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niteowl7710

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About niteowl7710

  • Rank
    MCM Ohana
  • Birthday 07/10/1977

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  • Location
    FayCoPa
  • Full Name
    James Duff
  1. Hobbico - BANKRUPT!

    The ceiling of the courtroom will also be several scale inches too low...
  2. Hobbico - BANKRUPT!

    I like the double speak of saying that customers won't be impacted, but they also don't know if the entire thing will be sold as one chunk, or split apart - which no matter which nice business speak you want to call it - is called liquidating assets. They can call them underperforming and dump all the dinky little companies that don't impact the bottom line by in large, or like Revell which is profitable, selling off the stuff that gets them the most money to dig themselves out of this huge hole they bought themselves into trying to be everything to everyone's hobby. Sell the R/C stuff to Traxxas and kill off the lawsuit in the process since they it's hard to sue someone over using your IP when you then own the IP...that might be cheaper in the larger picture than whatever punitive settlement of all past sales profits or the like. If someone were to pick up the entire thing and it's debt load they would of course ransack the management (which sounds like it's needs a good going over anyways) and then anything becomes possible in terms of what stays and what goes. As far as the generalized broad numbers, that's all bankruptcy speak. Just like when you answer a survey and it asks which your household income is and you're given a range. They're worth between x and y, and have between x and y amount of debt to between x and y amount of creditors.
  3. new for 2018

    It's going to be a "2n1", which is nominally over-selling it a bit since the n1 is a bumper, grille, and wheels added to the factory stock parts.
  4. 2018 announcements

    Well Nao left to go form Rocket Model, and their head 3D design guy left in the middle of the Pagani project. Combine that with the fact the "Probox" Toyota NCV160 is the first JDM new tool kit they've made since the Toyota 86/BRZ & Subaru Sambars - which was in 2012/2013, they were due for a pivot back to their home market a little bit. Plus they're making a small fortune reissuing all of these older kits with a few thousand Yen worth of upgrades to wheels, tires and decals. Shizuoka show in May should give a good indication of the path of travel this year.
  5. 2018 announcements

    Those are the most recent additions at Stevens. Round2 is always adding kits, so that's just part of the 2Q offerings. As for Revell being sold doesn't help anything, but also having all of your kits at least a month behind their original release dates doesn't either. Chances are the 2Q offerings are marginalized to help catch up as well. Remember when there was no 4Q at all in 2016 because they got all backed up on releases.
  6. Hobbico - BANKRUPT!

    Hobbico bought Revell-Monogram lock, stock, and two sliding molds in May 2007. They bought Revell of Germany in 2012 and started Hobbico Europe to distribute them. It's all controlled out of Champaign. I will plead complete ignorance to European laws in regards to what happens to a company that's a division of a U.S. company when the U.S. parent goes under and dissolves. I'd also argue we've seen a slow, but continuous backsliding with RevellAG Hobbico owned offerings once they ran through what the former German ownership had in the pipelines. The loss of the Ferrari licensing - which instantly froze a pile of tooling and vaporwared an entire kit series, the cost cutting measures - when Europe actually has a growing hobby market, the quality of kit tooling and parts count declining - nobody can compare the Panamera and all is sink marks and half-engraved nonsense to the DTM cars or Mini Cooper, etc.
  7. Hobbico - BANKRUPT!

    They filed Chapter 11 because it grants in automatic stay against their creditors - and gives them 4 months to figure out a reorganization plan. I'm sure the people in charge would love to keep it together and not get tossed out on their ears. But not every 11 case is puppies and rainbows. We're taking about a 20 millionish asset company here with a 10:1 debt ratio, not Delta Airlines or GM. Between the patent lawsuit and the Department of Labor being stuffed in their sideways who's gonna prop them up when there's untold amounts of fines, penalties and settlements pending?
  8. Hobbico - BANKRUPT!

    I don't even know of that companies that Hobbico owns that produces stuff, that Revell is the largest. I mean Revell could have been making money hand over fist, and it wouldn't be enough to prop up the conglomerate they were trying to be. Blaming Elk Grove Village for the poor financial management of the parent company that wanted to own all things hobby related and then distribute them too isn't very fair. Two days before they declared bankruptcy, they closed their Reno, Nevada warehouse - which was 200,000sq feet. That's a lot of building to maintain, especially considering the majority of the country lives East of Interstate 35.
  9. Hobbico - BANKRUPT!

    Right but Hallmark - who owns Crayola (AKA Binney & Smith after it's founding in1885) didn't go bankrupt. They just couldn't plug plastic models into a company that makes nothing but art supplies. The hobby in general took a shellacking during the time B&S owned Revell, and they still survived that as a profitable enough entity to be sold to Hobbico in 2008.
  10. Hobbico - BANKRUPT!

    Giddy...no. It's terrible for the employees, they're all getting a royal shaft. Not only are they out of a job more than likely, but all their money in that ESOP is gone as well. I really feel for them having been in a similar position with myself and other close friends and relatives. I am not happy to be right, but I was right, I had said this writing was on the wall from the time they refused to pay out the big ticket ESOP payouts and the Department of Labor got involved and all I got was poo-poo'd by all the various "experts" and "insiders". This isn't a hobby thing, this is a financial thing. When a company can't meet it's financial obligations on a mandatory Federally regulated thing like an ESOP, it's a matter of time. More worser is the fact none of this is Revell's fault, THEY didn't cause this to happen. Revell needs to get a good ownership group to buy them out, or perhaps Tom Lowe can own it all. RevellAG - maybe they can get the prior ownership group that sold them in 2012 back in the building that did all of the excellent kits we remember AG for - the DTM cars, Mini, Beetles, 2CV, Golf, etc AND get the Ferrari license back while they're at it.
  11. Hobbico - BANKRUPT!

    Most companies are worth more as a name than their physical assets.
  12. Hobbico - BANKRUPT!

    Come everyone pool together your Tamiya Xtra Thin!
  13. Hobbico - BANKRUPT!

    The way that article reads unless someone wants to play in their debt restructuring, they're gonna liquidate in April.
  14. Hobbico - BANKRUPT!

    Tower Hobbies goes kaput with this liquidation too, as it was half of what made Hobbico to begin with, I doubt Hobby Lobby is gonna buy Revell. Running a model company has nothing to do with operating a retail chain. Other than a random ownership group, the only person I can think of that has enough cash to scoop them up is...Mr. Lowe. Round2 suddenly RULES THE WORLD! Maybe the prior RevellAG ownership will buy them back. Revell had owned and sold the German arm before.
  15. Hobbico - BANKRUPT!

    They don't OWN Italeri, they're the North & South America distributor for them.