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Holley files for chapter 11 bankruptcy

Discussion in 'The Hokey Ass Message Board' started by patman, Feb 12, 2008.

  1. patman
    Joined: Apr 30, 2007
    Posts: 561

    patman
    Member

  2. nexxussian
    Joined: Mar 14, 2007
    Posts: 3,240

    nexxussian
    Member

    OUCH!!

    Hope they get it sorted out.
     
  3. 29 sedanman
    Joined: Mar 22, 2005
    Posts: 2,282

    29 sedanman
    Member
    from Indy

    Doesn;t holley own allot of other companies like lunatti, hooker, and others or am I not thinking straight?
     
  4. MIKE-3137
    Joined: Feb 19, 2003
    Posts: 1,578

    MIKE-3137
    Member

    wow, wonder how they got that deep in debt?
     

  5. skajaquada
    Joined: Sep 14, 2004
    Posts: 1,642

    skajaquada
    Member
    from SLC Utard

    maybe i can talk them into selling me the rochester name since they haven't done anything with it since they bought it from edelbrock ;)
     
  6. The37Kid
    Joined: Apr 30, 2004
    Posts: 28,181

    The37Kid
    Member

    Thats sad, I think they've been around since 1903, did fuel injection cause this?
     
  7. zombo27
    Joined: Dec 8, 2005
    Posts: 265

    zombo27
    Member
    from E-town Ky.

    They got that deep in debt just like the rest of the country. Inflation. High cost of materials, cheap shit from China etc. Bankruptcy isn't all gloom and doom. It can help company's rebuild. The company I work for (Dana Corp, major automotive supplier for those who don't know) just emerged from chapter 11, we trimmed off some fat and are coming back a more profitable company.
     
  8. Shaggy
    Joined: Mar 6, 2003
    Posts: 5,208

    Shaggy
    Member
    from Sultan, WA

  9. Shaggy
    Joined: Mar 6, 2003
    Posts: 5,208

    Shaggy
    Member
    from Sultan, WA

    Mallory weiand nos and earls i think also
     
  10. patman
    Joined: Apr 30, 2007
    Posts: 561

    patman
    Member


    Dunno about the other ones, but Lunati was part of Holley, but it is now a separate company. As others have said, hopefully they'll come out of this in good shape and operate profitably from there.
     
  11. shadetreerodder
    Joined: Aug 4, 2006
    Posts: 291

    shadetreerodder
    Member

    Doesn't suprise me too much. They make the worst carb on the market. I use mine as a door stop in the garage.
     
  12. Trucked Up
    Joined: Nov 6, 2006
    Posts: 1,580

    Trucked Up
    Member

    This is just the begining..................Not injection, but the ECONOMY. :(
     
  13. Mallory is part of Mr.Gasket.
     
  14. burl
    Joined: Nov 28, 2007
    Posts: 743

    burl
    Member
    from Minnesota

    Chapter 11 is better than the company going under.Usually they rebuild at the expense of others,if your a supplier just try to get your invoices paid.You may get get paid but just pennys on the dollar.And if you were paid within 90 days of the filling you may end giving that money back.Not good for the supplier.
     
  15. Tman
    Joined: Mar 2, 2001
    Posts: 34,483

    Tman
    ALLIANCE MEMBER

    It must have been that fugly red/checkered 57 Chvey Convert that sunk them;)?
     
  16. FiddyFour
    Joined: Dec 31, 2004
    Posts: 9,008

    FiddyFour
    Member

    the article explains how they are "profitable". . . how the hell can you show a profit when your net worth is less than half of what you owe?

    i wish em lotta luck... shame to see a company this old and respected die now
     
  17. streetfreakmustang
    Joined: Nov 30, 2006
    Posts: 307

    streetfreakmustang
    BANNED
    from Ohio

     
  18. Larry T
    Joined: Nov 24, 2004
    Posts: 7,667

    Larry T
    Member

    Global Motorsports (Custom Chrome) is doing the same thing. I guess it's a good way to clean things up and show more profit. Hard on yout suppliers (or former suppliers) though.
     
  19. nexxussian
    Joined: Mar 14, 2007
    Posts: 3,240

    nexxussian
    Member




    DAYYYYUM!!:eek:
     
  20. JustDave
    Joined: Jan 22, 2007
    Posts: 92

    JustDave
    Member

    Look how many big companies vanished after 1929. Chapter 11 is often times just a business ploy to cheat creditors. I guess time will tell.
     
  21. streetfreakmustang
    Joined: Nov 30, 2006
    Posts: 307

    streetfreakmustang
    BANNED
    from Ohio

    Yep, The housing mess has not even hit yet. A hugh amount of ARM loan resets will really be hitting the fan intil April-June of this year. When they do watch out.

    Spoke with a client of mine this week. Said his sales have turned of like a spigot since December.
     
  22. MIKE-3137
    Joined: Feb 19, 2003
    Posts: 1,578

    MIKE-3137
    Member

    I wondered that also, I'd like to try that one on my bank.
     
  23. BOBBY FORD
    Joined: Oct 6, 2007
    Posts: 700

    BOBBY FORD
    Member

    We had been in the retail shitcan for about two and a half months waiting for tax refund time to hit then of course the rebates were delayed. They are beginning to trickle in now and business has improved substantially. There are a lot of business people we know that has not made it and there will be more that won't make it before congress can get their shit together with the tax thing. The little man makes this economy run and he is being screwed. It is going to get worse before it gets better. Just my $0.02
     
  24. ALindustrial
    Joined: Aug 7, 2007
    Posts: 852

    ALindustrial
    Member

    so they are just regrouping and rebuilding? thats what Chapter 11 is?
     
  25. TagMan
    Joined: Dec 12, 2002
    Posts: 6,154

    TagMan
    ALLIANCE MEMBER



    Holley sold off Lunatti to Comp Cams last year.
     
  26. Trucked Up
    Joined: Nov 6, 2006
    Posts: 1,580

    Trucked Up
    Member

    I can tell ya first hand about this 90 day crap. Its also referedto as the Preferental Pay Preiod.

    A few years ago I got smoked by local coal company owned by James River Coal Group out of Richmond Va. Lost 125K in the bankruptcy then months later get a nice little note from the trustee informing me that the last payement I recieved would have to be returned. WHY. Because it was issued inside the 90 day window proir to the filing, but actually paid for invoices that were outside the 90 day prior to filing.

    Simply put I lost another 42K and the company never lost a days work.

    In addition the company had some sub contractors mining some of thier coal. These contractors had the option of running thier supplies through James River Coal account. JRC then would in turn hold back the cost of supplies from the contractors bi-monthly check. Then JRC would pay the vendors.

    You guessed it, JRC withheld hundreds of thousands of dollars from contractors checks and filed without paying the vendors for the supplies it withheld money for.

    :mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
     
  27. streetfreakmustang
    Joined: Nov 30, 2006
    Posts: 307

    streetfreakmustang
    BANNED
    from Ohio

    Trucked up

    What's doubly frustrating/annoying is when you see these people on the street and they are not the bit ashamed they screwed you out of that money.

    The etchics and morals in this country is kaputt.
     
  28. Dude, you didn't have to bring that "thing" up :rolleyes:
    They beat me out of $500 when I fixed that pig after it hit a deer on Powertour:mad::mad:
    Maybe that's why I don't buy Holley products anymore...
     
  29. Tin Can
    Joined: Nov 18, 2005
    Posts: 2,096

    Tin Can
    Member

    Could be a good time to buy some stock soon and watch the company grow back up
     
  30. 6t5frlane
    Joined: Dec 8, 2004
    Posts: 2,382

    6t5frlane
    Member
    from New York

    I've won races, traveled far distances and had great reliability with my Holleys
     

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