Logmaster BANKRUPT

Ianab · December 16, 2013, 11:13:38 PM

The Peterson will be different to operate if you are used to a band mill, but they are a very versatile machine, and one of the higher production machines for the price. At least you will be back sawing again, with a decent machine.

Ian

Red Good · December 16, 2013, 11:18:10 PM

Well that sucks , was hoping for a better outcome for you .

schmism · December 17, 2013, 01:49:41 AM

Quote from: yarnammurt on December 16, 2013, 10:22:47 PM
Well never got in touch with them. I did get in touch with the money man.

Did you file a claim for your 8K? I would at least do that. Even if you dont get anything out of it your on record saying they owe you.

Ron Wenrich · December 17, 2013, 05:51:06 AM

In the past couple of years, I've been involved in a couple of bankruptcies. One was MF Global. That one cost me money for an attorney, and I had to file papers. I got most of my money, and it took a long time.

The other was on a consulting job. I provided services, and the company went into receivership. I put in my bill. It was a month or two, but I was paid in full. I didn't use an attorney for that one, but I had a little more leverage on that one.

The point is, you have to file something or you'll be out completely. Receivership means they'll be liquidating their assets and paying claims. Might as well get in line.

NMFP · December 17, 2013, 07:59:31 AM

As Ron said, you need to fill out the papers.

Sometimes when a company files bankruptcy, it isnt the companies fault, marketing, product line but rather, a poor supplier or a customer that failed to pay. I just ran into this situation.

A customer of mine called and needed strips for restaurant chain remodel. I quoted, received the order, cut and delivered the order for a total invoice of $18316.00 Terms were 40% down, balance in 30 days. 30 days came and went, called and no one answered. Called many times and even called people in the same town to check up on them and no one was around.

Turns out the restaurant chain decided to start remodeling resturants without proper permits, in turn were stopped from that so they decided to stop payment on the millwork and lumber so inturn.... ran my customer out of business (the millwork guys) and I did not get paid and by process of the system, no one was allowed to speak to each other.

Fortunately, I should be receiving money but it will be a little at a time and who knows how long it will take to pay off the invoice, interest, fees and so on. Luckily I have other sources for income but if not, I would have to follow the same path when inturn, I would have been the victim.

The restaurant chain is nationally known and not fly by night. None of us in the process saw this potential disaster on the horizon.

Long story short, Businesses go out of business for bad management, bad ideas, lawsuits and so on but sometimes, businesses are the victims as well.

Just think of an order that you sort of broke even on and didnt make much money, and then the company says that you will not get paid because they are going out of business. Very touch to take as well. Its one thing to go out for bad management, but its another to go out by due process without you haveing any control.

chain · December 17, 2013, 08:32:05 AM

Yarn, if you could find this book, "One Man with Courage", the story of Wayne Crytes, who lost his entire soybean crop to bankruptcy. Wayne was a sort of folk hero for what he attempted but lost. One of the grain facilities was within a half-hour of my home, it was here Wayne told the authorities he was coming to get his soybeans, come h--l or high water.

The law does not understand sympathies or stress feelings of men trying to make a living supporting their families. Often, the law follows those with power, money, and the best most experienced attorneys.

Best of luck to you!

mikeb1079 · December 17, 2013, 10:09:41 PM

QuoteOften, the law follows those with power, money, and the best most experienced attorneys.

now there's a hard truth.

highleadtimber16 · December 17, 2013, 10:51:10 PM

yarnammurt, I hate to hear about your loss and frustration. The Petersons are good mills and I'm sure you'll love it. *stuff happens, and it could've been worse. You've probably heard that a couple of times in the last week :D Cut your losses make your money back and keep on pluggin away. Sometimes it's not worth the frustration and time to chase lost money. Just my advice.

Good luck!

Will_Johnson · December 18, 2013, 04:57:45 PM

This is surely a shame for all involved: the company, the employees and the folks who had mills on order.

We have gotten several calls over the last few days from folks who had Logmaster mills on order. We are trying to work with them to get their mills expedited and also doing a little something on the deal to repair any lingering bitterness to the industry in general.

Yarnammurt looks like you've gotten a Petersen -- which is a shift of gears if there ever was one! But good for you for dusting yourself off and going forward.

But anyone else who's at loose ends due to this sudden change with Logmaster and had TimberKing on their short list please feel free to contact us and we will do everything we can to hopefully help give your story a happy ending.

Nomad · December 18, 2013, 05:58:21 PM

For anybody involved this has to really suck. Will, that's doing a great job of stepping up to bat. Thank You. 8)

Kingcha · December 18, 2013, 11:41:02 PM

Is it me or did some not read your first post. Sorry to hear about your situation. As I read it, you traded in your mill towards a new one as a down payment(did you have to send money too?). They then sold your mill and are now sending you a check for what??? I am assuming what they got for it. But your out a mill and now need to buy one. That does suck. Still the company must be trying or they would not even have sent you a check. No winners here. Sound like a few have given you some good advice to follow and I wish you well.

Matt

barbender · December 19, 2013, 06:55:54 PM

My understanding was that he traded his mill and the $13K to boot on a new one, so he was getting a new mill that cost $21K. They just sent back the $13K and his mill is gone, which for Yarnamurt's purposes is about the same as having it stolen >:( At least they sent you back the $13K, that could have disappeared as well. Makes a guy think it would be prudent to set up an escrow account or something when dealing with someone requiring a prepayment, so you have some recourse in this type of scenario.

Sawdust Lover · December 20, 2013, 09:13:37 PM

Quote from: Will_Johnson on December 18, 2013, 04:57:45 PM
This is surely a shame for all involved: the company, the employees and the folks who had mills on order.

We have gotten several calls over the last few days from folks who had Logmaster mills on order. We are trying to work with them to get their mills expedited and also doing a little something on the deal to repair any lingering bitterness to the industry in general.

Yarnammurt looks like you've gotten a Petersen -- which is a shift of gears if there ever was one! But good for you for dusting yourself off and going forward.

But anyone else who's at loose ends due to this sudden change with Logmaster and had TimberKing on their short list please feel free to contact us and we will do everything we can to hopefully help give your story a happy ending.

Another reason why I own a Timberking!