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jrogers

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This was sent to me by a friend of mine, thought you all would be interested.


Joel

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TRA 09848
 

DavRedf

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Interesting, anyone got a couple of hundred grand lying around?

David
 

shockwaveriderz

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appears to me that GR tried to pull a fast one....assign free royalty use of AT assets to his "other" company RCS.......hopefully as the examiner states, the court will rescind the MOU between AT and RCS..... and who is Robert Korman?
 

cls

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the interesting thing was

The debtors listed Unsecured Nonpriority Claims totaling $5,885,180, as a minimum.
nearly $6 Million!! wow! If I were one of those creditors I would be thoroughly POed at this.

how do you operate a business for 15 years that owns 50% of the market (practically probably more) and end up with such huge debts? Or are these not operating costs but claims from the fire?



another interesting thing was this:

The estimated size of the rocket components and rocket kits market is approximately $4 million per year.
so now you know ... you can compute your HPR hobby expenses as a fraction of the total market. Anyone up to 0.1 % yet? :)

(somehow I think the TAM is much larger than $4M.)
 

Rocketjunkie

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Originally posted by cls
the interesting thing was
nearly $6 Million!! wow! If I were one of those creditors I would be thoroughly POed at this.

how do you operate a business for 15 years that owns 50% of the market (practically probably more) and end up with such huge debts? Or are these not operating costs but claims from the fire?
All but about $750,000 of the debt is clains in lawsuits arising from the fire. Of the $750,000, nearly $700,000 is lawyers fees.
(**** tapeworms:mad: :mad: )
 

Chr$

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Interesting read. Thanks.

The most interesting thing to me is after review and considerations for market value, etc. the total net worth, according to the filing, in a chapter 7 is est. $75K. Less the $37K for disposal fees, this leaves an aggregate value of $38K, Not too far off of Gary's initial offer of $30K.

AT had/has opportunity to file CH 7. If it did, then what would be left? $38K and no more AT as we know it. IMO, what Gary did is try to speed the process along so he can get back to business and we can get back to our hobby, and save the company in the process. Sure it's self serving, but a lot of folks are positively benefited... like his employees... his suppliers... his customers. There is a bigger picture here.

This isn't Enron, but a lot of folks (in other forums) make it out that way. This is a private company. Early investors are long gone, have taken their gains and losses. If the folks that ran this whole issue up the flagpole would just let him be, everyone would come out for the better. Especially the hobby. The convoluted ownership/lease agreements like this are more common than most folks realize.

The Fire caused a cascading chain of events that would have run off most business owners long ago. Give Gary a break here. He is, after all, the primary debtor. At least he's trying to keep the company alive, his employees working, and us flying. He played a key role in the development of AP motors that we have today.


/soapbox off/

Korman was an investor.
 

Dr. Don

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If everyone of WE Aerotech fans donated ten bucks to Gary
as a show of support, how many of us would have to contribute
to insure the survival of AT???!!!
Count me in for Ten!!!!!!! Dr Don
 
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