Re: Keith Black blocks are flowing
[Re: Al_Alguire]
#2338479
07/17/17 05:19 PM
07/17/17 05:19 PM
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Joined: Nov 2010
Posts: 1,397 Carson City, Nevada
Biginchmopar
pro stock
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pro stock
Joined: Nov 2010
Posts: 1,397
Carson City, Nevada
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I agree. This is NOT a new company period. It is the same company with some new partners and an influx of cash. Some of the new cash people had a vested interest in seeing the good promised delivered. Seems they have been taken care of in q much quicker order than those who have been waiting years in some cases. Not sure why some here seem to think that is fine and dandy but passed obligations well that's the past and we will get to it when we get to it. I'm all for them buying INTO the business and providing it with a much needed(apparently)influx of cash and maybe a bit of a new perspective. But the fact remains the obligations and people owed money are just that. Still owed monies for goods that have been paid for. Obligations which were there when they decided to put up their money to buy into an existing business.
As I stated earlier I wish KB and the new investors all the best. IMO this has been handled very poorly from a PR perspective for sure. People who put money in apparently have gotten some of their money back in short with new blocks, while others who have been waiting for extended periods of time are still waiting. I just don't see why many here see no problem with this, or at least the appearance of a problem. I also don't understand why there would be ANY secrecy regarding those who have already received blocks that were owed blocks. Seems to me I would be trumpeting those who have received the goods they paid for. After all according to what I am reading here they are owed nothing..... Well said Al! You won't see a dime of my money until everybody is taken care of (owed blocks). You took on the business, you took on the responsibility of the past customers, PERIOD! You want us to trust you guys, show me some results of taking care of the people that are in limbo. KB is still on the hook, trust me on that!
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Re: Keith Black blocks are flowing
[Re: Porter67]
#2338532
07/17/17 07:01 PM
07/17/17 07:01 PM
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Joined: Feb 2005
Posts: 20,195 PA.
pittsburghracer
"Little"John
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"Little"John
Joined: Feb 2005
Posts: 20,195
PA.
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The first and biggest mistake they made was not hiring one of the guys from a Moparts as CEO that really know how to run a business. Lol. The best way to come out of being almost bankrupt is to go further in the hole before trying to make money.
1970 Duster Edelbrock headed 408 5.984@112.52 422 Indy headed small block 5.982@112.56 mph 9.42@138.27
Livin and lovin life one day at a time
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Re: Keith Black blocks are flowing
[Re: The Shadow]
#2338579
07/17/17 07:57 PM
07/17/17 07:57 PM
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Joined: Jun 2014
Posts: 5,183
Porter67
master
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master
Joined: Jun 2014
Posts: 5,183
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This will make ya scratch your head. http://fastmachineinc.com/ Like chasing a ghost. I think my friend is screwed. Im sorry for the hemi guys.
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Re: Keith Black blocks are flowing
[Re: fast68plymouth]
#2338847
07/18/17 01:58 AM
07/18/17 01:58 AM
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Joined: Jan 2003
Posts: 14,513 So. Burlington, Vt.
fast68plymouth
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 14,513
So. Burlington, Vt.
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Seems like it could have been laid out fairly plainly from early on.
One block to someone who is "owed" a block for every "x" number of blocks produced, with the back ordered blocks being delivered in order of those who paid first, get theirs first. Once the production levels had become somewhat known(x number of finished blocks being delivered per month), then a schedule for filling the back orders could be established, along with projected delivery dates for each of the people waiting. Then it's just a matter of letting them know when their block is projected to be done.
Apparently it was supposed to happen just like that about 6 months ago...... From the FASTLANE press release 1/24/17: *If you are an existing Customer, or if you are waiting on an Order*
If you have an existing order, it will be delivered.
Our Dealer network is taking over the management of your order and will be your single point of contact. Contact information for our Dealers is set out below. If you haven’t contacted already, you will be by Friday January 27. Your Dealer will advise you of your exact date for shipment (all open orders now have a specific completion date assigned). And then there was this tidbit: Initially, we have some backfilling to do but we expect by mid-year to be well and truly ahead of this with plenty of blocks in the market with Dealers and customers. Blocks start shipping to Dealers on January 27.
68 Satellite, 383 with stock 906’s, 3550lbs, 11.18@123 Dealer for Comp Cams/Indy Heads
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Re: Keith Black blocks are flowing
[Re: The Shadow]
#2339247
07/18/17 06:24 PM
07/18/17 06:24 PM
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Joined: Nov 2010
Posts: 1,397 Carson City, Nevada
Biginchmopar
pro stock
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pro stock
Joined: Nov 2010
Posts: 1,397
Carson City, Nevada
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Like I said earlier, all you arm chair quarterbacks should buy in at hpp and show us all exactly how its done.
Things have turned around at kb and the blocks in the initial post prove it I can assure you the new owners aren't there for bank roll but to fix the issues I love all the assumption and speculation of what and why things are happening To each his own on spending good money on second best, for those who dont want to purchase the ultimate cast mopar block. Well for one I did a lot of business with Ken in the past, 4 blocks at different times. I told a customer to call him direct with a custom order, two years later still waiting for a block. KB did not file bankruptcy, new investors through there money into the business and statements were made that the paid customers would be taken care of. I want to see results of these statements. You keep posting how we are all arm chair quarterbacks on this subject, what is your roll? You don't seem to have any good answers to the problem. CALL THE CUSTOMERS! TELL THEM THE PLAN! QUIT POSTING NEW BLOCKS WILL BE AVAILABLE TO NEW CUSTOMERS (TAKE CARE OF THE PAID COSTUMERS!)
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Re: Keith Black blocks are flowing
[Re: The Shadow]
#2339266
07/18/17 06:47 PM
07/18/17 06:47 PM
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Joined: May 2008
Posts: 984 San Diego CA
65 Hemi
super stock
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super stock
Joined: May 2008
Posts: 984
San Diego CA
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What is crazy to me is there are several investors to get the business back going and I have heard a # that 80 blocks were owed and most paid a 50% deposit. This is only about $250k. In the grand scheme of things all 80 blocks would only be $500k retail( before price increase). What is this business worth???
Doug
MOPAR or NO CAR!!! 1965 Dodge Coronet soon a 6.1 Hemi with a Magnson blower 810 hp on pump gas 1964 Dodge Polara 582" Indy alum Block 426-1RA heads, 1933 Plymouth PE all Steel, LT1 4L60E 1959 Plymouth Savoy 33,000 mile survivor Old cars are never done. They are ongoing projects!
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Re: Keith Black blocks are flowing
[Re: Biginchmopar]
#2339302
07/18/17 08:00 PM
07/18/17 08:00 PM
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Joined: Sep 2003
Posts: 2,175 Duloc
The Shadow
OP
top fuel
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OP
top fuel
Joined: Sep 2003
Posts: 2,175
Duloc
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Like I said earlier, all you arm chair quarterbacks should buy in at hpp and show us all exactly how its done.
Things have turned around at kb and the blocks in the initial post prove it I can assure you the new owners aren't there for bank roll but to fix the issues I love all the assumption and speculation of what and why things are happening To each his own on spending good money on second best, for those who dont want to purchase the ultimate cast mopar block. Well for one I did a lot of business with Ken in the past, 4 blocks at different times. I told a customer to call him direct with a custom order, two years later still waiting for a block. KB did not file bankruptcy, new investors through there money into the business and statements were made that the paid customers would be taken care of. I want to see results of these statements. You keep posting how we are all arm chair quarterbacks on this subject, what is your roll? You don't seem to have any good answers to the problem. CALL THE CUSTOMERS! TELL THEM THE PLAN! QUIT POSTING NEW BLOCKS WILL BE AVAILABLE TO NEW CUSTOMERS (TAKE CARE OF THE PAID COSTUMERS!) I'm a customer/colleague of Tim, but if you have a block owed to you you'll get it I'm quite sure of that. You won't find a more stand up guy If you have contacted them there working on it and will give the details but calling every week wont change delivery time I'm sure. It's all been said Lord knows if I had a block owing I would be. I know it's been a big endeavor to sort things out and all things haven't gone to completely to plan but they are going forward. Yes there are a lot of arm chair quarterbacks that haven't a clue what it has taken to resurrect KB. The ridiculous statements put forward prove it. I talk with Tim and probably know a fraction of 1% on the work that has been put forward but I can say most know less than that
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Re: Keith Black blocks are flowing
[Re: 65 Hemi]
#2339459
07/19/17 01:05 AM
07/19/17 01:05 AM
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Joined: Feb 2003
Posts: 10,225 Someplace you aren't
SomeCarGuy
I Live Here
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I Live Here
Joined: Feb 2003
Posts: 10,225
Someplace you aren't
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What is crazy to me is there are several investors to get the business back going and I have heard a # that 80 blocks were owed and most paid a 50% deposit. This is only about $250k. In the grand scheme of things all 80 blocks would only be $500k retail( before price increase). What is this business worth??? Well it was less than zero, or maybe some small amount after a liquidation. Value of tooling, name brand(maybe not worth much after the bs), possibly real estate. If no real estate the amount was certainly around zero as tooling for something this niche isn't going to bring a premium price. Real head scratcher as to how/why a deal for less than half interest was reached. I'll speculate it was for far less money than most think and with the intent to profit from the building of the engines. Recapitalize just enough to restart production for their ends to be met and hope nobody sues.
I want my fair share
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Re: Keith Black blocks are flowing
[Re: The Shadow]
#2339590
07/19/17 10:40 AM
07/19/17 10:40 AM
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Joined: Oct 2004
Posts: 3,097 back in Georgia
dthemi
master
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master
Joined: Oct 2004
Posts: 3,097
back in Georgia
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I'm still amazed at the bad press, when the new company is honoring, (at any rate), the debt of another company.
The reality is, they owe nothing to any prior debt, unless mandated by a court, which isn't the case. The fact they're willing to honor these prior debts can only be viewed in two ways. First, they're good guys who care about the people jammed by KB. Second, they care about how the company is viewed, and are filling debt orders solely for company image, in an effort to bolster new buyer confidence. Either way the result is the same.
Another issue is, I don't know of too many race car oriented businesses ran by real brain trusts, or fortune 500 CEOs. The industry is full of personalities, often talented in a field, with almost no business savvy. No different than most of us.
I run, and own, with my partner, a multi million dollar international business. I make mistakes constantly in business, because of my limited education in the field. Still, I keep swinging, and make enough money to overcome my mistakes. In a race business, from what I've seen, it's a perilous business, with slim margins for error.
Be glad blocks are available, and that if owed one, you have a chance of getting one. JM view on it, and I'm ordering another.
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Re: Keith Black blocks are flowing
[Re: The Shadow]
#2339736
07/19/17 02:45 PM
07/19/17 02:45 PM
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Joined: Feb 2007
Posts: 898 iowa
copchaser
super stock
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super stock
Joined: Feb 2007
Posts: 898
iowa
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Oh boy, back to square one. Fact, it's not a new company. Fact, yes there was a change in management. Fact, yes there are new investors. Fact, all debt still applies. Fact, all orders must be filled, or money refunded, unless bankruptcy is filed then it depends which chapter is filed. Now with the change in management, that's no different than large companies changing CEO's. The investors are no different than you or I buying stock in a company. Doesn't matter if you buy one share or a hundred shares, you become a owner and the company does NOT become a new company just because you invested. Maybe it's true that the new investors are truly stand up guys and are doing there best. I do know that I've been lied to from the new management. The new management needs to come clean, stop with the smoke and mirrors, stop with the lies. Lay down a solid plan, put it out there and stick to it. They need to explain where finished and paid for blocks disappeared to. I really hope they can get this mess figured out, and get the company back up and running the way it should be. There's a lot of wrongs that need to be righted, and many have come from the new management.
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Re: Keith Black blocks are flowing
[Re: The Shadow]
#2339753
07/19/17 03:10 PM
07/19/17 03:10 PM
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Joined: Jan 2003
Posts: 14,513 So. Burlington, Vt.
fast68plymouth
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 14,513
So. Burlington, Vt.
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Fact: Companies can be bought without assuming liabilities. I'm not a lawyer, but I don't think you can just sell your company to someone else and divulge yourself of the commitment to repay what's owed or supply the goods as promised. Maybe the people who have paid can't go after the new owners, but they sure should be able to go after someone. If I had laid out 5 grand, I'd have visited a lawyer when I heard about the new ownership to figure out who is really liable to pay me back, and what kind of time frame I'd have available to take action. The only thing that makes any sense to me about the new investors resurrecting it instead of letting it go under is that more than likely it would have resulted in a long process of sorting everything out, and what they did instead seemed like the easier/quicker path forward. Call me the eternal pessimist, but big money corporate investors being overly concerned with doing the right thing by "the little guy" isn't a story you hear very often. It will be interesting to see how it all plays out in the long run.
68 Satellite, 383 with stock 906’s, 3550lbs, 11.18@123 Dealer for Comp Cams/Indy Heads
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Re: Keith Black blocks are flowing
[Re: sasquatch]
#2339760
07/19/17 03:19 PM
07/19/17 03:19 PM
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Joined: Jan 2003
Posts: 19,379 Las Vegas
Al_Alguire
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 19,379
Las Vegas
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Darren will be releasing a public statement here and other forums in the very near future. That is all I am saying on this publicly for now. Good day. Todd This is about the best thing that can and should happen. Hopefully it will clear things up for those with a vested interest in the outcome.
"I am not ashamed to confess I am ignorant of what I do not know."
"It's never wrong to do the right thing"
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