as the hall expansion is done
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Old 02-13-2008, 03:14 PM   #16
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ever try and call holley or a company owned buy them?(flowtech for one). its terrible.
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Old 02-13-2008, 06:09 PM   #17
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Quote:
Originally Posted by olds school View Post
This is just a rich man’s legal way to steal money from investors and vendors. Some creditors are going to get 10% some will get nothing. Who suffers? We do. All of the people Holley won’t have to pay are going to have to pass the loss on to us in higher prices or interest rates.

Remember K-Mart? They file bankruptcy; which results in share holders, creditors and vendors getting screwed out of hundreds of millions. The CEO gets multi-million dollar compensation for “turnaround” and K-Mart goes right out and buys Sears. Nice way to free up some cash……

It’s nearly impossible for an individual to not ruin himself with a bankruptcy, but if you are a CEO you can make millions. I think Vendors ought to be able to sue the officers of companies that pull this crap.
Yea, I agree. I remember Steve Case (ex ceo of aol) walking out with 1 1/2 BILLION, now aol is the crappiest internet provider, with that I could name at least a dozen other companies that the CEO screwed, and walked off with LARGE $$$$$$$$$. Makes me wonder what happened to tar and feathers?
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Old 02-15-2008, 03:51 PM   #18
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Quote:
Originally Posted by olds school View Post
This is just a rich man’s legal way to steal money from investors and vendors. Some creditors are going to get 10% some will get nothing. Who suffers? We do. All of the people Holley won’t have to pay are going to have to pass the loss on to us in higher prices or interest rates.

Remember K-Mart? They file bankruptcy; which results in share holders, creditors and vendors getting screwed out of hundreds of millions. The CEO gets multi-million dollar compensation for “turnaround” and K-Mart goes right out and buys Sears. Nice way to free up some cash……
You are right on the money (no pun intended) with this.

Debt doesn't vanish by magic. It gets passed on to other people, when the courts decide that they will have to "forgive" whatever amount is owed by the company filing. Suppliers and other creditors are the ones who get burned.

I got caught about 10 years ago when a chain of speed shops got into financial trouble and decided to file. I was told that I would be lucky to get 10-15% back on what they owed me, and very possibly nothing at all, and that it would be a long wait for a decision, that all their assets were frozen and no one could be paid till everything went through the courts.

Long story short, I got some help from the inside and got compensated in full. It's amazing how red tape can get cut by an employee who hasn't got his paycheck for a while, and who knows he's going to be let go shortly. What are they going to do, fire him twice?

Most people were not so lucky.

And the corporation? Well, I won't mention their name, but sure enough they are still in business, and everything is "Super."
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