WELCOME TO RIVER DAVES PLACE

Eliminator Boats this AM

ChumpChange

ChumpChange

Commercial Banker
Joined
Dec 19, 2007
Messages
9,714
Reaction score
10,841
5oclocksomewhere said:
Forgive my ignorance! Who is E4L and why the hard feelings?
Click to expand...

Eliminator Fan Boy.

E4L said:
Your right but I thought you had some integrity and wouldn’t do this to open the flood gates. I thought we were all friends. But it’s all here in black and white. Have a blessed day.
Click to expand...

Integrity? lol. Guess you hold other people to standards that you're not holding Eliminator to? I know some of the unsecured creditors that we screwed out of hundreds of thousands of dollars in the filing. Bob came out much better than many of those people did.
 
DaveC

DaveC

Car-boat motors
Joined
Sep 25, 2007
Messages
11,177
Reaction score
6,350
See thats the point. They are gonna wanna see some more lettuce outta you

;):D

LargeOrangeFont said:
Tell them that I have goodwill. Everything will be fine.
Click to expand...

BTW I am in the accounting department. Valuations are down the hall
 
E4L

E4L

Well-Known Member
Joined
Mar 20, 2011
Messages
5,084
Reaction score
1,985
RiverDave said:
WTF? There’s no malicious intent here.. and maybe you should look up the word integrity because it’s pretty clear you don’t know what it means.

Would it be better if someone else started the thread? Did you think all these guys were going to go down there today and no one was gonna talk about it?
Click to expand...

When you have a business that is related to the boat industry and your airing dirty laundry imo it is best to stay out of it. Let someone else do the dirty work. You work with all these people.

That’s my opinion


Sent from my iPhone using Tapatalk
 
ChumpChange

ChumpChange

Commercial Banker
Joined
Dec 19, 2007
Messages
9,714
Reaction score
10,841
E4L said:
When you have a business that is related to the boat industry and your airing dirty laundry imo it is best to stay out of it. Let someone else do the dirty work. You work with all these people.

That’s my opinion
Click to expand...

And chances are he will work with the new owner...whoever it ends up being.
 
RiverDave

RiverDave

In it to win it
Joined
Sep 13, 2007
Messages
123,396
Reaction score
151,474
E4L said:
When you have a business that is related to the boat industry and your airing dirty laundry imo it is best to stay out of it. Let someone else do the dirty work. You work with all these people.

That’s my opinion


Sent from my iPhone using Tapatalk
Click to expand...

Well here's mine... Everybody knew the day was going to come when this happened. People have been talking more and more about it in the last few months, both offline and online. There's nothing "dirty" about this, it's just business. Nobody is being ripped off, there is no malice. The company is being forced out of "BK" by the courts, that's it pure and simple.

There are three interested parties, all three of which are stand up and exceptionally talented in their fields. This is a GOOD THING. If nobody was interested in purchasing it, that would be a very bad thing.

In fairly short order here the company will continue on building quality boats without having to pay 20,000.00 a month to a court appointed employee. It will also continue on without a black cloud of debt that has been hanging over it's head allowing it move more freely as a whole.

There is virtually nothing bad about any of this from a business stand point. The thing that sucks is Bob basically got pushed to the wayside and is not part of Eliminator the business anymore. :(

To get to the brass tacks of your little comment though, there is virtually no malicious intent on my end for starting this thread. I have been talking to Jake for over a month about the affairs of Eliminator, and giving him a few ideas of people to call if he needed to bolster his investment group.

This morning just before 6:00 am my phone rang and some strange voice said "Randy Davis and Thane are on their way to buy Eliminator, Dale and Dave Hemmingston are on there way as well, and Jake is going to try to buy." (He was wrong on the Hemmingston part as it turns out) I'm half asleep and again sick as shit, and asked the guy who it was and he said "nobody" and basically hung up on me.

I got up at 8:00 and started texting with Jake, told him what happened.. I'm also quite sure I'm not the only guy whoever that was called.. In my opinion it's way better for me to start a thread and at least have some kind of control over it, than have someone else start a thread and put some negative twist on it that doesn't need to be there.

Is there going to be some waves in the water? Yes there is.. Don't blame me for those waves though. This thread was coming no matter what. Jake has been putting together an investment group, that involves quite a few phone calls. The other guys aren't going to keep it "mum" that they are going to go crack the books on Eliminator.. There's probably 100 or so people that know about this already and them going there today. As you smartly know three can keep a secret if two are dead.

I'd rather have it be me that started the thread then creepy voice guy under a fake name, or someone else?

RD
 
GRADS

GRADS

Phishing license is paid up to date
Joined
Dec 19, 2007
Messages
19,344
Reaction score
23,425
1.5 Million? That's it? Damn, I think I'm going to make some calls and throw my hat in the ring. Me being the owner of Eliminator....how awesome would that be?:eek: I'd walk into work that first Monday after buying it, go straight to the spray booth and say "Fuck off Gelcoater":cool:
 
LargeOrangeFont

LargeOrangeFont

We aren't happy until you aren't happy
Joined
Sep 4, 2015
Messages
49,690
Reaction score
76,155
GRADS said:
1.5 Million? That's it? Damn, I think I'm going to make some calls and throw my hat in the ring. Me being the owner of Eliminator....how awesome would that be?:eek: I'd walk into work that first Monday after buying it, go straight to the spray booth and say "Fuck off Gelcoater":cool:
Click to expand...

I like where this is heading.
 
S

steak&lobster

aka rclvlhc
Joined
Oct 25, 2015
Messages
2,325
Reaction score
3,674
E4L said:
When you have a business that is related to the boat industry and your airing dirty laundry imo it is best to stay out of it. Let someone else do the dirty work. You work with all these people.

That’s my opinion


Sent from my iPhone using Tapatalk
Click to expand...
this isn't new news. . . this is old news
 
ChumpChange

ChumpChange

Commercial Banker
Joined
Dec 19, 2007
Messages
9,714
Reaction score
10,841
RiverDave said:
This morning just before 6:00 am my phone rang and some strange voice said "Randy Davis and Thane are on their way to buy Eliminator, Dale and Dave Hemmingston are on there way as well, and Jake is going to try to buy." (He was wrong on the Hemmingston part as it turns out) I'm half asleep and again sick as shit, and asked the guy who it was and he said "nobody" and basically hung up on me.
Click to expand...

Whoever it was, they clearly don't know you by calling you before noon! :D
 
T

twocents

RDP Staff Member
Staff member
Joined
Aug 20, 2009
Messages
1,611
Reaction score
2,993
Before this thread goes completely sideways, I’d like express my admiration to Bob Leach for 50 years of building a legendary boat brand and contributing mightily to the establishment of the custom performance boat industry. Unfortunately, the announcement today doesn’t come as a surprise. I’ve known Bob since he started Eliminator and have had the privilege of providing services to Eliminator for over 40 years through all of the ups and downs. The financial debacle of the new Perris development in the mid-2000s was simply too large to overcome. The economy tanked (and so did the entire boating industry) at precisely the wrong time generating mountains of debt for Eliminator. Bob navigated the best he could but bankruptcy court and creditors only have so much patience. It was apparent when James Wong was brought on board as the overseeing CEO (about a year ago) that this would be the inevitable conclusion. Hopefully there will be a new era starting shortly for Eliminator and better times ahead for all.
 
RiverDave

RiverDave

In it to win it
Joined
Sep 13, 2007
Messages
123,396
Reaction score
151,474
If you want the rdp prediction I’d Bet my $$ Jake will end up with Eliminator and things will go on biz as usual minus a 20k salary each month to the interm COO.

I would expect new “styling” on marketing / swag etc almost immediately, and new Models of boats and projects coming in 19.
 
DaveC

DaveC

Car-boat motors
Joined
Sep 25, 2007
Messages
11,177
Reaction score
6,350
Let me give my perspective as a recent customer. My buddy and I have both purchased boats from EB within the last 2 years. Mine is there now and his was delivered last month. I know all about his deal as he shared the details. I talk to the staff on a regular basis still. Both projects were completed as requested.

The changes to EB have been coming for long time as was mentioned by RD already. Bob has for various reasons has taken a smaller role over the last year. (most of it involuntarily due to health, courts, etc. ) The court had stepped in and demanded certain changes be made to the management and finances.

Just like any business it runs well when there is a good team behind whomever is managing the business. Well that has been the case with Eliminator for decades. Many of the key personnel in operations have been there for literally decades and they bring with them the necessary experience and expertise to continue production of their particular product line. They have a full team in place now and the team continues to step up and makes things happen on a daily basis. Actually the team is the real value of the operation if they continue production at the present location.

For the better part of a year there as been a transition happening at the top mostly at the request of the court. Jake returned over a year ago and has been working as the General Manager, making deals and keeping the business running. Kenny Smith continues as their key operations guy. Both of these guys are younger, experienced and have many years in the business ahead of them.

There has always been the intent to keep operations going. However the monkey on their back was always the court and their interference. Financially they will be better off without the court on their back.

Now Jake has stepped up with a team to purchase the brand and move forward. As was said already this will be a great business decision going forward by eliminating the court interference. This will keep the current team in place and they will be able to move forward immediately without having the monkey on their back. I really feel that if Jake wins that the business will continue uninterrupted as if nothing happened.

I really respect Bob as an icon in the business but it seems recently he has been running mainly on enthusiasm. Bob Leach will retire as a legend.

I wish them all the best of luck in their new business endeavors.

IMG_3154.JPG
 
Last edited:
N

n2otoofast4u

Well-Known Member
Joined
Apr 7, 2015
Messages
5,060
Reaction score
9,799
RiverDave said:
If you want the rdp prediction I’d Bet my $$ Jake will end up with Eliminator and things will go on biz as usual minus a 20k salary each month to the interm COO.

I would expect new “styling” on marketing / swag etc almost immediately, and new Models of boats and projects coming in 19.
Click to expand...

There is (2) new models being built right now as I am sure you know!!! Can't wait to see them both!
 
Done-it-again

Done-it-again

Well-Known Member
Joined
Apr 3, 2016
Messages
8,866
Reaction score
10,908
RiverDave said:
By the way Nordic has decided to pass on making a bid for the company.
Click to expand...

Don't know why I'm surprised about this, but I am.

Proposed sale price is $1.5 mil does that mean minimum? What happens if the 1.5mil does not make since when looking at the books? can you bid less? or do you just walk out?
 
530RL

530RL

Well-Known Member
Joined
Sep 18, 2012
Messages
21,379
Reaction score
20,354
I didn't read the filing other than what was posted. In general, this is how a Bankruptcy sale works.

This looks like a 363 sale. In the filings which anyone can get of off PACER, there will be a list of all assets, both tangible and intangible, that are part of the sale. The sale is sanctioned by the court, by law the sale is advertised by the court, and the US Trustee's office would have also been involved making sure the sale was above board.

Most likely, hard to tell without spending time reading all the filings, they have a stalking horse bid of 1.5 million. So any other bidders have to beat that to play. Most likely there is also a small break up fee to the one who has put up the stalking horse bid in the event they are outbid to pay their expenses of being the stalking horse.

This is no big deal. This goes on every day in every major city. Everyone bidding is a big boy and given how long this has been in bankruptcy I suspect the debtor simply could not put together a reorganization plan that could be confirmed by all the debtor classes.

So absent a confirmed plan of reorganization, eventually off to sale the assets go. It would appear that time has come. Just another day in America.
 
Last edited:
Andy01

Andy01

Well-Known Member
Joined
Dec 27, 2007
Messages
4,422
Reaction score
2,653
Boy there’s a lot of bullshit, speculation, and information edited as they get it because they don’t really know what’s going on. “I was gonna buy it, no I was” “no this guys buying it” lol yeah okay. Everybody thinks they are in “the know” just for the content of posting something. I know nothing other than the facts.

I will say I wish the employees, the Leach family, their legacy, Bob, and especially Jake the best of luck with the sale and transfer of Eliminator Boats.
 
Springfield

Springfield

Well-Known Member
Joined
Jun 30, 2018
Messages
2,317
Reaction score
4,617
I have hoped it would relocate to LHC, it is where the water is, it's out of Ca business taxation and fees......WTH I never go to Mira's Loma anyway.

It sure was nice when Mac and Lance had the Havasu Eliminator shop in town to assist or just fix it.
 
RiverDave

RiverDave

In it to win it
Joined
Sep 13, 2007
Messages
123,396
Reaction score
151,474
Andy01 said:
Boy there’s a lot of bullshit, speculation, and information edited as they get it because they don’t really know what’s going on. “I was gonna buy it, no I was” “no this guys buying it” lol yeah okay. Everybody thinks they are in “the know” just for the content of posting something. I know nothing other than the facts.

I will say I wish the employees, the Leach family, their legacy, Bob, and especially Jake the best of luck with the sale and transfer of Eliminator Boats.
Click to expand...

You reading the same thread there Andy? Because I don’t know where you are getting some of that?
 
Gelcoater

Gelcoater

Well-Known Member
Joined
Sep 26, 2009
Messages
21,690
Reaction score
36,598
GRADS said:
1.5 Million? That's it? Damn, I think I'm going to make some calls and throw my hat in the ring. Me being the owner of Eliminator....how awesome would that be?:eek: I'd walk into work that first Monday after buying it, go straight to the spray booth and say "Fuck off Gelcoater":cool:
Click to expand...
Pull your pants up, Grads. :rolleyes:
I’ll be needing a company fuel card and the paint shop could use a few new trash cans. :)
 
You must log in or register to reply here.
Top