What is RF worth now ?

With the Administrators looking to liquidate the company assets, any opinions on what it's worth ?
Is it worth anything at all or do we just wash our hands of it ?
Every so often companies like this vanish for awhile, is this just part of the cycle ?
 

Alex Hirsbrunner

Lifetime Supporter
Hi aus40,

Use ACN 095 686 212 to search at http://www.search.asic.gov.au/gns001.html. The administrator's report (not #7E0674678) that outlines the current assets of RF and an assessment of what happened to the business should be added to the ASIC database and available for purchase soon. I have a copy, but as far as I know, I do not have the right to distribute it.

Regards,

Al H.
 
Hi Al,

Thanks for taking the time to reply and with great info, I'll certainly have a look at that angle and I am also interested in peoples gut feel for what it all might go for,

Aus40
 

Alex Hirsbrunner

Lifetime Supporter
One more thing, you may be able to obtain a copy from the administrator directly (reference Roaring Forties Pty Ltd, Notice of Report to Creditors, 13 Apr 2006, document ID: TB/KW/ROAR100/VA10 – M1).

CJL Partners Pty Ltd
Level 3
180 Flinders Lane
MELBOURNE VIC 3000
Ph: 03 9639 4779
Fax: 03 9639 4773

Otherwise, you will need to purchase the report once it is added to the ASIC DB from any of these brokers: http://www.asic.gov.au/asic/asic_srchlodg.nsf/byheadline/Information+brokers?opendocument

Al H.
 

Ron Earp

Admin
I don't know what it would go for, but as an affected customer I hope it goes for about $800,000 USD which is what is needed to repay most of the creditors. However, I know that won't happen.

I heard there were about twelve people inquiring into the IP, moulds, jigs, stock, etc. of RFs and are interested in buying. Seems a lot of folks want to pick up where RF left off, sans debt of course, and start making GT40s again. Too bad for the folks that lost money in all of this, I suppose good for the new entrepreneur.
 
[ QUOTE ]
I don't know what it would go for, but as an affected customer I hope it goes for about $800,000 USD which is what is needed to repay most of the creditors. However, I know that won't happen.

I heard there were about twelve people inquiring into the IP, moulds, jigs, stock, etc. of RFs and are interested in buying. Seems a lot of folks want to pick up where RF left off, sans debt of course, and start making GT40s again. Too bad for the folks that lost money in all of this, I suppose good for the new entrepreneur.

[/ QUOTE ]

Well hopefully whoever picks up the pieces can help out those who have been affected at some level. It would be a shame to see such a good product vanish but rather be resurected in some way being good for the "new entrepreneur" as well as current and new clients, rather than ending up in the hands of an asset stripper.

It will all be down to dollars and cents which is why I started this post.
 

Ron Earp

Admin
I'm sure what is sold will go for pennies on the dollar, it is always the way with liquidation. However, as far as a new company helping old customer out large sums, it would be nice but it seems highly implausible. There are over $500,000 USD in validated customer deposits.

Obviously, a new company built from the pieces of the old company doesn't assume that debt, but even attempting to service it in any way could potentially cripple a fledgling company in a rather storied marketplace right now.
 
Hey, aus40, how about telling us a little about yourself? Name and City would be a nice start. You joined at a rather auspicious time and started inquiring on the threads specific to the RF demise/fraud/etc.


Mitch D
 

Peter Delaney

GT40s Supporter
Hi Aus40 - ditto on Mitch's remarks - if you tell us where you are & what your interests are regarding GT40's, you will get much more useful "in context" responses & help.

No problem if you don't want to post your full name, but a first name is a good move (even if its just in your profile).

Kind Regards,

Peter D.
 
Sorry Guys, didn't mean to spook anyone with ID mystery, name is Letch, location is Melbourne Australia (1.5 hours to Dromana RF premesis), interest is that some (non internet) frinds appear as creditors and are keen to determine potential cents/dollar return. In fact it's not even that underhanded, I genuinely consider this to be an interesting topic and I'm surprised it hasen't been raised previously given the impact the sale price may have on the creditors.
Again, sorry for the lack of personal info previous to this post, please continue the priing predictive banter. Aus40
 
Hi, Letch, welcome to the forum. Wow - you are about as close to RF ground zero as one can be. I'm one of the unlucky customers that was languishing on the RF backlog when it all went to pot.

As for my opinion on the worth of RF in any liquidation proceedings, I agree with Ron that it's probably pretty low and anything that can be sold will go for pennies on the dollar. Therefore, creditors are pretty much screwed.

The real goal is to have the investigation findings point out that RF was "trading while insolvent". If this is found, then "personal assets" of the directors are also targets for recovery.

Anyone buying items from the defunct RF would probably be wise to distance themselves from the name. In my opinion, the taint of this bankruptcy will affect many buyers for years (especially overseas buyers).

Mitch D
 

Ron Earp

Admin
[ QUOTE ]


The real goal is to have the investigation findings point out that RF was "trading while insolvent". If this is found, then "personal assets" of the directors are also targets for recovery.

[/ QUOTE ]

And this is the key. There will not be 10% of the amount of money from sale of assets, particularly since word on the street was stuff was been "fleeing" the factory for weeks before everything went bottoms up. Heresay, or not, even if there were five complete cars in the factory to sell for $60,000 USD each there would be no chance of coming close to repay creditors. And there were definitely not five complete cars at the factory.

So, the other avenue will be what personal assets can be obtained to repay creditors. Unfortunately, in my opinion, that is a terrible thing to happen to a person but, be that as it may, the situation was obviously avoidable with careful attention to detail from the company director.

From the data I have it strongly suggests that RF was trading insolvent as early as June of 2005, but the Administrators will pass final judgement on that April 24th. Grated, this is my opinion, but the opinion is based on the information from the report to creditors which is, I think, deemed factual as far as the Administrators, creditors, and legal proceedings go. You mileage obviously may vary and the Administrators might say nothing wrong was done and hand the company back over to the director, but I don't think that is going to happen. Again, all just my opinion from living this mess for over a month and sorting through lots of information.

Ron
 
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