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Old 11-14-2009, 11:07 PM   #1
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Another Dealer Down, Lazydays

Lazy Days RV Center plans bankruptcy - Tampa Bay Business Journal:
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Old 11-15-2009, 05:50 AM   #2
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Again!
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Old 11-15-2009, 06:08 AM   #3
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old news

Bob

That article is from Sept. 4.
They're probably out of backruptcy by now or close to it. I have had service there since Sept. 4 and you would not have known they were having this problem. I had the same great level of service that I've had for the last 8 years.

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Old 11-15-2009, 07:02 AM   #4
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Old news!
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Old 11-15-2009, 03:17 PM   #5
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OHH sorry. I wasn't aware of the Sept. filing.
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Old 11-15-2009, 09:39 PM   #6
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I've had the opportunity to speak directly with John Horton, Lazydays CEO, about this. This is a "packaged" bankruptcy, with all the major creditors already signed up to accept the terms of the reorganization being submitted to the court. Basically the bondholders are converting their bonds to equity (stock). Should be cut and dried affair and they are expected to exit bankruptcy quite soon.

I was also at Lazydays last Friday and things are humming along as usual.
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Old 11-17-2009, 10:40 AM   #7
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Maybe I'm just an old stick in the mud, but I was raised to honor my obligations....

General Motors
Chrysler
AIG
WRV
Monaco
LazyDays

ETC...
ETC...
ETC....

It just bothers me that for whatever reason these "businesses" do NOT honor their obligations...

I would rather eat mac n cheese and rice & beans for the rest of my life than to dishonor my family name by defaulting on an obligation..

That is why I am so vocal about several topic here (WH/Navistar brakes, Monaco trailing arms, WRV steering brackets, etc..)

My opinion only....sorry for the rant....
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Old 11-17-2009, 03:54 PM   #8
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Mike,

I'm an old stick in the mud also, but I don't understand your rant in relation to this event. Lazydays has been working with it's bond holders and banks for most of this year to reach an equitable and agreed to plan of reorganization.

1. All vendors are being paid.
2. Customer obligations are not affected.
3. Employee remain at work.
4. Banks have agreed to floorplan financing.
5. Bond holders have agreed to trade their bonds for common stock, so they will own a big % of the company.

The banks and bond holders could have refused the terms of this agreement. This would have left the bankruptcy court to sort things out and perhaps close the company and sell the assets. The creditors would have split up the proceeds of the sale. They obviously think that are financially better off as owners of this company going forward.

I just fail to see how this is not doing everything possible to meet obligations. Just another rant.
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Old 11-17-2009, 04:07 PM   #9
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Steve, I am referring to bancruptcies in general...not LazyDays in particular..Note that there were many others on the list also..I don't know the details of this restructuring, nor am I making any comment about LD in particular.

It seems that today in the USA , It is far easier and socially acceptable to just say, "Sorry, I failed." then walk away...

That is the paradigm I take exception to.

I am disheartened that so many businesses are failing, as we all see the closed shops and for sale signs littering the landscape. However many of these failures are a direct result of poor management and even worse customer service.

Even now the "industry" that brought our economy to its knees (Wall Street & Banking) is reaping even larger returns on the rebound they caused, and giving themselves big bonuses even though it was our tax dollars that saved their comanies form total collapse.

I (and you I'm sure) have aquantences that lost a huge piece of their savings through these "manuvers", and frankly, I believe it is wrong, disagree if you will, but my Mamma taught me well, "DO unto others as you would have others do unto you"
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Old 11-17-2009, 05:58 PM   #10
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Mike,

I'm angry too. However, if I spent my time dealing with that anger, I would never have time to do anything else. I guess my solace is that we all will be judged by a higher authority someday and those that have lived repeatedly off of the misery of others will have to explain their actions. If the "Big Guy" says it's alright, I will endure, if not, I will snicker!
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Old 11-17-2009, 06:59 PM   #11
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I am referring to bancruptcies in general...not LazyDays in particular..Note that there were many others on the list also..I don't know the details of this restructuring, nor am I making any comment about LD in particular.

Good thing. It could have gone a lot worse. There was a RV dealership that was here for two plus decades. One night the repo guys came in, took the rigs, backed up a semi to take the store stock, and by 8:00 a.m., all that remained was a portable sign reading "Goodbye".

It seems that today in the USA , It is far easier and socially acceptable to just say, "Sorry, I failed." then walk away...

That is the paradigm I take exception to.


It's a free country, and you can take exception to what you want. You would prefer the old school debtors prisons, selling a person's possessions down to his underwear, and tossing them out on the street with absolutely nothing?

I am disheartened that so many businesses are failing, as we all see the closed shops and for sale signs littering the landscape. However many of these failures are a direct result of poor management and even worse customer service.

Bullfeathers. What is killing small business is access to capital. Business runs on capital and credit. When you tell a small business person they cannot get the money to expand, to purchase inventory, to make a payroll, oh and by the way, your line of credit loans are now being called...that is what is killing small business.

Even now the "industry" that brought our economy to its knees (Wall Street & Banking) is reaping even larger returns on the rebound they caused, and giving themselves big bonuses even though it was our tax dollars that saved their companies form total collapse.

My wife and I run a small business. We applied for an SBA loan to lower our interest rates. The banks turned us down flat. But there is plenty of money for small businesses such as Boeing, Lockheed-Martin, and others. (yes, all of those 'small businesses' received SBA loans in the last eighteen months)

I (and you I'm sure) have aquantences that lost a huge piece of their savings through these "manuvers", and frankly, I believe it is wrong, disagree if you will, but my Mamma taught me well, "DO unto others as you would have others do unto you"

You haven't heard? The new golden rule is "he who has the gold, makes the rules".

Don't be so judgmental about those who were forced into bankruptcy. We were forced into bankruptcy on a personal basis. We were able to save our business, but lost our house. Why? I made the mistake of having a heart attack and running up thousands of dollars of medical bills my insurance refused to cover. Guess I'm one of those bad managers, huh?

In the meantime, those who were deemed too big to fail got a nice fat government bailout our children will be paying for. Those of more modest means were told by the money men to crawl in a corner and die. Some of us refused to. Those creditors who knew my situation and were willing to work with me got 100 cents on the dollar. Those big banks who jerked my credit card rates to 36 percent and piled thousands of dollars in fees on my mortgage got no money, and in the case of the mortgage lender, a house worth thousands less than the mortgage balance. The bankruptcy absolved my family of paying the difference. The bank changed the locks on my house when I became two months in arrears. Illegal, but it would cost thousands to fight them. I hope the house burns to the ground.

My wife and I no longer borrow money for the business, we have a good nest egg saved up to get us through most emergencies. Saving is the new key to success, as you can no longer borrow on anything less than a 750 credit score, several thousand dollars in the bank, and a white collar job.

Your best bet is to move your money to a small community bank if you are a business and to a credit union if you are an individual saver.

The big banking conglomerates can go to hell as far as I'm concerned.
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Old 11-17-2009, 08:08 PM   #12
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Thank you for your service Richard. Well said.
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Old 11-17-2009, 08:25 PM   #13
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Thank you rray for putting that out there,sure is a lot tougher to live it, than whine about it! And the best of luck going forward.
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Old 11-18-2009, 09:29 AM   #14
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Ray, I think we agree more than disagree....

Quote:
Originally Posted by rray32539 View Post
.....You would prefer the old school debtors prisons, selling a person's possessions down to his underwear, and tossing them out on the street with absolutely nothing?.
No I don't, but neither do I believe that one should be able to just "Walk away". If I make some poor choices and fail, then I must be held accountable for those choices. That might mean that I create a "payment plan" with my creditors. I might never pay them off completely, but neither should I "get rich" after the fact and make no reparations at all, as many do.

Quote:
Originally Posted by rray32539 View Post
....What is killing small business is access to capital. Business runs on capital and credit. When you tell a small business person they cannot get the money to expand, to purchase inventory, to make a payroll, oh and by the way, your line of credit loans are now being called...that is what is killing small business..
I agree that Businesses must have Capital, but where that capital comes from is where we must agree to disagree...No one "forces" anyone to borrow money. Borrowing money is a choice. There are other sources of Capital for Business. (partners, stock, etc...)

Quote:
Originally Posted by rray32539 View Post
........there is plenty of money for small businesses such as Boeing, Lockheed-Martin, and others. (yes, all of those 'small businesses' received SBA loans in the last eighteen months).
If this is true, then you and I totally agree that is is not "fair", but life is a "cruel mistress" and she is not often "fair".

Quote:
Originally Posted by rray32539 View Post
You haven't heard? The new golden rule is "he who has the gold, makes the rules"..
That is the way of the World, always has been, allways will be...Still don't make it right.

Quote:
Originally Posted by rray32539 View Post
Don't be so judgmental about those who were forced into bankruptcy. We were forced into bankruptcy on a personal basis. We were able to save our business, but lost our house. Why? I made the mistake of having a heart attack and running up thousands of dollars of medical bills my insurance refused to cover. Guess I'm one of those bad managers, huh?"..
Different topic...Healthcare reform...

I couldn't agree more that some change is needed there, Please don't take my comments personally, there are sometimes extenuating circumstances. No one should be bancrupted due to healthcare costs in my opinion.

Quote:
Originally Posted by rray32539 View Post
......Those big banks who jerked my credit card rates to 36 percent and piled thousands of dollars in fees on my mortgage got no money, and in the case of the mortgage lender, a house worth thousands less than the mortgage balance. The bankruptcy absolved my family of paying the difference. The bank changed the locks on my house when I became two months in arrears. Illegal, but it would cost thousands to fight them. I hope the house burns to the ground."..
I am sorry for your loss, and as said above, Healthcare reform is desperately needed in the USA, so that No-one is bancrupt due to injury and illness!

With that said, ,no one forces anyone to borrow money...We do that of our own choice and free will.

My parents (like many here) suffered through the Great Depression, and lost all their money when the banks failed, they learned that credit is not a good thing, and getting in debt is a sure path to disaster. They built a good life on "paying as you go", and built quite a good life and business on that philosophy.

Quote:
Originally Posted by rray32539 View Post
My wife and I no longer borrow money for the business, we have a good nest egg saved up to get us through most emergencies. Saving is the new key to success, ........

.....In the meantime, those who were deemed too big to fail got a nice fat government bailout our children will be paying for. Those of more modest means were told by the money men to crawl in a corner and die.....The big banking conglomerates can go to hell as far as I'm concerned.
I couldn't agree more!
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