EarthRoamer files for Bankruptcy

[EMrider]

Originally Posted by SMBDAD

EMrider come on. Not premeditated! I was going by the article you posted. Why would you build a nice new facility (to build your product in) and put it under a different name, instead of putting it under the parent company(who builds the product)? Answer, because you knew the company was going under and did not want the building to be one of the assets that gets liquidated to pay back the people you owe! Instead of paying back the people you owed with the money you spent on the new building, you keep thier money for your own personal gains.

You don't think this had anything to do with the deepest recession since WW2 do you?

Nah, that couldn't be it....... we all saw that coming a mile away......ER planned it all along!

[DisabledExplorers]

There are some people here making some huge leaps of judgement without any facts.

Having the building under a different name is a perfectly normal biz practice. If you don't know that then you don't know enough to pass judgement on what went on in the Earthroamer world.

They moved and expanded due to demand, huge demand and while many of us would not pay $250k+ for a rig...well that is what folks say about the Sportsmobiles we are driving for $100K

Timing is everything in comedy and biz...the housing bubble and credit crunch is what killed them. No evil intent on the ER folks part, it was just timing. They still have people who want to buy however credit is gone. This has effected SMB also, just ask around.

Having owned companies in the past I agree that going under sucks for the employees, suppliers and lenders...and it does seriously effect the ability to start another large enterprise.

I for one really respect ER's ability to bring a killer product to market and keep improving it, the fact that our current economy killed it does diminish the fact that they are amazing rigs.

[billwilson]

1) our "old" economy was unsustainable, everyone knew that
except those in denial
2) see my previous post

[Scalf77]

Adding more data to the thread

"Majority owner Connolly also has a pending bankruptcy case, which was filed on Sept. 9.

Nearly 100 of the creditors listed were for vehicle warranty claims of unknown values. The largest unsecured claim was a $5.3 million Small Business Administration loan guarantee. One of the larger claims listed was the company's lease at the nearly 57,000-square-foot 1460 Overlook Drive property with a claim valued at nearly $390,000. "

http://www.dailycamera.com/boulder-business/ci_13663940

[saabman]

Wow in that article the decline of RV sales is impressive!
Interesting in the EU RV sales are increasing as people have less money to go far for holidays in hotels...

[SMBDAD]

If you could not see the bubble getting ready to burst then your an idiot! We knew it, but knowing how bad it would be was what people could not predict.

NORMAL BIZ practice. Just because there are ways to hide assests, loop holes to be taken advantage of in NORMAL BIZ practice, does not make it morally right. You guys must be big bank bailout supporters. They just had NORMAL BIZ practices, and then we rewarded them and they screwed us again with NORMAL BIZ practices. Keep living in denial and paying your inflated taxes so you can bail out these POS bussiness people who are using NORMAL BIZ practices.

[EMrider]

They just had NORMAL BIZ practices, and then we rewarded them and they screwed us again with NORMAL BIZ practices

I'd say going bankrupt and losing all the net worth and sweat poured into the business is hardly a 'reward'. The company is dead.

And 'normal biz' practices are never perfect, because some people will always do slimy things. But our rules have managed to generate an incredibly prosperous and productive economy.

No question I've lost more money to other people's bankruptcy claims than all or most on this board. It stinks and I do know business owners that are indeed criminals (some of whom have gone to jail). But that is how a capitalist economy functions and I know that risk can bite me. Thankfully, our society has benefitted far far more from the success of entrepreneurs that take big risks and succeed. Key is to have a system that produces more winners than losers and that is exactly what we have. The winners are the ones who generate employment and income for others, while selling unique and/or high quality products.

Now taxes......that is another issue entirely and one on which I suspect we are in full agreement!
R

[Steve_382]

The EarthRoamers were amazing, but the article also mentioned that Outfitter was filing Chapter 11. They made a really good popup truck camper that we looked at before deciding on the SMB. Tough economy for the RV business and also for the boat business.

[Steve_382]

Just an update, it looks like Outfitter made it out of Chapter 11.

http://www.truckcampermagazine.com/inde ... &Itemid=59

Outfitter Manufacturing Emerges from Bankruptcy
Gordon White | Friday, 11 December, 2009

Brian Ward, Owner of Outfitter Manufacturing, Inc., sent us the following update announcing their recent emergence from Chapter 11 bankruptcy:

"We have come to an agreement with our lender and, on November 19th, filed a motion to dismiss with the court. We were granted our motion on November 25th without any disputes. Therefore, Outfitter Manufacturing has been officially out of bankruptcy as of November 25th.

Business has not been affected by the bankruptcy and we are still filling orders for new Outfitter pop-up campers six weeks out. Thank you to all of our current and past customers who stood by us. We are looking forward to many more years of serving you."

For more information about Outfitter Manufacturing, Inc., visit their website at www.outfittermfg.com.

[SMBDAD]

http://www.roamingtimes.com/press-relea ... er-rv.aspx

Now that we can look at what really happened make your own decision. Shite can the original company. Default on all the debt owed. Start a new company that buys up the name and assest cheap and start again fresh. Fair?