Community Forums

alpinerver · 05-09-2008, 04:57 AM

Strong rumor that Pilgrim is back in the picture. should be an announcement soon. hope so.

alpinerver · 05-09-2008, 04:57 AM

Strong rumor that Pilgrim is back in the picture. should be an announcement soon. hope so.

Ted III · 05-09-2008, 12:20 PM

That is an interesting statement!

Ted

sdcyclist · 05-09-2008, 01:45 PM

wow!

That would be the best news yet. Let's hope it is fact and not fiction.

Milo

Ted III · 05-10-2008, 03:37 AM

I really do not get the relationship with Pilgrim. Is the thought know that Pilgrim would purchase WRV?

RoadRohrers · 05-10-2008, 04:01 AM

What would Pilgrim get with WRV that they might not have been able to get at the National RV firesale? Just curious to know thoughts on the value added to Pilgrim by acquiring WRV assets.

skyguy62 · 05-10-2008, 07:23 AM

An insider (top supplier to the dying industry) told me Pilgrim is trying for an asset only buy out. There is NO intention of saving "the class a" equipment side. Further at least one more mid size manufacturer is teetering and a major player is dumping assets for cash. I salute Engineer Mike for his dedication in compiling a library. But I would like to suggest: instead of feel good ralley's (which would be fun to attend if I ever get road worthy again!!!!)Our Association might represent us with a lawsuit to push WRV into Bankruptcy. This would allow us to seek relief from the Courts "to acquire all Parts records and schematics" as a right of ownership.
My friend has explained that the financial rats are abandoning ship as fast as they can to remove what ever cash they can. There is no room for regard for the victims behind. A bankruptcy might even allow those of us still awaiting refunds of old warranty work to get some pennies.
Finnaly do you think "FMCA" magazine has any clue as to what is going on?

RoadRohrers · 05-10-2008, 09:43 AM

Interesting thought of suing for information. Not sure about FMCA. Think they exist to promote a lifestyle. I am sure they were not pleased to highlight a National RV Product on the cover the same month company folded.

bigfish · 05-10-2008, 07:29 PM

Don't understand why Pigrim would have an interest in WRV unless it would be for the 5th wheels. If they had an interest in Class A's then the Travel Supreme fire sale would have been the more likely choice as they are closer (about 25 miles apart). Additionally, being a fairly young company, they probably do not have deep enough pockets to handle a buyout and startup of another business at this time.
What all does "asset only buyout" encompass? Would that include all records & documentation, proprietary tooling, etc? If not, where would all that stuff land? It would seem some enitity could pick it up for pennies if they had the storage facilities.
If any rv mfg could benefit from buying the WRV corpse, it might be Tiffin. Their new Powerglide chassis is pretty similar to the Peak. The components such as engines, transmission, Vansco multiplexer, Smart Wheels, Huck Bolting, etc. is hardware they have in common.
BTF

RoadRohrers · 05-11-2008, 06:28 AM

Not sure how much real estate is involved since lawsuits and eviction notices have been given for the property. As I believe in "Alice in Wonderland": It just get curiouser and curiouser.

Ted III · 05-11-2008, 06:47 AM

I happened to notice that Guaranty was mentioned in the law suit papers.I wonder what that is all about. Possibly they owed WRV money for units.
Ted

alpinerver · 05-11-2008, 08:02 AM

Didn't see Monomoy mentioned in lawsuit, Makes me think it was for something prior to their acquiring WRV. may have something to do with old plant by the airport. When I was at camp WRV last year story was that Monomoy had acquirer a vacant distribution center across town and full operations was to be transferred there. They were hauling trailer loads there during that time.

bigfish · 08-10-2008, 06:11 AM

Per news article 08/09/2008 Pilgrim International shuttered 4 plants, laid off 160 workers & temporarily ceased operations. Per spokesman Dave Hoefer Sr, they are in the process of negotiating with their bank.

Additionally, Keystone RV is laying off 290 workers or about 10% of their work force.

Earlier this year, Monaco announced layoffs of 1400 workers and the closing of 3 Indiana plants, shifting remaining production to other facilities. The state of Indiana will require 3 million dollar reimbursement of tax incentives granted Monaco if they follow through with the plant shutdowns and worker dismissals.