Ch. 7 Bankruptcy Filed 9/6/18

There is nothing hypothetical about your scenario. It is, in fact, exactly the way business works. I have a $2,000,000 credit line that we get into often as a means of paying our bills while waiting to get paid. All business, both large and small have to float the difference between AR and AP. As a company gets larger there is generally enough residual receivables to allow you to expand without going in the hole. But everything you do has a lot more zero's and commas.

Running a fabrication company has absolutely nothing to do with fabrication. Far to many people who are good at a skill think they can go into business for themselves without having any understanding of what it takes to deal with payroll, lines of credit, insurance, taxes etc. These are the things that allow you to stay open and have a profitable business.

 

Shouldn't be hard to collect your receivables if you do so up front.

 

This is info and comedic relief. Chatter is scheduled to adjust slightly every 38 minutes per union contract, so from page to page the subtopic may vary, though sentiment generally won’t.

The straight forward Pelfreybilt info and legal thread is linked in the OP, however, click the “CLICK HERE” link.

 

But seriously guys, what is the biggest tires I can fit with no lift. Thinking 285/70/20.

 

I would go with BAMF but he doesn't make any for first gen right now.
There is a list where if 30 people sign up he will start design. I'm not really into that pre order stuff though.

I was going to go budbuilt but I don't want to pay shipping if I have other options.
Relentless is closer and I would potentially make the drive there/make a trip of it.

 

You forgot....'Asking for a friend'....

 

Also forgot to add. Most giant companies like Amazon, Walmart or Home Depot will try to force you into an agreement whereby you provide them with goods but they are not required to pay you until they have been sold to the end user. This will extend your AR by months and make it impossible to borrow against your receivables. Most banks dis-allow payable over 60 days old to be used as collateral for your line of credit. While the retailer has your goods there will be a certain amount of items that are damaged and unsaleable or they are returned by the buyer. You can expect 10-20% shrinkage which seriously reduces your profits. Again the typical fabricator may not understand a lot of these things. They think their making big money but it doesn't come in for months and it's less than they expected. It's not hard to be doing millions of dollars in business and go broke at the same time.

 

Yeah, and I want to bid on a contract to build the next F35 for the Air Force. And I want to do it based on the line of credit I have in place to build the 6-10 experimental aircraft I build each year. You know....the ones that don't require a license.

The point? Anybody that doesn't immediately think about the credit issue you describe when *bidding* on the big contract doesn't belong running a company.

- "The best mechanic/engineer is very rarely the best shop foreman/owner."

 

That’s what I said. She bought the RC prior to selling the 4Runner.

 

Got to have something to drive....

*I had decided not to post that, but the auto-save got me*

 

Except the bumpers and sliders and so on were usually prepaid.

 

You need the right bank, banker, accountant, and comptroller to make any business work.

 

I'm very sad to see this happen to our community again, especially this on this scale.

We'll join the others in offering support to those of you who have been wronged. We'll extend our current sale pricing for all Tacoma and 5th gen 4Runner products through the end of October. This will apply to all of our Tacoma/4Runner products, even those unique to us. We have many items in stock, or in process to be in stock soon. Our website inventory/lead times is up to date. Please PM or call us if you have any questions. Some of the 1st gen stuff isn't marked on sale, just pm me and I'll work up a quote for you. The sale on the website will still end this weekend, but we'll honor the pricing if you pm or call us.

We can set you up with front and trans skids. We have fronts in stock and have trans that just need to be bent, so probably about a week on those. I have an '04 here and can look into a t-case skid also. I won't take an order for it at this time, but will work on it.

 

I think people are irrational... They get money hungry.
You limit the orders you take and keep the production you had.
You only move forward once there is a plan in place. Whatever it may be. Money from investors, a business plan, etc.

You don't just take hundreds of orders and drown. I dont get that.

 

Cool give me a minute to think it over. Appreciate the detailed response on availability.

 

I had placed an order with Pelfreybilt for over $3,000 for a Tacoma rear bumper and full set of skids. I hadn't been checking here much recently so the first I heard of this was when I received a letter in the mail from the Pelfrey's attorney about them filing for bankruptcy.

I wasn't worried that I hadn't received my order yet because I figured they had a lot of orders and were a little behind. That, along with their good reputation in the off-road community. Now I'm kicking myself for being so naive.

I believe my credit card company is going to make me whole after I disputed the charge, but lesson learned.

 

Agreed. Scrolling though the bankruptcy document for my name amongst all the others was staggering.

 

Jesus!

 

BFH and an angle grinder. We’ll make em fit.

 

Jesus only rolls on 316s.