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Crazy Alberto

Chapter 11 and now....

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There are lots of industry rumors going on about the Van Staal company. It's been awhile since they filed chapter 11 and now I understand they filed for 7! I wonder what the future holds for all Van Staal reel owners...

 

"Crazy" Alberto

 

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I was recently talking about this to Kathy at Johnny's in Montauk. She said that this was just a rumor.

I just E-mailed Van Staal because I am having a problem with a reel that was just serviced and they told me they will fix it and have it back to me in 2 days.

That doesn't sound like a response that a company going under would give.

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When I was in the Vineyard someone mentioned that to my Buddy who was fishing with one. He is now ready to get rid of it. He wasn't very happy with it to begin with and once he heard that he decided he's ready to sell it.

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I just talked to the folks at VS and they admitted to Chapter 11 which is a company restructuring. They said that they are going 100% fishing and that they are abolishing the aeronautics division. They assured me that VS was staying in business....for what that's worth.

 

Alberto....where did you see Chapter 7? They said this was totally untrue. This would mean that their doors would be shut. Where did you see this? confused.gif

 

------------------

DC ><}}}}>

Berkeley Striper Club...Seaside, NJ

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Everyone:

 

Please note that we should not participate in spreading unsubstantiated rumor. This is particularly important to keep in mind when the rumor has to do with a commercial entity.

 

Mike Y

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Chapter 11 = GOOD. biggrin.gif Basically a reorganization of liabilities. A court-appointed/supervised process whereby a company can call a financial "time out," and schedule/prioritize outstanding obligations to creditors and suppliers. This is a good thing for companies filing...often, it means you can get better terms to pay off your debts.

 

Chapter 7 = BAD. frown.gif That means liquidation of the company to pay off the company's debts. No more company...bye bye bye.

 

-FWW

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