BAD NEWS

Over the years I've seen companies go out but I can't recall anything like this situation where the company shuts down but takes some parts orders and then sells inventory wholesale. If they have a possible deal on the line I guess its an ok way to do business but if their knowingly insolvent and eating through every last cent I'd imagine there would be legal implications with creditors.
 
Did anybody else get the letter? Faster Faster Inc made a General Assignment for the Benefit of Creditors... asking for any claims to be made, etc. so liquidation is happening.
 
Rainmaker said:
Did anybody else get the letter? Faster Faster Inc made a General Assignment for the Benefit of Creditors... asking for any claims to be made, etc. so liquidation is happening.
Click to expand...

From the google-machine;


Assignment for the Benefit of Creditors: General Overview. ... If you are considering bankruptcy for your insolvent business, an Assignment for the Benefit of Creditors(“ABC”) might be your answer. An ABC is a less expensive, quicker, quieter, and simpler alternative to traditional bankruptcy.

More than anyone would ever want to know about ABC in CA here:

https://bankruptcy.cooley.com/2008/...s-for-the-benefit-of-creditors-simple-as-abc/
 
If they are going in the ABC direction the parts sell off would make more sense in hindsight. If this is the case hopefully the Alta guys bounce back eventually, I'll still be here riding my EX as long as it goes.
 
Perfect timing, I just received my MXR yesterday. The delivery guys loved it. The one guy didn't believe me at first it was electric until I took off down the street.
So now we have to wait until the bankruptcy finishes before we can get info on say who made the display board and if we can get software/firmware?
 
The letter referred to is a form letter, and if you look at the date (10/25/18) you might realize that it was issued while negotiations were still going on for the possible sale, as they still are now. It states that those who might have a claim against the corporation have until April to file that claim. Liquidation may still happen, but it is not final at this moment. You know what they say about assuming....
 
datadog said:
The letter referred to is a form letter, and if you look at the date (10/25/18) you might realize that it was issued while negotiations were still going on for the possible sale, as they still are now. It states that those who might have a claim against the corporation have until April to file that claim. Liquidation may still happen, but it is not final at this moment. You know what they say about assuming....
Click to expand...
I may be a "Glass Half Full" kinda guy but that statement right there just made me warm fuzzy feeling inside again! Even if nothing happens I still have one of the best electric offroad bikes ever built. (y)
 
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