RF Update 4/24/06

Alex Hirsbrunner

Lifetime Supporter
You got two flippin' sweet keychains? - Lucky. /ubbthreads/images/graemlins/tongue.gif

I may have to put the only thing I got in return for my deposit up on Ebay, which is a CD version of the RF build manual. Anyone interested? /ubbthreads/images/graemlins/grin.gif
 

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Ron Earp

Admin
Al, I'll give you one of my keychains and you'll be able to bring your loss down by $15,000! How is that for a friend?

I'll try and get some more summary information out later today on this topic regarding RF and outcomes.
 

Peter Delaney

GT40s Supporter
I understand that a consortium of guys in Victoria (Oz) have been offered the whole of RF Aust's assets. It will probably take a few weeks till the contracts are sorted out, but it looks like RF will attempt to rise from the ashes (without any involvement of Robert Logan), rather than face a simple asset stripping exercise.

The word is that the new owners, as a priority, will try to look after everyone who is still building their cars in terms of ongoing parts supply, etc.

The big question now relates to the reborn company's long term viability, and that is going to depend (in large part, I suspect) on peoples' ability to separate 2 key issues in their minds :

- The old RF company (lost deposits, etc)

- A totally new company (using RF designs)

As has been pointed out many times before, there is no way that any potential new owner of the business could possibly take on the debt owed to the deposit victims - at around 12-16 cars pa (my understanding of the RF build rate prior to SA), it could take many years to simply generate enough cash to pay out out these debts.

Legally and morally, the new owners are starting with a clean slate, but will the good reputation of the RF car itself outweigh the baggage associated with the RF company's demise ? That will depend on the ability of current & future owners/buyers being willing/able to separate the old & new companies. Potential buyers of cars are likely to be swayed by the opinions of current owners/builders/orderers - some are happy, some are worried, & some are devastated.

I suspect that it is going to be a tough call for the new owners to convince buyers of their financial stability, but that will have to be their primary consideration.

In essence, I think that the future of the RF Car (already proven as a design) will depend on 2 things :

- The financial position of the new company (do they fund builds via deposits / do they offer deposit insurance / escrow / provable progress payments / payment on delivery, etc ?

- The position taken by the victims of the old RF company - ie. "will the sons be punished for the sins of their perceived fathers" ?

Any comments ?

Kind Regards,

Peter D.
 
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