Could this be the end of Roadtrek???

[wincrasher]

Originally Posted by markopolo

Very sad day for the employees ..........

Sounds like not even any severance. Pretty cold.

[MobileCabin]

It might be the time to locate a free file server where owners of the now in receivership Hymer NA can begin to dump any documents and manuals related to their class b's to share with others in need. Of particular interest might be any wiring diagrams that have been found to be accurate.

[markopolo]

Use the forum as a file repository. It's likely to be around for a very long time with no worries of someone losing interest and the site disappearing. I've seen several sites disappear over the years because whoever started it moved on to other things.

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So would it be correct viewing Receivership as a step beyond Bankruptcy?

Bankruptcy = there's a proposal to continue operations

Receivership = liquidation of assets to repay creditors

[Novadude59]

Originally Posted by markopolo

So would it be correct viewing Receivership as a step beyond Bankruptcy?

Bankruptcy = there's a proposal to continue operations

Receivership = liquidation of assets to repay creditors

It depends on the laws of each country and how the terms are defined. I don’t know how it’s done in Canada. In the United States, bankruptcy for companies can be liquidation or restructuring, depending on the legal method approved by a court. Receivership most often is the method used to resolve failed financial institutions and basically means liquidation.

As Wincrasher pointed out, shutting down production and
firing all the employees effectively means liquidation. There is no longer a functioning company to sell, so it’s selling physical plant, inventory, the brand, and other assets.

[ClassB4Me]

A 42 Year History Down the Drain Within A Month

[avanti]

Originally Posted by markopolo

Use the forum as a file repository. It's likely to be around for a very long time with no worries of someone losing interest and the site disappearing. I've seen several sites disappear over the years because whoever started it moved on to other things.

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So would it be correct viewing Receivership as a step beyond Bankruptcy?

Bankruptcy = there's a proposal to continue operations

Receivership = liquidation of assets to repay creditors

A "receivership" is simply the act of removing control of an entity from its managers and placing it in the hands of a legally-appointed caretaker. This frequently involves bankruptcy, but not always.

In the case of RT, I think they are using the term simply as the least-scary sounding of the various legal processes that are happening.

[warpig]

I am stunned that this actually happened. With all of the posts and speculation over the past few weeks, I was hopeful that once the dust settled, there would be a way for EHGNA to survive.

In addition to the employees who lost their jobs, I think now to all the EHGNA dealerships. This has royally screwed them. What are they going to do now for new Class B inventory? They are also caught in the middle, now all alone, with customers who are wanting warranty work.

I saw the other post about a rig being held "hostage", and that is certainly a bad decision on that dealership's part, but it does create a HUGE dilemma for the dealership (and of course the customer). How many dealership employees are going to lose their jobs, and how many dealerships may be forced to even close? It's a mess!

[avanti]

Originally Posted by warpig

I am stunned that this actually happened. With all of the posts and speculation over the past few weeks, I was hopeful that once the dust settled, there would be a way for EHGNA to survive.

Shows exactly what choosing to live in a fantasy world is worth. As many have said, the trajectory of the situation was pretty obvious to any rational eye.

Wishes don't catch fishes.

In addition to the employees who lost their jobs, I think now to all the EHGNA dealerships. This has royally screwed them. What are they going to do now for new Class B inventory? They are also caught in the middle, now all alone, with customers who are wanting warranty work.

I saw the other post about a rig being held "hostage", and that is certainly a bad decision on that dealership's part, but it does create a HUGE dilemma for the dealership (and of course the customer). How many dealership workers are going to lose their jobs or even close down? It' a mess!

Dealers will be fine in the long run. I see no reason to think that the total number of B-vans sold will decline due to these events. I doubt that there are many (any?) RT-only dealers.

As for warranty, it is an obligation of the OEM, not the dealers. The dealers are not caught in the middle--except from a PR perspective, which I guess is quite real. But if they are not going to get paid, they will have no choice but to wash their hands.

This is all very sad, but it isn't a tragedy for anyone except the employees.

[warpig]

Originally Posted by avanti

Shows exactly what choosing to live in a fantasy world is worth. As many have said, the trajectory of the situation was pretty obvious to any rational eye.

Wishes don't catch fishes.


Dealers will be fine in the long run. I see no reason to think that the total number of B-vans sold will decline due to these events. I doubt that there are many (any?) RT-only dealers.

As for warranty, it is an obligation of the OEM, not the dealers. The dealers are not caught in the middle--except from a PR perspective, which I guess is quite real. But if they are not going to get paid, they will have no choice but to wash their hands.

This is all very sad, but it isn't a tragedy for anyone except the employees.

Thank you for your thoughts. I'm generally a half-empty pessimist. However, in this case, I was optimistic. That said, I wasn't living in a "fantasy world". I'm not sure how you deduce that from my comments, but hey, everyone is welcome to judge and make their own assumptions in this day of social media.

The dealers are caught in the middle. When you have an angry customer who wants free warranty work that they feel they paid for, it is the dealership that has to handle the situation. Many owners may have no clue what has occurred and are going to learn about for the first time when they discover that they are on the dime for the work.

A dealership does not have to be an exclusive EHGNA dealer for this to have a huge impact on their finances, and unfortunately, more people are going to lose their jobs.

[avanti]

Originally Posted by warpig

Thank you for your thoughts. I'm generally a half-empty pessimist. However, in this case, I was optimistic. That said, I wasn't living in a "fantasy world". I'm not sure how you deduce that from my comments, but hey, everyone is welcome to judge and make their own assumptions in this day of social media.

It wasn't you I was thinking of when I wrote that. Sorry if I gave that impression.

[booster]

Originally Posted by avanti

It wasn't you I was thinking of when I wrote that. Sorry if I gave that impression.

Our resident "fantasy world/optimist/contrarian" has been MIA for a while.

[warpig]

Originally Posted by avanti

It wasn't you I was thinking of when I wrote that. Sorry if I gave that impression.

Thank you!

[mumkin]

Originally Posted by warpig

In addition to the employees who lost their jobs, I think now to all the EHGNA dealerships. This has royally screwed them. What are they going to do now for new Class B inventory? They are also caught in the middle, now all alone, with customers who are wanting warranty work.

In the last 10 years, many dealers have had to cope with orphan RVs on their lots - remember how many manufacturers disappeared in the recession and aftermath between 2008-2010. Most of the Hymer and Roadtrek dealers carry other brands and most likely will limp along after taking losses on the new units that they have. Older used will keep their value for the most part IMO.

Most dealers are slashing prices as my dealer did immediately on hearing the news a month ago. They will also offer a third party warranty. I just looked at the La Mesa website and they have 81 new Roadtreks, 45 new Hymers and one Carado in their inventory spread between all their locations. It appears that they are lowering prices. Lots of bargains will be out there. Unfortunately most of them will have the lithium systems that will likely be a problem at replacement time. Hopefully by that time, the many good techs on these forums and boards will come up with a fix for that.

[wincrasher]

So where is Mr Williams? He should come back to the thread and admit we told him so.

FWIW, pots of gold at the end of rainbows, and unicorns are imaginary. Just like thinking Roadtrek wasn't going bankrupt, and the real situation was much worse that was publicly revealed.

[wincrasher]

Originally Posted by mumkin

In the last 10 years, many dealers have had to cope with orphan RVs on their lots - remember how many manufacturers disappeared in the recession and aftermath between 2008-2010. Most of the Hymer and Roadtrek dealers carry other brands and most likely will limp along after taking losses on the new units that they have. Older used will keep their value for the most part IMO.

Most dealers are slashing prices as my dealer did immediately on hearing the news a month ago. They will also offer a third party warranty. I just looked at the La Mesa website and they have 81 new Roadtreks, 45 new Hymers and one Carado in their inventory spread between all their locations. It appears that they are lowering prices. Lots of bargains will be out there. Unfortunately most of them will have the lithium systems that will likely be a problem at replacement time. Hopefully by that time, the many good techs on these forums and boards will come up with a fix for that.

I hope everyone looking at these deals has the foresight to demand to see a clear title before they hand over any money. I don't know if big dealers own their inventory outright, or it's floor planned thru Hymer and paid for when sold.

[wincrasher]

Originally Posted by Novadude59

It depends on the laws of each country and how the terms are defined. I don’t know how it’s done in Canada. In the United States, bankruptcy for companies can be liquidation or restructuring, depending on the legal method approved by a court. Receivership most often is the method used to resolve failed financial institutions and basically means liquidation.

As Wincrasher pointed out, shutting down production and
firing all the employees effectively means liquidation. There is no longer a functioning company to sell, so it’s selling physical plant, inventory, the brand, and other assets.

I would assume that law in Ontario mirrors that in the UK, and law in Quebec mirrors French law. Recievership in the UK is basically as described, the owners have reliquished control and loose their equity, and the Receiver decides if sale is possible or liquidation and then disperses money to creditors.

[Boxster1971]

Was this thread from last summer about action taken by Daimler Vans in late 2017 a first sign of trouble at Roadtrek. Who knows? But more interesting speculation...

http://www.classbforum.com/forums/f7...gram-7858.html

[booster]

Originally Posted by wincrasher

I hope everyone looking at these deals has the foresight to demand to see a clear title before they hand over any money. I don't know if big dealers own their inventory outright, or it's floor planned thru Hymer and paid for when sold.

I think this is very good advice about the clear title requirement. Shortly after we got our Roadtrek in 2008, there was a big flap between the deals and Roadtrek because the Roadtrek floorplan program went away, but they still wanted the dealers to have large inventories. IIRC, a floorplan was reinstated, but I have no idea of the details or if it still in in place. I can't imagine dealers have all those on the lot with a floorplan as the interest on the money would kill them.

[Bud]

Originally Posted by wincrasher

So where is Mr Williams? He should come back to the thread and admit we told him so.

FWIW, pots of gold at the end of rainbows, and unicorns are imaginary. Just like thinking Roadtrek wasn't going bankrupt, and the real situation was much worse that was publicly revealed.

Less than 3 days ago: "I think its important to remember according to the announced terms of the deal, the Hymer family mostly traded stock in EHG for stock in Thor. They aren't really out of the RV business. To the contrary, they have expanded their involvement."

Well, 3 days ago they owned Roadtrek. Now they have thrown Roadtrek in the trash, and the trash is up for sale.

Hey, we need some hope. RossWilliams, please return.

Bud

[Boxster1971]

A veteran member on AirForum just posted a conspiracy theory that Thor tanked the Roadtrek part of the deal to eliminate competition for the Airstream Interstate vans. A wild idea?

Interstate vs Roadtek - Airstream Forums

Edit: I just read Mike Wendland's "The Roadtrek Debacle: Some Personal Thoughts" article from yesterday. He is spreading this weird conspiracy theory.