How many lost their deposit $ with LeBaron Bonney

[95476]

So far I have 5 locals who are out deposit moeny.
I am wondering how many others are in the same situation.

[Joe Immler]

Count me in.

[DavidG]

And the point of this thread is?

[richard crow]

it,s a shame these people know there going belly up & they take your money they schould be put in jail

[95476]

Originally Posted by DavidG

And the point of this thread is?

Legal representation.

[Dave Castle]

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Originally Posted by DavidG

And the point of this thread is?

Oh o, the thread police !!

[DavidG]

As a group? Get serious! A) Claims have to be filed individually, and B) no one has lost anything until their claim is denied or if accepted, there are insufficient funds for their claims to be satisfied or they can't back up their claim with proof of payment, which is non-starter whether filing as a group or as an individual. And then there is that nasty thing called trying to prove a negative, namely non-receipt of what was paid for.

[DavidG]

Dave Castle,


You said it yourself; I did want to hear the answer, so I asked the question.

[Dave Castle]

Originally Posted by DavidG

Dave Castle,


You said it yourself; I did want to hear the answer, so I asked the question.

Ya I think u read that wrong, try again !

[Kube]

Originally Posted by richard crow

it,s a shame these people know there going belly up & they take your money they schould be put in jail

Richard,
I know the owner went to every effort possible to fill my orders. And at a time, unbeknownst to me, he was struggling. I actually commend him for that.
The man certainly did not intend to go bankrupt. He did his best.

[rotorwrench]

The hashing out of a bankruptcy is always going to be like a soup sandwich for a while but it is what it is. I'm sure a lot of folks in the hobby were affected. Everyone has to get in line or chalk it up to a lesson learned. Those that had a bonafide claim should file on it with the trustee of the court. These things have a time limit so persons affected shouldn't wait very long to do it.

[richard crow]

kube i still think he should of told you they were in dire strighs & let you decide if you wanted to take a chance.

[Kube]

Originally Posted by richard crow

kube i still think he should of told you they were in dire strighs & let you decide if you wanted to take a chance.

He treated me quite well. In fact, I'd say the man went way beyond my expectations.
I actually feel bad for him.

[FortyNiner]

I don't know the particulars of the case but it isn't unusual for the owners of failing companies to truly believe that they will recover financially. It is more rare for an owner to act in an unethical manner. No one wins with a bankruptcy.

[Karl]

Originally Posted by FortyNiner

I don't know the particulars of the case but it isn't unusual for the owners of failing companies to truly believe that they will recover financially. It is more rare for an owner to act in an unethical manner. No one wins with a bankruptcy.

True- I remember grizzling about losing $100 or so when a company went bankrupt some years ago. My father said to me something that was quite thought provoking he told me that I had lost $100 because of the bankruptcy but the owner of the company was probably unable to put food on the table for his family because of it. - Karl

[tubman]

Originally Posted by Karl

True- I remember grizzling about losing $100 or so when a company went bankrupt some years ago. My father said to me something that was quite thought provoking he told me that I had lost $100 because of the bankruptcy but the owner of the company was probably unable to put food on the table for his family because of it. - Karl

In my opinion, this is a very generous, naive view of the situation. In many (maybe the majority) of the cases I have been involved with, the reason for the bankruptcy was the systematic plundering of the company's assets by the owners of the company by way of excessive salaries, bonuses, and dividends over a long period of time. This is not usually the case while the original management is still in charge, but by the succeeding generations. They slowly run the company into the ground while paying themselves and miscellaneous family members enough so that the families become rich while the company slowly descends into oblivion. In these cases, the companies have been set up as corporations specifically to protect the family's "private" assets.

[Karl]

Originally Posted by tubman

In my opinion, this is a very generous, naive view of the situation. In many (maybe the majority) of the cases I have been involved with, the reason for the bankruptcy was the systematic plundering of the company's assets by the owners of the company by way of excessive salaries, bonuses, and dividends over a long period of time. This is not usually the case while the original management is still in charge, but by the succeeding generations. They slowly run the company into the ground while paying themselves and miscellaneous family members enough so that the families become rich while the company slowly descends into oblivion. In these cases, the companies have been set up as corporations specifically to protect the family's "private" assets.

Maybe I guess we are all influenced but the cases we have dealt with.

Through work I have dealt with the personal and family health issues of quite a few who have gone bankrupt and lost everything. They didn't have any assets left (nor any corporations hiding them) or pay themselves huge salaries They were just average guys trying to succeed. Mostly they were under capitalised , sometimes they just weren't good business people and other times their product wasn't good enough but they weren't dishonest. For these guys your ( IMHO somewhat cynical ) view doesn't gel with their reality. Having said that I suspect that there are people who fit your view They just don't see me as they have arranged their " bankruptcy " to not affect their health

Karl

[tubman]

We should remember that this thread started by specifically referring to LeBaron-Bonney, which is a corporation. It does not, or was my opinion intended to, refer to individuals, personal service companies, and other non-corporate entities.

[TJ]

File your claims with the bankruptcy court and wait to see what happens. This thread is basically beating a dead horse.

[DavidG]

Right on, Tom.