Ch. 7 Bankruptcy Filed 9/6/18

Their past bankruptcies were individual; they may not have been together as a couple then. As for an investor/bank, they may have called their loan, and that may have forced their hand into bankruptcy if they were already cash deficit. Any investor or bank is going to have them sign personal guarantees, so LLC company structure is not going to protect them personally. They've listed their assets as having 5x the value of their liabilities, so that is a good negotiating position to be in, but the # of creditors as less than 49 does not include the 600 customers they've taken a deposit from but not delivered product.

 

how the fuck am i defending. i said i described them based off my interactions alone. in no way did i defend them

 

Actually it is also in the way of gift cards. Same concept. IE: Gander Mountain

 

You’re wrong kn that good people don’t scam customers out of money... it’s pretty clear they over spent and exceeded their runway... just think of it as a ponzi scheme yeah it’ll work as long as your growing and the money coming in is bigger than the money you’re blowing but once you start to waste more than you make it all falls apart

 

Probably ended how they all usually do. Demand and cash flow far outgrew what they could actually produce. They lived a lavish lifestyle since the money kept coming in. People probably paid for their new house, cars, trailers, boats, vacations, nights out at fancy restaurants, their booth spots at vendor shows. Money started to run out fast since they were spending it left and right. They then needed a cash infusion and started asking people to pay via ACH. At this point there was not enough money for them to keep the business going. They couldn't keep their employees, couldn't keep up with orders, and the lies kept coming in. People were doing charge backs, filing complaints with PP. Their scam was up and their only way out was to pull this BS. This is story book like an episode out of American Greed.

 

Not they... her.

 

Where is @jberry813 ? Wasn't he one the folks claiming them to be good honest people? He's usually the first person to find a post people's info and give advice on legal recourse.

 

Don't feel guilty, feel lucky!! You didn't cause this problem! The Customers AREN'T to blame.

 

Such a bummer for everybody affected by this. They built great quality products for the offroading community.

 

I still want a Pelfreybilt bumper though. CBI and C4 (and others) better prepare themselves for the flurry of orders. Hopefully everyone can learn from this.

 

Cool. It is terrible for everyone involved. Do you believe they did this with intent the whole time or they made mistakes and now had to file for bankruptcy? Either way this is what's going on..... if you would like to talk more feel free to PM me and I can fill you in more on what was going on. I'm not fueling this fire anymore. I posted eating my words and admitting I was wrong.

 

All of us with our names on their list need to put our head together and sort this out. Class action or something like that. Someone a lawyer on here or know one? I’m willing to put in some money to fight this. This shit pisses me off.

 

I can't believe people are this naive. They took money from someone after they had started bankruptcy filings. Then told everyone they were talking with investors. It was too late after filing for bankruptcy to do anything of that nature. Wake up dude.

 

I agree. Hard with no capital which likely means no business plan which likely means no investors. Just because it is hard does not mean it is not right.

 

Hopefully you can help them in their 4th or 5th bankruptcy then.. yes they were everyone’s friends.. as they built up to steal from them. This wasn’t overnight. This was planned out.

As I said before, people that defend them are every bit as low as they are.

 

Material cost are constant nationwide. Your savings come with volume. The variables are shop rent and payroll. In all reality, almost everyone that does this line of work doesn’t charge enough. They’re banking on volume to get them buy. It’s hard for the little guys to survive. They mostly do it for the fact that the like doing it. But the prices set for the products are mostly set from what people are willing to pay and the availability of said product. Example being a Walmart and a drug store are side by side and both sell similar products but Walmart has the same products for less. The average person isn’t going to step foot in the drug store.

 

plus u have to pay tax so everyone gets free college education

 

Good and bad I guess. I hope they handle the influx of orders much better than Pelfrey. One thing I've noticed is that neither C4 nor CBI do group buys anymore. C4 has stated that they aren't doing anymore simply because they can't keep up with the orders from GB's that would only cause longer lead times.

 

Good to know!