Hobbico - BANKRUPT!

[fumi]

9 hours ago, niteowl7710 said:

No that only relates to the current situation of Revell being sold to new ownership.  They don't want their licensing to be transferred without creating a new deal with the new ownership, plus they want all the money Revell owes them since nobody at Hobbico has paid any bills since 2017.

Yeah I am aware of the current situation, I was referring to the potential contract issues between Hobbico and Ford causing the product withdrawal, which someone else also raised back then but was quickly silenced by "those that seem to be in the know".

Ford seems to have hinted that Hobbico still owes them backpayments and late fees on the licenses, and their attitude certainly do not appear to be easy to work with.

[niteowl7710]

2 hours ago, fumi said:

Yeah I am aware of the current situation, I was referring to the potential contract issues between Hobbico and Ford causing the product withdrawal, which someone else also raised back then but was quickly silenced by "those that seem to be in the know".

That's just another story cooked up by someone because Revell never explained publicly what happened to the tooling. Not that they could have, or that it was anyone's business in the customer end.

Every story revolving around that Model A is easily debunked by looking at the larger picture. In the case of Ford getting the A canceled...alright. But that same punitive Ford licensing department allowed two Broncos, two Ford Fusion NASCAR kits, the reissue of the '64 Fairlane, modified reissue '76 Torino, and the Foose F100. The planning of the Grease '48 Ford, retooled '69 Mustang and Ford GT Le Mans racecar (which is not only a Ford, but sponsored by Ford). Not to mention the continued production and sales of all the existing Ford products. When RevellAG lost their Ferrari licensing they had to stop all sales of Ferrari products including existing inventories.

So what did that poor Model A ever do to anyone to be delicensed, seized, destroyed, stolen, etc, SPECIFICALLY - and no effect on anything else Revell did subsequently...

[niteowl7710]

In an "As the World Turns" moment, the creditors have filed a complaint with the court over the Horizon bid - namely that it be stripped of all protections and 3% breakup fee - over the fact that Horizon "accidentally" forgot to mention that one of their board of director members happens to also work for a consulting firm Horizon hired to assist with the purchase - and whoops he's ALSO a partner in the law firm representing Hobbico in the bankruptcy case.  Talk about trying to serve two masters...

[tim boyd]

Like many of you, I am very concerned about the fate of Revell, Inc as part of the Hobbico Chapter 11 bankruptcy proceedings, and accordingly I have been following closely the bankruptcy court docket on this case.    

What follows should be taken with a certain degree of caution, as I am not an attorney nor am I familiar with the processes used in bankruptcy proceedings......

Within the last 24 hours the Court Docket on the bankruptcy has added a new document which is a transcript of the Hobbico Bankruptcy Auction that took place on March 28.  From quick scan of the transcript, and if I am interpreting it correctly, it appears that as expected, the "stalking horse" bidders for the two main lots (neither of which contained Revell or Revell Germany lots) were apparently declared winners of those auctions.  It also appears that there were bids for at least some of the other parts of the Hobbico bankruptcy, but no winners were declared for those lots at this time.  There was no specific mention of the identity of those lots, which means no specific info on whether there were bids for Revell or Revell Germany, and if so, who those bidders were. 

What caught my attention was the notation in the auction transcript that there were several questions posed during the auction process by a member of a firm representing an entity called "Round 3 LLC".  I have absolutely no insider info on what this means, but similarity of the name of this entity to the present company we know as Round 2, LLC, certainly caught my attention. 

My quick read of the transcript suggested that there would be more news forthcoming regarding the outcomes of the bids on the other lots.  One hopes this pending update might include some clarity on the future course of Revell and Revell Germany.  

TIM 

 

Edited March 31, 2018 by tim boyd

[martinfan5]

4 hours ago, tim boyd said:

What caught my attention was the notation in the auction transcript that there were several questions posed during the auction process by a member of a firm representing an entity called "Round 3 LLC".  I have absolutely no insider info on what this means, but similarity of the name of this entity to the present company we know as Round 2, LLC, certainly caught my attention. 

 

TIM 

 

Tim, a quick search for that LLC

Florida Profit Corporation

ROUND 3, INC

Filing Information

Document NumberP13000004677 FEI/EIN NumberN/A Date Filed01/14/2013 Effective Date01/14/2013 StateFL StatusACTIVE

Principal Address

12639 NORTH 56TH STREET
TEMPLE TERRACE, FL 33617

Changed: 04/29/2015

Mailing Address

12639 NORTH 56TH STREET
TEMPLE TERRACE, FL 33617

Changed: 04/29/2015

Registered Agent Name & Address WILSON, BETH

12639 NORTH 56TH STREET
TEMPLE TERRACE, FL 33617

Name Changed: 06/11/2015

Address Changed: 04/29/2016

Officer/Director Detail Name & Address

Title President

wilson, beth

12639 n 56 st
temple teeace, FL 33617

Annual Reports

Report Year	Filed Date
2015	04/29/2015
2016	04/29/2016
2017	04/25/2017

 

 

http://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=Initial&searchNameOrder=ROUND3 P130000046770&aggregateId=domp-p13000004677-69650013-a5ac-4d32-8714-f7063aabbe65&searchTerm=Round 3 LLC&listNameOrder=ROUND3 P130000046770

Edited March 31, 2018 by martinfan5

[aurfalien]

Hi,

Well no news is good news as they say in Hollyweird.

I would assume and hope that since both Revell and RoG are top tier scale model companies, that they will survive and continue to release very nice kits.

I don't know if any one would agree but to me Revell is about as Americana as Apple Pie and Baseball.  So I certainly hope they live on.

[Dave Van]

Thanks Tim....

[Spex84]

Interesting. I checked that address on Google Street View Jonathan; it appears to be a prep school. ??

[martinfan5]

2 hours ago, Spex84 said:

Interesting. I checked that address on Google Street View Jonathan; it appears to be a prep school. ??

Interesting in deed.

[niteowl7710]

The Estes lot is the only thing that seems to have a clean sale. As expected it was basically sold to itself, although the bid was raised from $6 to $7 Million on the day of the auction.

The Horizon bid was made for the Hobbico R/C & Tower/Great Planes stuff but the Unsecured Creditors Committee immediately filed a legal diatribe over the appearance of impropriety over the gentleman who was involved with both the Horizon Board of Director and the law firm who represented Hobbico before the bankruptcy. The complaint lies in even if there was no insider knowledge, it gave the appearance of it and could have chilled bidding based on the "given" that Horizon would win. They further said in the complaint that the value of the bid was not sufficient. 

EDIT - I missed the docket filing where the court told the Unsecured Creditors Committee to go pound sand, and ordered the sale to Horizon.

That makes sense as a little birdie who's got an ear inside Hobbico said they told everyone their last day was April 6th and to go apply for employment with Horizon.

Edited April 1, 2018 by niteowl7710

[vintagerpm]

13 hours ago, Spex84 said:

Interesting. I checked that address on Google Street View Jonathan; it appears to be a prep school. ??

Except that in typical Google Maps fashion, they've got the location wrong. I checked the school, and their address is 12910 (which Google Maps actually agrees with). 12639 is a block south and the other side of the street. (Verified by Yahoo Maps & Mapquest.)

 

[niteowl7710]

So Mrs. Wilson has a few businesses she's associated with, including a Wilson/Faber LLC that's registered a couple of blocks up N. 56th St. But all of them involve her role as the Co-Owner (with a Phyllis Faber) and stylist at the Chatenbury Place Salon, Spa & Boutique, which a FB account associated with the same name and background information confirms. The location of the salon is the same as the registered address of Round 3. 

http://chatenburyplace.com/staff/

I'm not sure what she's in the market for out of Hobbico's asets, but a $10 million dollar model company doesn't seem likely.

Edited April 1, 2018 by niteowl7710

[Luc Janssens]

32 minutes ago, niteowl7710 said:

So Mrs. Wilson has a few businesses she's associated with, including a Wilson/Faber LLC that's registered a couple of blocks up N. 56th St. But all of them involve her role as the Co-Owner (with a Phyllis Faber) and stylist at the Chatenbury Place Salon, Spa & Boutique, which a FB account associated with the same name and background information confirms. The location of the salon is the same as the registered address of Round 3. 

http://chatenburyplace.com/staff/

I'm not sure what she's in the market for out of Hobbico's asets, but a $10 million dollar model company doesn't seem likely.

Maybe they thought it was this company...Revel

 

 

[Rob Hall]

Maybe Round 3 in the transcript was a typo and it is really Round 2 (which would make a lot of sense), or Round 3 is a shell company hiding the actual bidder... 

[Dave Van]

So weird you can';t make it up.....

[Luc Janssens]

22 minutes ago, Rob Hall said:

1) Maybe Round 3 in the transcript was a typo and it is really Round 2 (which would make a lot of sense), or..

2) Round 3 is a shell company hiding the actual bidder... 

1) That would be a horror scenario, like a nuclear winter for American car modelers, too much money tied up in tooling, nothing left for inovation.

 

2) is there a very wealthy retired ex-model Guru residing in FL, who's wife is running a beauty salon cuz as we all know to make a small fortune in the model kit industry, one needs to start with a big fortune

 

Anyway....lets sit back and see how it will unfold, in the next comming weeks, months?

 

[ATHU]

35 minutes ago, Luc Janssens said:

2) is there a very wealthy retired ex-model Guru residing in FL, who's wife is running a beauty salon cuz as we all know to make a small fortune in the model kit industry, one needs to start with a big fortune

[highway]

2 hours ago, Luc Janssens said:

 

 

2) is there a very wealthy retired ex-model Guru residing in FL, who's wife is running a beauty salon cuz as we all know to make a small fortune in the model kit industry, one needs to start with a big fortune

 

 

 

How did you find out about my now not so secret second life?? 

[Luc Janssens]

2 hours ago, highway said:

How did you find out about my now not so secret second life?? 

Have my sources

 

[ChrisBcritter]

Well, look at it this way - if Round2 buys Revell, then very soon Chad will be showing us the reissues of the '62 Plymouth and '62 Chrysler convertible! 

[High octane]

On 3/31/2018 at 5:28 PM, aurfalien said:

Hi,

Well no news is good news as they say in Hollyweird.

I would assume and hope that since both Revell and RoG are top tier scale model companies, that they will survive and continue to release very nice kits.

I don't know if any one would agree but to me Revell is about as Americana as Apple Pie and Baseball.  So I certainly hope they live on.

Americana? A large number of their kits have been made in China.

[Bucky]

31 minutes ago, ChrisBcritter said:

Well, look at it this way - if Round2 buys Revell, then very soon Chad will be showing us the reissues of the '62 Plymouth and '62 Chrysler convertible! 

Think they'll put it all in an AMT box, like they've been doing the Lindberg stuff??  LOL

[ChrisBcritter]

That's fine just so long as they don't mold them in Metalflake again...

[aurfalien]

47 minutes ago, High octane said:

Americana? A large number of their kits have been made in China.

Well that's not what I meant.  Fords are made off shore/South of the border as well.  It's just what we grew up with and they originated here anyways.

I used to find there kits down the local grocery isle back in the 70's and 80's.

[Rob Hall]

Revell and Monogram have a rich history, Round 2 is very good at packaging and marketing vintage kits.  I'm sure they could do well w Revell and Monogran.