Ch. 7 Bankruptcy Filed 9/6/18

I think the more pertinent question is since they are now "protected" what can the public do to inform the judge/trustee/whoever it may concern about the shenanigans pulled(looks very much like fraud) within the rules. I am sure the other thread with all the members actually being screwed is being productive while we are just rambling hahaha.

 

That's already been discussed... in this thread and the other one.

 

Tell her the dress would look better on the floor.

 

You all are standup guys. @JLee and @Mobtown Offroad i will be doing business with you guys in the future just for times like this. I was not affected by the pelfrey fallout, but it was close. I was about to buy a bumper from them but got a deal on an ARB I couldn’t pass up.

 

I believe you could, and it would be worth a shot until they file that also. I am guessing that would be the next move.

 

Jay, I’d have to review the corporate structure to see how it is set up. I think @TLA has done this but I’ve been swamped all week at work and have not. I even unwatched this thread so I wouldn’t be tempted to comment, only to get pulled back in. Ha! . At the end of the day, what would anyone get? Depending on the set up, it appears that everything is going to be liquidated but without reviewing it, I really shouldn’t say. Like I’ve said before, people that do this tend to do it over and over. I used to see the same names over and over again. They are also generally OK with living large for a while and then starting over. I don’t understand it but it is what it is.

But, to generally answer your question, even though I said I shouldn’t:
In a Chapter 7 filing, even a personal one, the debtors ownership in a business may be considered an asset that can be liquidated. I bet this is what they will do. Let’s face it, this is not their first rodeo.

 

Sounds like socialism to me.

 

I have no dog in this fight, was just genuinely curious. Thank you.

 

I can say that sliders from @JLee are fantastic. Would recommend time and time again.

Also pictured: vintage Pelfreybilt front bumper.

 

I

I understand, Jay. . There is a lot of speculation going on here and I wish I had more time to really sit down and look at this and write something (not advisory but generally speaking, of course) but time has been a premium lately. BTW, it was an excellent question, and one that needed to be answered.

 

I could see how it could possibly be viewed as a asset, but I thought that's why you incorporated in the first place, to signify that there is more than one owner and the company is seperate from the personal.

 

Do we know if anyone has pulled their articles of incorporation?

 

https://businesssearch.sos.ca.gov/C...rchCriteria=pelfreybilt&SearchSubType=Keyword

 

No I dont know if anyone has.

 

I know that my corporation is separate than myself, I am a 100% shareholder and paid as a W2 employee same as the other employees at the shop I get taxed on any owners draw at the end of the year plus what is taken out with every paycheck.
It has a separate tax return and is filed to the irs as a separate entity than myself EIN vs SSN. It can live on past me should anything happen to myself, so I would think that it is not treated as the same. But that's just from my limited knowledge of running a corporation I could be wrong.

If they were just a Partnership than yes it would be treated the same as a person.

 

If someone can get those it would be helpful. They are generally public record.

 

Post 1478

 

wow now tell us how you really feel

 

Gotta love this forum. Thanks. I’m out for a while but will try to take a peak so we can figure this out.