Bobileff motorcars bankruptcy | FerrariChat

Bobileff motorcars bankruptcy

Discussion in 'LamborghiniChat.com' started by 5000gt, Feb 28, 2018.

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  1. 5000gt

    5000gt Karting

    Oct 8, 2015
    90
  2. rob lay

    rob lay Administrator
    Staff Member Admin Miami 2018 Owner

    Dec 1, 2000
    59,402
    Southlake, TX
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    Rob Lay
    If he can pay back all he owes previously. not right to run from your debts and then start a new business zero debts doing the exact same thing and get all the benefits. I know that's how bankruptcy works sometimes, but doesn't make it right.
     
  3. Texas Forever

    Texas Forever Seven Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    75,370
    Texas!
    of2worlds, NürScud and anunakki like this.
  4. dantm

    dantm Formula 3

    Nov 1, 2003
    1,101
    YYZ, BOS, SFO
    Full Name:
    Dan B.
    Does anybody know the background of the story?

    I guess if you have a car there you want to remove it as soon as possible (if still possible)?
     
  5. intrepidcva11

    intrepidcva11 F1 Rookie
    Rossa Subscribed

    Jan 12, 2009
    3,210
    Saratoga Springs NY
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    Seth
    Rob, typically debtors are in Chapter 11 because they can't pay their debts and have operating cash. Ch 11 is different from straight bankruptcy. It gives a debtor the opportunity to discuss, typically with major creditors - meaning bank lenders - an arrangement whereby they or it agree with the debtor to be paid less than the full amount of the debts due. The arrangement will frequently provide that the bank creditor(s) extend an agreed upon amount of credit to permet the business to operate. If the bankruptcy judge finds the proposed arrangement to be fair and reasonable the arrangement is then submitted to all creditors for a vote. If approved the debtor emerges from bankruptcy and continues to operate the business.

    Nothing evil in this at all. The alternative is: the business closes, all assets are sold, banks usually fare best and small creditors get screwed.
     
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  6. rob lay

    rob lay Administrator
    Staff Member Admin Miami 2018 Owner

    Dec 1, 2000
    59,402
    Southlake, TX
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    Rob Lay
    who knows, I warned users about 2 years ago.
     
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  7. Innovativethinker

    Innovativethinker F1 Veteran
    Silver Subscribed

    Aug 8, 2009
    8,596
    So Cal
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    Mark Smith
    I’ve had four transactions and some work done there. Trouble free and very satisfied with the results.

    Super mellow guy to deal with.

    I will say that many of his projects are very long term. I can only imagine how much $$ he has tied up in some of those cars.
     
  8. Dave rocks

    Dave rocks F1 World Champ
    BANNED

    Nov 23, 2012
    16,047
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    Dave Lelonek
    Seth, I've known the meaning for years but I've never seen anyone explain it better - thank you.
     
  9. intrepidcva11

    intrepidcva11 F1 Rookie
    Rossa Subscribed

    Jan 12, 2009
    3,210
    Saratoga Springs NY
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    Seth
    thanks, Dave. made me LOL. Fifty years ago after 3 1/2 years active duty in the Navy, I had joined my Dad in his small law firm in New York City. Our client was a national clothing manufacturer with two plants in South Carolina. They had this same problem, a successful business but a down business cycle constricted cash flow. Dad calls me into his office and says - I want you to go down to Greenville S.C. and handle this Ch XI arrangement for XYZ Corporation. But Dad, I've never done a Ch XI before. Dad: you're a smart kid, you'll learn. So off I go to S.C. with my clients, same plane as the partner from Millbank Tweed, lawyers for Chase Manhattan Bank, the major creditor. Long story short, for six months I'm back and forth between NYC and Greenville, then back and forth on the Interstate between Greenville (where the U.S. bankruptcy judge sat) and Spartanburg (where the trustee lived and practiced law). Negotiating the terms of a plan of reorganization. I worked with a young South Carolina lawyer who was almost but not quite as inexperienced as was I. We finally came up with a plan acceptable to all and were back in Court in Greenville for the judge's final order discharging my client from the Ch XI and letting the business continue. A client of the Bank, also in the manufacturing business had put up the money and wound up owning the Company. But the two brothers who had started the Company about forty years earlier and were 74 and 67 years old, wound up getting lifetime jobs at very attractive salaries and a smaller equity participation. I took my clients to the airport to fly back to NYC. As they prepared to get on the plane each, with tears in his eyes, grabbed and hugged me and said: Seth, you've given me back my life. Made me very happy to have chosen to practice law, an opportunity to help people in trouble. Odd, thinking back, I've never written this down before.
     
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  10. hyenahf

    hyenahf F1 Rookie

    May 25, 2004
    2,603
    sad news indeed. gary has a wealth of knowledge and brought back to life countless precious italian machinery over the years.
     
  11. jollygood

    jollygood Formula 3

    Oct 24, 2005
    1,096
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    jollygood
  12. ElvisNasty

    ElvisNasty Formula 3
    Silver Subscribed

    Dec 13, 2009
    1,257
    Los Angeles
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    Elvis Jenkins Nasty
    Sad to hear, I liked Gary and he did good work on my car.

    So what's the top choice shop in SoCal now? I'm not a big fan of Franco's European. There's also Blackhorse in LA which I haven't tried.
     
  13. jollygood

    jollygood Formula 3

    Oct 24, 2005
    1,096
    Full Name:
    jollygood

    Just curious, may I ask why you're not a big fan of Franco's European?
     
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  14. DSharon

    DSharon Rookie

    Feb 7, 2017
    1
    I would like to put everyone at ease, I am an employee of Bobileff Motorcar and can speak about this matter with authority. Gary has unfortunately had some very pressing financial obligations due to his wife having stage 4 colon cancer. She was in the hospital in Switzerland from September to December 2017 and is now home undergoing chemo treatments and her future is uncertain. Health Insurance only covers a portion of the costs. In the USA, a typical chemo treatment can cost up to 65,000 per month, as she has another 5 months of chemo, Gary is not prepared to pay these expenses. Hence the Chapter XI filing was necessary, as this will make the company stronger. The future of Bobileff Motorcar remains secure, with no loss of business moving forward.
     
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  15. Jalpa_Mike

    Jalpa_Mike F1 Rookie

    Apr 2, 2004
    3,019
    Sequim
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    Michael Wilson
    Wow, very sad to hear about Gary’s wife. I hope she gets well really soon. My thoughts and prayers are with Gary and family.
    Thank you for the update.

    Mike
     
  16. raymondQV

    raymondQV F1 Rookie

    Aug 22, 2007
    4,009
    Switzerland
    Full Name:
    Raymond S.
    Oh wow, I got to know Gary and his wife a few years ago when they visited her parents in Switzerland.
    He invited me to join them for a coffee Chat. I hope the best for her.
     
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  17. Ellagirl

    Ellagirl F1 Rookie

    Aug 20, 2014
    2,736
    Florida
    Full Name:
    Nils johnsen
    Met Gary once,super nice, guided me around his shop, lots of amazing cars, very sorry to hear about his wife,can not imagine what it is like to be in this life situation.
     
  18. slownrusty

    slownrusty Formula Junior

    Oct 1, 2014
    391
    Houston
    Full Name:
    Slow Rusty
    Same, interested in knowing the same
     
  19. cls

    cls Formula 3

    Jun 12, 2007
    1,663
    Los Angeles/Montreal
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    Chris
    I'm not a fan either. Many reasons.
     
  20. alberto

    alberto Formula 3

    Aug 25, 2001
    2,395
    San Diego
    Full Name:
    Alberto
    I've been a customer of Gary's since January 2002. I have a car there now having engine work done and an engine for another car that is next in line for rebuilding. When I was told that he had filed for C11 BK, I was legitimately concerned, but thought that it most likely was related to his wife Maggie's illness, and not the result of a business related issue (the shop is always busy).

    I went to the shop the day I learned of it, and if I had not been told about the BK filing, I would not have been able to tell that a filing had been made (which is what you want to see in a C11 filing). Gary was at his desk and the same crew of guys that have been working for him for years were still there, the shop still full of cars, spanners clanking, air guns rattling, cars being dropped off and picked up. Business as usual. I had a good conversation with Gary about the situation, and he gave perfectly logical and legitimate reasons for the filing, as DSharon explained. Clearly the filing was to protect the business and ensure it's continued operation while Gary and Maggie deal with what to me is the more important issue at hand, Maggie's health.
     
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  21. robert biscan

    robert biscan F1 Veteran

    Jan 17, 2003
    5,066
    Nashville and Palm b
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    robert s biscan
    Never dealt with the man but have know of him for a very long time. Sounds like he is going thru a rough time. I hope that he can deal with the uncertainty of the future. I take no pleasure in seeing a man file bankruptcy for any reason. Too bad he had to open up about his trouble.
     
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  22. rob lay

    rob lay Administrator
    Staff Member Admin Miami 2018 Owner

    Dec 1, 2000
    59,402
    Southlake, TX
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    Rob Lay
    really? not paying for advertising to promote your business? I honestly don't know, when was she diagnosed? over 30 months ago?
     
  23. rob lay

    rob lay Administrator
    Staff Member Admin Miami 2018 Owner

    Dec 1, 2000
    59,402
    Southlake, TX
    Full Name:
    Rob Lay
    that is terrible news about his wife. I hope she is on the road to full recovery. I assume the healthcare in Switzerland was free for her, but understand at some point you need to get home.
     
  24. alberto

    alberto Formula 3

    Aug 25, 2001
    2,395
    San Diego
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    Alberto
    #24 alberto, Mar 3, 2018
    Last edited: Mar 3, 2018
    I've never been banned and I will be pleasantly surprised if this doesn't change but Rob: I've noticed your posts about Gary Bobileff have only been to bash him for some time now. You've been carrying this resentment for 30 months?? My advise for you is to move one and let it go dude.

    Regardless of whatever the cause of your grievance is with him, your post is about as tasteless a post as I have seen on Fchat, and coming from the site owner, it's particularly despicable. Shame on you for trivializing his wife's health issues over a few dollars and your apparently continued hurt feelings.
     
  25. rob lay

    rob lay Administrator
    Staff Member Admin Miami 2018 Owner

    Dec 1, 2000
    59,402
    Southlake, TX
    Full Name:
    Rob Lay
    This is independent of his wife's health, I didn't even know about it until the above post. I believe I expressed my thoughts on that specifically well enough here... "that is terrible news about his wife. I hope she is on the road to full recovery. I assume the healthcare in Switzerland was free for her, but understand at some point you need to get home."

    The business stuff is another matter, if you think OK to run and hide, then reappear like nothing happened with a clean slate, then you are wrong. I don't know how you do business, but unethical and poor businesses decisions cause negative consequences.
     
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