Go Fund Me Campaign? to force ALTA into an Involuntary Bankruptcy

[Reckoning]

Let us join together to demand a proper bankruptcy, an involuntary bankruptcy, for ALTA (Faster Faster Inc. dba ALTA Motors) where maximum value is extracted and all creditors interests are protected, especially those of the owners and dealers. Armanino can sell ALTA next week, whole kit and caboodle. We can stop this one-sided process in it's tracks and make certain parts are safeguarded and available to ALTA owners.

OWNERS - Don't kid yourselves, parts are not coming. They've been promised for over a month now. It's just not happening as it's not in the interest of any buyer at this stage.

DEALERS - If ALTA owed you anything, let's understand that it's incredibly unlikely you'll see it with Armanino managing the ABC (assignment for the benefit of creditors). Their goal is a quick sale to benefit secured debt. If Armanino has told you they'll make you whole with parts, don't hold your breath. We were told the same, but it seems obvious that it's not happening.

CREDITORS - If you're reading this there are a few dozen companies that ALTA owes anything from a few hundred dollars to tens of thousands,

OWNERS ARE CREDITOR, ALTA has a WARRANTY OBLIGATION to us, hence owner's of warrantied vehicles are creditors! DEALERS may be considered creditors if there is any outstanding debt, recognized or not, such as demo ride credits or customer incentives.
You may file your claim here: Faster Faster (ABC), LLC - FileClaim.info

A few of us creditors are already working together to secure top-rated bankruptcy counsel. We'd welcome any and all ALTA owners, dealers and other creditors to join the process. For a truly minimal cost, under $100 each, we may all secure our mutual interests.

*These are my opinions. I'm not an attorney and this should not be considered legal advice. We hope to have an attorney posting here soon enough.

 

[Reckoning]

If somebody is interested in establishing a Go Fund Me page to support the Petition for Involuntary Bankruptcy. The costs will range from $5000 - $10,000 with highly competent, capable California counsel. A primary objective, if this is supported by owners, would be to see the parts and systems safeguarded to provide warranty support with all available details on the batteries, dashes, firmware and so forth open sourced to provide the minimal opportunity for maintenance and repair.

 

[Silent But Dirty]

Not something I would support. Why would I not want someone to purchase the company next week, exactly? What good is a warenty anyways, if there is no company?

Full disclosure, my warranty is up in a couple of weeks anyway.

 

[Reckoning]

A new owner buy only assets not obligations.

 

[Redwolf]

And who are you to be asking for us to contribute? I get very nervous when people just pop up saying very provocative things, without any disclosure about who they are and have no history with the group in question.

 

[Reckoning]

All in due time. I've been here for over a year, and working with ALTA for far longer. I just created a new profile to protect our identity and business interests until this is completed. This is also why we're suggesting a 3rd party, ideally an owner or owners, manage the Go Fund Me page.
What do you find provocative?

 

[Mark911]

A class action preventing Alta from disposing warrantee related parts or IP prior to making warrantee claims whole might be appropriate. Those with claims should get something going and I'd be willing to support ($$$) that effort.

 

[BenEXR]

Let us join together to demand a proper bankruptcy, an involuntary bankruptcy, for ALTA (Faster Faster Inc. dba ALTA Motors) where maximum value is extracted and all creditors interests are protected, especially those of the owners and dealers. Armanino can sell ALTA next week, whole kit and caboodle. We can stop this one-sided process in it's tracks and make certain parts are safeguarded and available to ALTA owners.

OWNERS - Don't kid yourselves, parts are not coming. They've been promised for over a month now. It's just not happening as it's not in the interest of any buyer at this stage.

DEALERS - If ALTA owed you anything, let's understand that it's incredibly unlikely you'll see it with Armanino managing the ABC (assignment for the benefit of creditors). Their goal is a quick sale to benefit secured debt. If Armanino has told you they'll make you whole with parts, don't hold your breath. We were told the same, but it seems obvious that it's not happening.

CREDITORS - If you're reading this there are a few dozen companies that ALTA owes anything from a few hundred dollars to tens of thousands,

OWNERS ARE CREDITOR, ALTA has a WARRANTY OBLIGATION to us, hence owner's of warrantied vehicles are creditors! DEALERS may be considered creditors if there is any outstanding debt, recognized or not, such as demo ride credits or customer incentives.
You may file your claim here: Faster Faster (ABC), LLC - FileClaim.info

A few of us creditors are already working together to secure top-rated bankruptcy counsel. We'd welcome any and all ALTA owners, dealers and other creditors to join the process. For a truly minimal cost, under $100 each, we may all secure our mutual interests.

*These are my opinions. I'm not an attorney and this should not be considered legal advice. We hope to have an attorney posting here soon enough.

At least one can see the official notices in the FileClaim.info-link.

Unfortunate, as the ABC notice was accepted 10/19/2018.

 

[Philip]

Ok... @Reckoning did sent me a PM. He is a legit.

This thread didn't start well, so I am going to hide all the off-topic posts (many were very funny though, thank you).

I am not going to attempt to pursue the forum to go along. This might be the right course of action, or it might be not. I just do not know.

What we do not currently have is a legal representation in this process, and this I am indeed concerned about. Someone with a legal knowledge should step in.

 

[Altaracer929]

Unfortunate, as the ABC notice was accepted 10/19/2018.[/QUOTE] https://www.fileaclaim.info/FasterFaster-ABC/

Fortunately we now we know why why there is no words or statements from Alta Motors dba Faster Faster inc. since they filed the claim they can not talk or release statements.

CREDITORS - If you're reading this there are a few dozen companies that ALTA owes anything from a few hundred dollars to tens of thousands,

Reckoning, do you know the total amount of money Alta owes these few dozen companies? $100,000.? $250,000.? 1,000,000.? How much does Alta owe creditors?

I believe Faster Faster inc. dba Alta Motors can survive this financial situation.

 

[snydes]

A class action preventing Alta from disposing warrantee related parts or IP prior to making warrantee claims whole might be appropriate. Those with claims should get something going and I'd be willing to support ($$$) that effort.

Same here.

 

[revoltlution]

A class action preventing Alta from disposing warrantee related parts or IP prior to making warrantee claims whole might be appropriate. Those with claims should get something going and I'd be willing to support ($$$) that effort.

I with ya!

 

[privateer703]

I'd like to hear from a lawyer as to what the ABC mean as far as what happens with the IP (display design and code). And are we sure that they aren't going to be bought out? Also how does this lawsuit look if it is successful? All participants would have access to all info?

 

[strider]

Not to mention, I doubt that the bankruptcy court would simply open-source all the IP when that certainly has some value to someone. I believe they are required to get as much $$ as they can to satisfy creditors. Giving stuff away doesn't jive with that. Perhaps those with outstanding warranty claims (Code 36, etc) could trade their claims for the IP but that seems like a stretch to me. Granted, IANAL.

 

[Rocketz152]

A huge part of purchasing a mxr for me was the warranty to back the bike (as I had to use it with a code 36/ battery replacement)... I am definitely interested in seeing where we (as a group) stand with Alta going bankrupt... I’m sure a lot of us have loans on these bikes (not to mention insurance)... I’m curious what would happen to those of us that have full coverage insurance on the bike and make a claim on it...

 

[Philip]

I’m curious what would happen to those of us that have full coverage insurance on the bike and make a claim on it...

Maybe they will pay for a rental car for ~10 days, while the bike sits in the dealer's service dept.

 

[Redwolf]

Maybe they will pay for a rental car for ~10 days, while the bike sits in the dealer's service dept.

Do you have any idea how fun it is to take a rental car over a set of jumps?

 

[TCMB371]

Do you have any idea how fun it is to take a rental car over a set of jumps?

I have more fun taking my MXR over jumps.

 

[Redwolf]

I have more fun taking my MXR over jumps.

I will concede that an MXR will land better....

 

[TonyWilliams]

Although this isn’t officially bankruptcy, there is hope for warranty claims:

Warranty Claims Against A Bankrupt Company
Posted at 08:09h in Bankruptcy BasicsbyL. Jed Berliner, Western & Central Massachusetts Consumer Lawyer 0 Comments Share
You may have purchased something from a company now in bankruptcy, and you have to make a warranty claim.
If the company is in Chapter 11, it will very likely honor your claim for the good will it generates (you’ll tell your friends that it’s okay to do business with the company) even though the company may not have to, because your warranty contract existed before the bankruptcy was filed.
If the company is in Chapter 7, the buyer of the bankrupt company’s assets might honor your warranty claim for the same good will reason, even though it doesn’t have to.
Otherwise, you’re out of luck. This wasn’t a ripoff, this was just the bad luck of doing business with a company that didn’t make it. You’ve lost your warranty. The owners lost a significant asset, and the workers lost their jobs.