Eliminator Boats this AM

[RiverDave]

For those not aware today is the day that it is being sold by the courts.

The interested parties at this point are

1. Jake Fraleigh (current GM) and a investment group.
2.Joe Juliano (sp?)and Dale Don Del
3. Randy Davis & Thane (Davis boat Mfg)

The company was not offered back to Bob Leach. I am not a BK expert so I don’t know the reasons why.

Whom ever wins out today I wish the best for the employees and the continued future success of the company.

 

[Done-it-again]

Any idea how much?

 

[hallett21]

These three have made official offers or they are the 3 largest creditors?


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[Uncle Dave]

Whats the debt?

UD

 

[RiverDave]

These three have made official offers or they are the 3 largest creditors?


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Those are the three interested parties that will bid today to own the company.

 

[mjc]

Did i miss why this is even happening?

 

[ChumpChange]

Did i miss why this is even happening?

Because they filed for bankruptcy.

 

[5oclocksomewhere]

Did i miss why this is even happening?

X-2! So what's going on?

 

[RiverDave]

Did i miss why this is even happening?

It has been in Bk for several years and now it’s time to come out of Bk.

This essentially is how the creditors get paid.

 

[Boat 405]

To my understanding Bob hasn't owned it for several years. I understood he was an employee.

 

[5oclocksomewhere]

Because they filed for bankruptcy.

When?

It has been in Bk for several years and now it’s time to come out of Bk.

This essentially is how the creditors get paid.

Really? With all the boats the build how could this be? Poor management or what?

 

[Boat 405]

When?


Really? With all the boats the build how could this be? Poor management or what?

When they moved into that building in menifee, I believe they defaulted on the loan for the building. Someone correct me if I'm wrong.

 

[Tank]

WOW! This is all from their BK filing back in 09 / 2010? It'll be interesting to see what happens. Thanks for the info Dave, didn't even realize this was going on recently. Just figured Bob would pull it through like most do with BK protection. That new building really F'd them.

 

[Done-it-again]

They filed chapter 11 “restructuring” back in 2010.

Case # 2:14-bk-19226

 

[Singleton]

Hopefully who ever wins continues the tradition Bob started. With his heath concerns, I totally understand why he did not make an offer.

Gut says 1 or 3 wins. It is not always the highest bidder but those that can continue to run the business and pay off the debt.

 

[hallett21]

If 3 wins HO LEE FUK. Davis boats will be the Rockefeller of boating


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[WhatExit?]

This is news to me - don't remember reading about their BK here?

 

[nowski]

Lets forget about the BK for a moment. How is Bob's health??? Has anyone heard how he's doing???

 

[J.P.]

I was hoping Bob was still involved hope he is financially ok.

 

[69hondo]

Dave, off subject kind of but have you heard from good old Gary Shueman lately?

 

[ONE-A-DAY]

I was approached to invest and reviewed the prospectus along with my CPA, I decided to pass, the timing entering the boating market as an investor seems to be teetering on the edge of slowing down With housing starts slowing, and interest rates rising.

 

[Bigbore500r]

I hope Bob continues his role and his health is good. I'd love to hear from Shueman, miss that guy

 

[ArizonaKevin]

If Davis ends up taking over, do you think they will move operations to Havasu like they did with Hallett?

 

[Singleton]

If Davis ends up taking over, do you think they will move operations to Havasu like they did with Hallett?

I would say yes. I believe Bob personally owns the property Eliminator operates on, so that will force something.

 

[LargeOrangeFont]

I would say yes. I believe Bob personally owns the property Eliminator operates on, so that will force something.

Yep. Not many reasons not to move it to LHC in my mind.

 

[Skyskier]

When they moved into that building in menifee, I believe they defaulted on the loan for the building. Someone correct me if I'm wrong.

that new building was / is actually in Perris, the property is several acres I believe and there were a bunch of "storage units" that apparently did NOT get rented out and, once again, I THINK the storage units were marketed for new boat storage,...........Perris is the LAST place I'd wanna store MY boat.

 

[sdpm]

http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=20&cad=rja&uact=8&ved=2ahUKEwi58OiOhvreAhVDZKwKHWBxBPs4ChAWMAl6BAgCEAI&url=http://www.cacb.uscourts.gov/sites/cacb/files/documents/notice-of-sales/LA-14-19226-DS.pdf&usg=AOvVaw0YlI0izCtkFvkZXQy3lZRs

 

[zx14]

This sucks, makes my heart hurt, Ive owned 5 eliminators, 3 of them brand new. Bob has helped me own each and even helped in my purchase of the used one. I hate to see the legacy die.

 

[Boat 405]

http://www.cacb.uscourts.gov/sites/cacb/files/documents/notice-of-sales/LA-14-19226-DS.pdf

$1.5 Million (Subject to overbid)

 

[ArizonaKevin]

Yep. Not many reasons not to move it to LHC in my mind.

If that happens, with Eliminator and Hallett in LHC the real question is would @Gelcoater make the move too?

 

[Boat 405]

that new building was / is actually in Perris, the property is several acres I believe and there were a bunch of "storage units" that apparently did NOT get rented out and, once again, I THINK the storage units were marketed for new boat storage,...........Perris is the LAST place I'd wanna store MY boat.

Perris, sorry not menifee. The plan I heard was to have the storage unit full to pay the lease. That didn't happen and we know the outcome.

 

[RiverDave]

To my understanding Bob hasn't owned it for several years. I understood he was an employee.

Bob owned Eliminator right up until today. He was an employee up until a few months ago. He still owns the building.

 

[Cole Trickle]

I had heard that the investment group was going to move the operation to Corona and keep Jake as CEO.

Seems some new players have entered the room.

 

[RiverDave]

Hopefully who ever wins continues the tradition Bob started. With his heath concerns, I totally understand why he did not make an offer.

Gut says 1 or 3 wins. It is not always the highest bidder but those that can continue to run the business and pay off the debt.

From what I was told by one of the interested parties he wasn’t given an option to bid. I don’t know how BK works so not sure why?

The company being sold today eliminates the debt to my knowledge.



As for moving to Havasu if Randy buys it, I’m not sure if they would or wouldn’t. I’d hope they would leave it where it is and run it remotely and re tool some new models in the Daytona line / speedster line etc.

 

[RiverDave]

Dave, off subject kind of but have you heard from good old Gary Shueman lately?

I haven’t. I talked to his brother at the Sand and Water Expo.

 

[FreeBird236]

I want what is best for all those long term employees, and I don't think the majority want's to move to Havasu.
This SUCKS.

Prayers for Bob and Gary.

 

[Singleton]

Perris, sorry not menifee. The plan I heard was to have the storage unit full to pay the lease. That didn't happen and we know the outcome.

I heard when they were in the Perris location, they needed to move 20+ boats a month to break even. Facility was a great idea, bad timing. Buy a boat, and then rent a storage unit at the same time. Easy pick up when heading out of town.
IMO the Perris location was a dream boat mfg location, just 10 years too late.

 

[ONE-A-DAY]

From what I was told by one of the interested parties he wasn’t given an option to bid. I don’t know how BK works so not sure why?

The company being sold today eliminates the debt to my knowledge.



As for moving to Havasu if Randy buys it, I’m not sure if they would or wouldn’t. I’d hope they would leave it where it is and run it remotely and re tool some new models in the Daytona line / speedster line etc.

Bob didn’t play by the rules of the bankruptcy agreement, the court appointed a new COO about a year ago, and that was pretty much the end of Bobs involvement then.

 

[Boat 405]

Bob owned Eliminator right up until today. He was an employee up until a few months ago. He still owns the building.

Ok, good to know. Thanks

 

[RiverDave]

Bob didn’t play by the rules of the bankruptcy agreement, the court appointed a new COO about a year ago, and that was pretty much the end of Bobs involvement then.

He was still drawing a paycheck so long as he was showing up for work. A few months back James the interm COO cancelled the paycheck.

Should be noted he was making 5k a week as the interm.

 

[OldSchoolBoats]

Those are the three interested parties that will bid today to own the company.

Auction date is 12/7

Randy and Thane are at Eliminator today going through everything and all bids have to be in by EOB tomorrow.

 

[RiverDave]

Auction date is 12/7

Randy and Thane are at Eliminator today going through everything and all bids have to be in by EOB tomorrow.

Yes.. sorry I am loaded on cold medicine and sick as all get out

 

[Bigbore500r]

He was still drawing a paycheck so long as he was showing up for work. A few months back James the interm COO cancelled the paycheck.

Should be noted he was making 5k a week as the interm.

If anyone needs me to look over their shit temporarily - i'm your guy

 

[steak&lobster]

Auction date is 12/7

Randy and Thane are at Eliminator today going through everything and all bids have to be in by EOB tomorrow.

Let's make a bid Joe. . . LoL

 

[LargeOrangeFont]

Let's make a bid Joe. . . LoL

You'd want to sell it the next week

 

[steak&lobster]

You'd want to sell it the next week

that's not right for you to say. . . unless I could profit!

 

[Done-it-again]

Let's make a bid Joe. . . LoL

He’s ready. That’s why his sleed is for sale. Didn’t you know?

 

[GRADS]

I pray that Jake and his group get it! He's a good dude.

 

[RiverDave]

I’m not sure that Randy and Thane really need it?

The only way I can see them buying it and making sense it to run it remote, leave Jake there with current builds and then lean on Nordic’s tooling Dept to revamp new larger cats and CC’s. That would put them in a competitive spot with DCB / MTI etc.

Nordic is almost done tooling their new 36 true tunnel cat though that will be available with quad outboards.. I’m not sure how that mixes in with all of this, as well they are finishing up A 41 CC.

 

[rvrrun]

http://www.cacb.uscourts.gov/sites/cacb/files/documents/notice-of-sales/LA-14-19226-DS.pdf

$1.5 Million (Subject to overbid)

That seems cheap.