Roaring Forties Information, March 2006

Ron Earp · 03-09-06, 02:05 PM

Dear Forum Members,

It is with great regret that I must inform you of a potential situation of which I have recently become aware. Best I can tell, from the data that I can gather from various friends and contacts around the globe, it appears that Roaring Forties may be insolvent. Furthermore, bankruptcy proceedings may be underway with the company as near as I can tell.

The agents of Roaring Forties, Hershal Byrd, Jerry Jansing, and Rick Chattel, knew nothing of these happenings. In fact, I was alerted to something being amiss with the rather cryptic post on the forum from CAV on March 8th, an hour or so before I arose. Shortly thereafter I received a call from an RF agent asking if I knew anything about the post, and, unfortunately I did not. However, due to forum contacts, friends in the US, the UK, South Africa, and Australia a picture slowly emerged throughout the day as I received many phone calls and emails from various individuals.

I have not spoken directly to Robert Logan about the situation. However, RF agents have done so and they indicate that the information I have just posted is accurate to their limited knowledge. It is my understanding that Roaring Forties, Robert Logan, and agents cannot discuss the matter.

Therefore, I wish it known that I am not posting on their behalf, I am posting on my own accord. One of the main reasons I started and became involved with a GT40 forum was to try, as best I could, to make information about the industry open to all and not just a select few in the know.

I know this is a severe shock for a great many forum members that have cash deposits on Roaring Forties turnkey cars and kits. I myself have had well over a 50% deposit for one of the cars since February of 2005 and I am afraid that my, and quite possibly everyone else's, deposits may be lost. RF agents also had large sums of money invested in obtaining the cars and are heavily affected as well.

Personally, this is a sad revelation for me which officially ends my hopes of owning a GT40 replica. I brought in the second RF in the country in 2000, hoping to own and drive a GT40, and six years later it is still not to be. And, it is stunning blow to all of us that have money tied on Roaring Forties cars from various sources with similar stories to my own. I wish I knew more information about the situation, but right now I do not. I am using contacts in Australia to gather more information and I will be open and forthcoming with anything that I learn. I'm sure that the agents from RF will communicate directly with customers, but bear in mind they were as shocked as I was. Again, this post is to the best of my knowledge but I would not post it here if I didn't believe that it was true.

Regards,
Ron

Gregg · 03-09-06, 02:33 PM

Ron, sorry to hear of your situation and all those affected. I have been in your position, know the anger, frustration and everything else that goes with it. Plainly, it [img]/ubbthreads/images/graemlins/censored.gif[/img]. I hope that you and the other affected members can recoup some of your investment through whatever future proceedings occur.

Bill D · 03-09-06, 02:56 PM

WOW!! This is quite shocking. I knew they were having trouble delivering cars, but not dire financial problems.

I hope everything works out for you Ron, and everyone else connected in any way to RF.

Very sad news indeed.

Bill D

Murray Cowley · 03-09-06, 03:21 PM

This is a tragedy, not just for the guys with money involved waiting for cars, but also for the very hard work and obvious dedication shown by Robert Logan and all the workers. This is such a shame. I sincerly hope that a suitable outcome is available for everyone.

Chris Martino · 03-09-06, 03:39 PM

Hi Ron,

I really do hope that this news isn't the end. I speak only as a GT40 enthusist - I feel for you guys, I know all of the ups and downs and finacial commitments I had to make so I truly hope things get sorted for the best.

Chris

roy snook · 03-09-06, 03:40 PM

Ron, I am sure all of us who frequent this forum are very sorry to hear of your and other potential RF owners situation with regard to this.

MK -IV J6 · 03-09-06, 03:52 PM

Ron
My thoughts are with you. Very sad news.
Best

Mitch D · 03-09-06, 03:54 PM

I've taken myself out of exile to post...

This is certainly unfortunate for all of us customers on the RF backlog. Sadly, it looks like RF is the latest but probably won't be the last GT40 replica builder to suffer such a fate.

I'll conclude by saying that I don't believe I'll consider any other GT40 replicas. My plan is to simply move on and not look back.

Mitch D

Steve Kulper · 03-09-06, 04:15 PM

I just spoke with RF in Melbourne and they are still open, I asked what was happening and was told it is only the South Africa arm that is in trouble. They said to me that Melbourne only built cars for Australia and was doing fine, I'd hope for Robert to log on and shed some light on the situation. That explains why he was talking to AF, i guess he was looking for a solution to the end. I hope for all the people who put their hard earned cash down it works out.

Steve

I LOVE GT40- Paolo · 03-09-06, 04:32 PM

Is simply terrific to read this post Ron.
This forum for me has becomed year after year a referring point in gt40 and cars knowledge in general,cause too many interesting fellows here inside.Probably for real too many of us will be friends I think....
I cannot believe the financial problems of the factory will definitely mean u and others will loose your money, really seems impossible.

Just feel also me near u Ron, I was following u in your passion about the 40,and also have to say thank u forever for creating this forum.
And plz, Ron...whatever it happens, do not leave the dream to have a 40, cause I am sure u can.....and u will.

Paolo-Italy

Mark Charlton · 03-09-06, 04:38 PM

I share the thoughts of those above (and the many yet to post, I'm sure) about this awful situation. I am completely shocked that things could have gone so bad so quickly, especially with the GT40 market more popular and active than it has been in a while.

I am truly sorry for all of you who’s dreams have been impacted by this event, including all of those who have worked so hard at RF. I hope that something can be worked out to turn things around for all concerned.

Mark Worthington · 03-09-06, 05:08 PM

Truly sad news. I also am shocked...I just recently received some parts I had ordered from RF and had continued to receive great support up to and including my last transaction. A few years back I got burned for $1,000 on a turbo kit by a company in Australia that went belly up - I can't imagine what it must feel like to have 10 or 20 times that amount at risk. But Robert Logan is a stand-up guy, and if he can possibly work this out for his customers I'm sure he will.

From what I can tell, the replica car kit manufacturing industry is pretty cut-throat, as evidenced by Auto-Futura's self-serving post on another thread. I'm sure there are some interesting stories behind RF's financial woes.

Best of luck to all RF employees, customers and suppliers as this thing gets ironed out.

Chris Melia · 03-09-06, 05:08 PM

Hi Guys,

I have been in communication with all those concerned for over a week now, as they are all my friends. I am in negotiation on behalf of all parties with a vested interest to try and resolve this situation for the benefit of all - agents, manufacturers and most of all the 26 customers that have paid deposits.

We need a ten day grace period to allow the negotiations to go forward and after that time I will post the results of the talks.

Please be patient. I am acting as an independent arbitrator and can confirm that I am not financially involved.

Regards,

Chris Melia.
GT40 Enthusiast.

Ron Earp · 03-09-06, 05:16 PM

[ QUOTE ]
I just spoke with RF in Melbourne and they are still open, I asked what was happening and was told it is only the South Africa arm that is in trouble. They said to me that Melbourne only built cars for Australia and was doing fine, I'd hope for Robert to log on and shed some light on the situation. That explains why he was talking to AF, i guess he was looking for a solution to the end. I hope for all the people who put their hard earned cash down it works out.
Steve

[/ QUOTE ]

I've not spoken to RF but that is an interesting position you have quoted them. Given the fact that the RF customer is not concerned where the car comes from, I can't imagine that RF thinks everything is okay. Currently I am organizing the affected owners to investigate the situation with an independent 3rd party. There is a lot of money involved that needs to be accounted for.

Chris, thanks, I am aware of some efforts there and they are most appreciated.

Ron

Keith Hardy · 03-09-06, 05:23 PM

Good luck Ron and all other RF customers in getting your money back or car delivered. What a bummer.... [img]/ubbthreads/images/graemlins/confused.gif[/img]

Paul Thompson 'Hooligan' · 03-09-06, 05:26 PM

Hi Chris

You remain the dedicated Enthusiast to all matters GT40 related, regardless of mfr / location. Best wishes on your quest to bring some hope to those that MAY have lost a lot!

I hope you are successfull or at least achieve some success. [img]/ubbthreads/images/graemlins/twocents.gif[/img]

Steve Kulper · 03-09-06, 05:43 PM

Hi Ron,
The person i spoke to was Sam from RF on 61 3 5981 4044 he was of the opinion that SA doesnt affect Melbourne or RF australia, give them a call and ask questions. I would if it was my money, I hope it can be resolved for all concerned.

Steve

Pete. · 03-09-06, 05:47 PM

Very sad, but as they say it's not over until the fat lady
sings. Sounds like she is clearing her throat though.
Ron don't give up the dream, it's not what happens that is important, it's how you handle it that matters.

Gary Gibbs · 03-09-06, 09:01 PM

Well after reading this current thread and re-reading the following thread: BOHICA CAV

I am totally amazed and have never in my 41 years witnessed a higher level of HYPOCRISY and IRONY.

The VERY ones who were so ready to jump on their f***ing soapboxes beating their chest professing a desire for:
"open and transparent"
"I post this information to inform forum members."
"I prosume that you are still in "denile.""
"Hi all. The story I herd is that cav sold the factory and has finished with GT40 production for good. I understand that they are concentrating on there marine business."
"Chris has stated the FACTS and only the FACTS and has not even posted ALL the rumours that are flying around that have been confirmed."

Where is all of this openness now? Some people have obviously known about this for some time, but I guess this time “opaque and closed” are the acceptable norm. Yet some in the other thread: Talks between Auto Futura (CAV GT) and Roaring Forties still want to ram it up CAV's rear for bringing the situation up. Got to love it!