Has Anyone Gotten Compensation from Monaco Bankruptcy?

[brucemcdou]

Hi all - has anyone out there received anything from the Monaco bankruptcy estate? I don't mean Navistar, but one of us: coach owners who had legitimate claims against the former Monaco? I had pre-approved warranty repair expenses which were never paid before they went into the tank, so I followed the process and filed a claim. I know there are others on this board in similar position.

Please don't start a thread about the management; just want to see if I should start watching my mailbox!

many thanks,

Bruce

[Drifter]

NO!

[Rex]

Only thing you can do is write it off on your Federal ( and perhaps State ) tax returns as a uninsured loss. Other than that, you will never get anything.

[Joe & Bonnie]

Nothing!

[Sixpack98]

What makes you think they will. Monaco was off us like a dirty shirt. By the same token, the bankruptcy court was off us like a dirty shirt. Both of them just want to clear their us off their books with little regard of what we needed or required or deserved. Kay Toolson landed on his feet with little dirt on his feet so it should tell you that us "former Monacoers" were dirt on his feet that he scraped off. Toolson is the modern day "Peter Principle". His incompetence, and others, resulted in the demise of Monaco and for Navistar to reinstate him as CEO was stupid. My next coach will be a Tiffin, at least BobTiffin realized his son was an idiot an came back to save the company. Navistar is condemned to repeat history with Toolson at the helm

[Bill Adams]

Don't watch your mailbox. If you were added to a list of creditors (IF), you would have been so far down on the list as to be non-existent. Anyone can file a claim against a company but once the chapter 7 decision is made by (or forced upon) the company, the tiny amount of money collected from asset auctions and the like all goes to the lawyers and the majority creditor(s). The little guys like you and me have no chance of getting a dime (OK, maybe a dime). This is much like the companies that get sued by the stockholders (lawyers). The lawyers get $100 per share and the actual stockholders get 4 cents.

[Sixpack98]

Quote:

Originally Posted by Bill Adams Don't watch your mailbox. If you were added to a list of creditors (IF), you would have been so far down on the list as to be non-existent. Anyone can file a claim against a company but once the chapter 7 decision is made by (or forced upon) the company, the tiny amount of money collected from asset auctions and the like all goes to the lawyers and the majority creditor(s). The little guys like you and me have no chance of getting a dime (OK, maybe a dime). This is much like the companies that get sued by the stockholders (lawyers). The lawyers get $100 per share and the actual stockholders get 4 cents.

Not many crumbs left over huh Bill???

[brucemcdou]

Thanks, Guys - just wanted to check if anyone else had heard or received anything. I also checked the Omni website (bankruptcy administrator) and there's no update. My claim is still listed there, with "unsecured" next to my name

I hadn't thought of Rex's proposal of writing it off as an uninsured loss. Creative advice, Rex!

At the end of the day I still love my coach, it's just cost me a little more than I expected!

[Larry Geese]

Toolson is to Monaco what J.J. Hazelwood was to the Exon Valdez. Yep they both ran the ship on the rocks.
Why would anyone hire Toolson for a New Monaco or J.J. Hazelwood to plot anther oil tanker.
Larry

[The Danes Are Coming]

Still waiting but not holding my breath.

[jacmat]

I did'nt even bothered to file my claim.

At least this way I saved $1, ( mail from Canada )

[moisheh]

I have never heard of an unsecured creditor getting one peso when the judge gave everything to the banks. Forget the whole incident. You cannot write this off without proof that you were entitled to get something.

[Denali]

No, but I did receive a letter from the bankruptcy attorney requesting payment for non-warranty work they did on our rig about a month before they folded. Of course, that work was paid for at the time.