cactusman

cactusman

Well Known Member
Would it be possible for someone with a Pacer account to post the filings for us to review as they come down? I don't see how that could be against the posting rules. It's public info and we are all Vans customers and should be kept apprised of what is going on.
 
Wow. I'm looking through the filings and spotted something on the balance sheet that looks like it could be shady....

Under their fixed assets, they only list $53k in aircraft. This makes it look like they liquidated all of their planes before filing to boost their financials, or they undervalued them to reduce their assets. But maybe they never owned them in the first place? Who know, but that jumped off the page at me. I can't think of an RV that is worth only $53k and they supposedly had several. Maybe it's rolled up under the accumulated depreciation, but that's some aggressive depreciation to my outsider uneducated eye.
 
Also.. If someone with a Finance background can chime in.

On the 'Statement of Cash Flows', the 'Net Cash Provided(Used)' line doesn't add up the #s above it. I'm guessing there are additions missing above the summation line? Or is it an arbitrary value?
It's significant ($5.8M) and has a direct impact on the ending cash value.
 
flyrlfs said:
Also.. If someone with a Finance background can chime in.

On the 'Statement of Cash Flows', the 'Net Cash Provided(Used)' line doesn't add up the #s above it. I'm guessing there are additions missing above the summation line? Or is it an arbitrary value?
It's significant ($5.8M) and has a direct impact on the ending cash value.
Click to expand...

It's the sum of net loss from the income statement and the changes in operating assets and liabilities immediately above it.
 
It is fascinating to have the records available like this for review. This would make a good case review for a finance class to see how to wisely restructure operating loans and pre-filing debts to secure them prior to bankruptcy through the use of trusts. This was very carefully planned months ago.
 
JDA_BTR said:
It is fascinating to have the records available like this for review. This would make a good case review for a finance class to see how to wisely restructure operating loans and pre-filing debts to secure them prior to bankruptcy through the use of trusts. This was very carefully planned months ago.
Click to expand...

Hmm... Makes me wonder. It raises the question of 'bad faith' contracts.
If they accepted my deposit for a QB fuselage, beginning of Nov., and never really intended to follow through on that contract... It is all hypothetical but does start to smell bad. This may factor into the Ch11 proceedings for late deposits.

They did label it a 'Business assessment' with no hint of Chapter11.
 
More appropriate to this thread is the Filing issue.
I saw a list of Schedules A-J that *must* be filed within 14 days. I can't find it anymore. Anyone know which statements are still needed by the next court date?

At the end of this, everyone in this group will have a much greater understanding of Bankruptcy in the U.S.
 
JDA_BTR said:
It is fascinating to have the records available like this for review. This would make a good case review for a finance class to see how to wisely restructure operating loans and pre-filing debts to secure them prior to bankruptcy through the use of trusts. This was very carefully planned months ago.
Click to expand...

Also known as a few weeks to complete an extensive inventory…aka…time to file.
 
Filing a Claim With BMC...

I canceled my SLSA order with Vans about 6 weeks prior to the first "cash flow issue" announcement. They dragged their feet on the refund. I was not on the list of creditors Vans published.

I poked around the Oregon State Bankruptcy site to see how I could file a claim against Vans for that pre-announcement refund. I was directed to the BMC site. BMC is handling the creditors list per Van's request to the court.

Here is a link to the BMC case repository:
https://cases.creditorinfo.com/vansaircraft

Here is the link to file a claim:
https://onlineclaims.bmcgroup.com/VansAircraftInc/claim/filing410

Looks like the deadline to file a claim is February 12.

d.
 
You can also file an online complaint form with the Oregon Consumer Protection Division…there will be a box to explain what you want to accomplish with your complaint…ie…kit order taken while allegedly insolvent…would like a full refund instead of losing my deposit by not agreeing to the new price increase or having my deposit dissolved in the increase…another…my kit was supposed to be crated 4 months before the filing…I would like all future deposits in an escrow account for protection, not in a separate account that is not protected by law…the Oregon Attorney Generals office said that all complaints are handled but they have more weight if they receive multiple complaints for the same company. Vans and the top 20 creditors have their own attorneys, it’s a way for the customers with approximately 22m in spent deposits, to be heard. Whether or not there is an escrow account for future deposits is a go/no go situation for me (protection from possible chapter 7).
How to file:
Lower case
oregonconsumer.gov
6 boxes at the bottom
One says file a complaint
You can also attach emails and other correspondence
Oregon Consumer Protection
(877) 877-9392
 
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bob865 said:
Wow. I'm looking through the filings and spotted something on the balance sheet that looks like it could be shady....

Under their fixed assets, they only list $53k in aircraft. This makes it look like they liquidated all of their planes before filing to boost their financials, or they undervalued them to reduce their assets. But maybe they never owned them in the first place? Who know, but that jumped off the page at me. I can't think of an RV that is worth only $53k and they supposedly had several. Maybe it's rolled up under the accumulated depreciation, but that's some aggressive depreciation to my outsider uneducated eye.
Click to expand...

The balance sheet would reflect the net book value of the assets. Their aircraft are likely fully depreciated.
 
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