Re: Barry Grant Inc. files bankruptcy
[Re: emarine01]
#498196
10/16/09 08:45 AM
10/16/09 08:45 AM
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Joined: Jul 2006
Posts: 4,595 On the south side of Nowhere
S/ST 3040
master
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master
Joined: Jul 2006
Posts: 4,595
On the south side of Nowhere
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Filing bankruptcy is just the short version of "legally" NOT having to pay outstanding debts! That includes their suppliers who furnish pieces for the finished product, boxing materials, outsourced vendors, etc. In other words, the people who are still trying to stay in business but, now have to eat whatever the "bankrupt" party stuck them with. So, thanks for keeping it in th USA, where [Edited by Moparts - Family Friendly Site - Keep it clean] rolls downhill and passing the buck continues to take it's toll on everybody else.
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Re: Barry Grant Inc. files bankruptcy
[Re: TechAtBG]
#498198
10/16/09 10:17 AM
10/16/09 10:17 AM
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Anonymous
Unregistered
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Anonymous
Unregistered
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Must admit the Demon carb i had was a piece of crap...
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Re: Barry Grant Inc. files bankruptcy
#498199
10/16/09 10:31 AM
10/16/09 10:31 AM
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Joined: Jul 2003
Posts: 4,086 The Wet Coast, Canada
megajoltman
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master
Joined: Jul 2003
Posts: 4,086
The Wet Coast, Canada
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I have been through this with a few corporation and lets just say "the writing is on the wall".Good luck because your going to need it.
1969 Dart 383/727/D60
CTD Ram 4x4 Mega Cab
Procharged 350Z
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Re: Barry Grant Inc. files bankruptcy
[Re: S/ST 3040]
#498200
10/16/09 10:35 AM
10/16/09 10:35 AM
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Joined: Jan 2007
Posts: 3,695 nc
emarine01
master
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master
Joined: Jan 2007
Posts: 3,695
nc
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Quote:
Filing bankruptcy is just the short version of "legally" NOT having to pay outstanding debts!
That includes their suppliers who furnish pieces for the finished product, boxing materials, outsourced vendors, etc. In other words, the people who are still trying to stay in business but, now have to eat whatever the "bankrupt" party stuck them with.
So, thanks for keeping it in the USA, where [Edited by Moparts - Family Friendly Site - Keep it clean] rolls downhill and passing the buck continues to take it's toll on everybody else.
Hey Vic, I see your point, but bankruptcy is not always a total cop out on your responsibility to pay back, some times it just stretches out some time, Unfortunately in this messed up economy time helps but what helps one man sometimes hurts another, If you look at the big picture BG could gone off shore years ago and had a lot larger profit margin, but he kept it all here, Just don't buy BG and Holley look a likes at walmart next year cause that's what started this mess to begin with
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Re: Barry Grant Inc. files bankruptcy
[Re: emarine01]
#498201
10/16/09 10:44 AM
10/16/09 10:44 AM
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Joined: Nov 2003
Posts: 6,293 Rock Springs
Bob_Coomer
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master
Joined: Nov 2003
Posts: 6,293
Rock Springs
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Those type of carbs will never die...dont worry, for every carb manufacture goes out in US, another small sweat shop in China opens up to make the same product.
Clinton wast really a bad President, but we received a hard core pork'n with that Free Trade Agreement.
Love'em or hat'em ( I like them) I hope they prosper, through out these combatant times.
Last edited by Bob_Coomer; 10/16/09 10:44 AM.
[color:"red"]65 Hemi Belvedere coming soon [/color] [color:"#00FF00"]557" Indy engine 1.07 60ft 144mph in the 8th 2100 lbs package [/color]
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Re: Barry Grant Inc. files bankruptcy
[Re: Quicktree]
#498205
10/16/09 11:11 AM
10/16/09 11:11 AM
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Joined: Jul 2006
Posts: 4,595 On the south side of Nowhere
S/ST 3040
master
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master
Joined: Jul 2006
Posts: 4,595
On the south side of Nowhere
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I was always under the impression that bankruptcy meant, CLOSED DOWN and sell off assetts to cover as many debts as possible. If you can't pay your mortgage, you don't get off waving a document that says BANKRUPT at the bank. Hell no! They take your home! I think it takes some serious balls to claim how much business is booming since you don't owe the people for any of their previous products, services, etc. If BG is getting out of their obligation to their suppliers to stay in business, they can go piss up a rope!
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Re: Barry Grant Inc. files bankruptcy
[Re: emarine01]
#498207
10/16/09 12:07 PM
10/16/09 12:07 PM
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Joined: Sep 2005
Posts: 769 Europa, Estonia
Georg
super stock
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super stock
Joined: Sep 2005
Posts: 769
Europa, Estonia
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I wish best luck to everybody at Barry Grant! Best carburators at market for sure!
Outlaw Plymouth Valiant
R5/P7 Powered by Liuzzo Racing
COMP Performance Group dealer in Baltic
Premium Performance
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Re: Barry Grant Inc. files bankruptcy
[Re: S/ST 3040]
#498208
10/16/09 01:52 PM
10/16/09 01:52 PM
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Joined: Mar 2004
Posts: 127 Dahlonega, GA
TechAtBG
member
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member
Joined: Mar 2004
Posts: 127
Dahlonega, GA
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Quote:
I was always under the impression that bankruptcy meant, CLOSED DOWN and sell off assetts to cover as many debts as possible.
If you can't pay your mortgage, you don't get off waving a document that says BANKRUPT at the bank. Hell no! They take your home!
I think it takes some serious balls to claim how much business is booming since you don't owe the people for any of their previous products, services, etc. If BG is getting out of their obligation to their suppliers to stay in business, they can go piss up a rope!
There are several types of bankruptcy both personal and in business depending upon the individual situation. Lets compare it to a personal bankruptcy. You have a house that is only worth market value now due to the economy and the car you are driving is paid for but only worth a couple of grand but you have 20k in credit card bills. Economy is rocking along and you are taking home 2k a month and paying all of your bills. Now lets say you got layed off or had to take a job making 1/2 what you were. Your bills haven't changed and you are able to keep them up for awhile but at some point you start getting behind. You file bankruptcy and because there is no equity in your house or car they let you keep both of them but you get rid of the credit card bills. Now that you are making 1/2 what you were prior you are able to get by with your current salary.
Although we have been profitable at the reduced rate of business we are doing with the economy in the shape it is ,we have not been able to make enough headway on the older obligations [much like the credit carb example above]and this is the next step once we lost the short term credit line.It had been pulled once prior and we managed to squeek through but not this time.It is however not the end of us and we should come back as strong or stronger then before .
Many business have filed chapter 11 , GM ,Chrysler , the airlines and many more as well as some of our competitors . Holley is on their 2nd filing in less then a couple of years and I understand Edelbrock just layed off a large number of employees so it really cant be contributed back to one person or action imo.
Last edited by TechAtBG; 10/16/09 02:06 PM.
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Re: Barry Grant Inc. files bankruptcy
[Re: TechAtBG]
#498209
10/16/09 02:04 PM
10/16/09 02:04 PM
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Joined: Mar 2004
Posts: 127 Dahlonega, GA
TechAtBG
member
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member
Joined: Mar 2004
Posts: 127
Dahlonega, GA
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Here's a little more indepth explanation of Chapter 11 for those who had some questions. The entire text can be found here: http://money.howstuffworks.com/personal-finance/debt-management/bankruptcy2.htmChapter 11 - Business Bankruptcy State Laws In addition to the federal bankruptcy laws, each state has its own provisions for handling bankruptcies within that state. For the most part, the differences have to do with income and debt limits that debtors must meet to be eligible for filing under each chapter. There are also differences in the time limits given for reorganization plans, income subject to liquidation, exempt assets and other details. In the past, these differences led debtors (particularly corporations) to "shop around" for the state with the best possible terms. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires anyone filing for bankruptcy in a state to have lived in that state for two years prior to the filing. Companies choose to file Chapter 11 because its long-term revenues will be higher than the liquidation value of the assets. This way, creditors can get more money back if they allow the debtor business to reorganize and work out a payment plan. The business becomes a debtor in possession, maintaining control and ownership of their assets and continuing their regular operations. At this point, there is usually no trustee. A company that declares Chapter 11 must disclose all of its assets and make a list of all the debts that it is seeking protection from. This is the creditors' right to question the debtor, a fundamental part of bankruptcy law. In cases involving millions or billions of dollars, this step alone can be incredibly complex. The creditors also meet with the debtor. If the bankruptcy court finds that there has been fraud or gross mismanagement on the part of the debtor, they can appoint a trustee, who will take over the operations of the debtor for the duration of the proceeding. The business continues to operate as normal, but the original owner is no longer in control. The trustee appointed to a specific bankruptcy may be different from the "U.S. Trustee." While federal bankruptcy courts are in charge of the proceedings, the Department of Justice also assigns a U.S. Trustee to each district. The U.S. Trustee serves as a watchdog over bankruptcy cases and may act as the trustee in a proceeding. While under Chapter 11, a company can only make the usual sales and purchases that are part of its standard business operations. For example, it can't buy out another company, sell off a division of the company, or sell a major piece of equipment or property without approval from the court. It can't undergo a major expansion, either. In all Chapter 11 proceedings, a creditors' committee represents the majority of the unsecured creditors, and negotiates the best possible payment options for them. Large-scale cases may have multiple creditors' committees, each representing different groups and factions of the creditors. Stockholders can also form a committee. At this point, the debtor formulates a plan to reorganize its debts. This plan can be a simple as a payment plan. With larger bankruptcies, companies may take many steps to reorganize their debt. They might offer stock to some creditors. A retail business might have to close stores, lay off employees, or renegotiate union contracts. One of the major provisions of Chapter 11 allows a company to void many of its contracts, including union contracts, contracts with suppliers, and real estate leases.
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Re: Barry Grant Inc. files bankruptcy
[Re: S/ST 3040]
#498211
10/16/09 02:43 PM
10/16/09 02:43 PM
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Joined: Feb 2005
Posts: 28,312 Cincinnati, Ohio
Challenger 1
Too Many Posts
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Too Many Posts
Joined: Feb 2005
Posts: 28,312
Cincinnati, Ohio
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Quote:
I was always under the impression that bankruptcy meant, CLOSED DOWN and sell off assetts to cover as many debts as possible.
If you can't pay your mortgage, you don't get off waving a document that says BANKRUPT at the bank. Hell no! They take your home!
I think it takes some serious balls to claim how much business is booming since you don't owe the people for any of their previous products, services, etc. If BG is getting out of their obligation to their suppliers to stay in business, they can go piss up a rope!
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