Law and Rights
700 Monaco Coach shareholders are likely stuck holding an empty bag of shares of stock after the company terminated them and filed for bankruptcy in March. Everyone agrees the stock has become virtually worthless.
When there's a bankruptcy, shareholders often don't get anything because there is not enough money to pay the bills, let alone return anything to the shareholders, bankruptcy experts generally agree.
In its bankuptcy papers, Monaco said that as of Sept. 27 it had more assets than liabilities ? $442.1 million in assets and $208.8 million in debt. However the company has not yet provided a complete, current list of assets and debts that explains how it arrived at those numbers.
For now, Illinois-based Navistar International Corp. is reported to have signed a "nonbinding letter of intent" to buy Monaco?s core RV assets for up to $50 million, if the sale is approved by the bankruptcy court. If so, it could be completed by late June, according to documents Monaco filed with the U.S. Bankruptcy Court.
There's still no word on warranty rights under the proposed sale, but you can bet that the big corporations aren't about to let those survive the bankruptcy filing in all probability because of the high risk and expense that would be carried over. Maybe, but maybe not.
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- Monaco Coach Files Bankruptcy
On March 5, 2009 Monaco Coach Company filed a chapter 11 bankruptcy in its home state of Delaware. The entities that appear to be covered by the bankruptcy look like Signature Motorcoach Resorts, Inc., MCC Acquisition Corp.: Signature Resorts, Naples...
- Rv Industry Collapsing ?
Last year several Rv builders went out of business and this year things aren't looking any better. So far, Country Coach, Monaco Coach and Fleetwood have all filed bankruptcy (of one kind or another). Who's next? That's become the name of...
- Monaco Threatened With Nyse Delisting
Already suffering economically and having just consulted industry experts on how to turn its business around, now Monaco has received notice from the New York Stock Exchange that they will be delisted if things don't improve. The same thing happened...
- More Rv Companies Bite The Dust
2008 was a bad year for the Rv industry. Some companies merged, sold off assets, closed or filed for bankruptcy protection. If you're thinking of buying a motorhome, you need to be careful of the viability of the builder to stand behind their product....
- Danger Of Bankruptcy
Whether Detroit's Big 3 get their bailout or not, consumers need to know what it can mean to them when a business files bankruptcy on their claim or their lawsuit. Recent reports of the bad economy undoubtedly worry consumers about the risk that the...
Law and Rights
Navistar to buy Monaco Coach ?
700 Monaco Coach shareholders are likely stuck holding an empty bag of shares of stock after the company terminated them and filed for bankruptcy in March. Everyone agrees the stock has become virtually worthless.
When there's a bankruptcy, shareholders often don't get anything because there is not enough money to pay the bills, let alone return anything to the shareholders, bankruptcy experts generally agree.
In its bankuptcy papers, Monaco said that as of Sept. 27 it had more assets than liabilities ? $442.1 million in assets and $208.8 million in debt. However the company has not yet provided a complete, current list of assets and debts that explains how it arrived at those numbers.
For now, Illinois-based Navistar International Corp. is reported to have signed a "nonbinding letter of intent" to buy Monaco?s core RV assets for up to $50 million, if the sale is approved by the bankruptcy court. If so, it could be completed by late June, according to documents Monaco filed with the U.S. Bankruptcy Court.
There's still no word on warranty rights under the proposed sale, but you can bet that the big corporations aren't about to let those survive the bankruptcy filing in all probability because of the high risk and expense that would be carried over. Maybe, but maybe not.
Burdge Law Office
www.RvLemonLaw.com
Because life's too short to put up with a lemon.
Subscribe in a reader- Monaco Coach Files Bankruptcy
On March 5, 2009 Monaco Coach Company filed a chapter 11 bankruptcy in its home state of Delaware. The entities that appear to be covered by the bankruptcy look like Signature Motorcoach Resorts, Inc., MCC Acquisition Corp.: Signature Resorts, Naples...
- Rv Industry Collapsing ?
Last year several Rv builders went out of business and this year things aren't looking any better. So far, Country Coach, Monaco Coach and Fleetwood have all filed bankruptcy (of one kind or another). Who's next? That's become the name of...
- Monaco Threatened With Nyse Delisting
Already suffering economically and having just consulted industry experts on how to turn its business around, now Monaco has received notice from the New York Stock Exchange that they will be delisted if things don't improve. The same thing happened...
- More Rv Companies Bite The Dust
2008 was a bad year for the Rv industry. Some companies merged, sold off assets, closed or filed for bankruptcy protection. If you're thinking of buying a motorhome, you need to be careful of the viability of the builder to stand behind their product....
- Danger Of Bankruptcy
Whether Detroit's Big 3 get their bailout or not, consumers need to know what it can mean to them when a business files bankruptcy on their claim or their lawsuit. Recent reports of the bad economy undoubtedly worry consumers about the risk that the...