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SUBJECT: # 35466: Have you heard, Van Staal going Chapter 11?
Submitted by Capt. Bob from FLORIDA on 7/13/01 4:13:00 PM
So much for their lifetime warranty. Noticed several posts on the All-Coast board out of California that makes it sound like more than just a rumor. What have you guys heard?
- 7/13/01 6:58:00 PM
Submitted by
Frenchy from NEW YORK says It is beyond the rumor stage
Van Staal engineering filed for Chapter 11 last year. That in and of itself isn't all that significant, as Chapter 11 is temporary relief from creditors while a company restructures itself. The proceeding is being held in the bankruptcy Court in New Haven, CT. The word from Van Staal was that they were going to reorganize as purely a tackle manufacturer, and were droppping the aerospace part of the company.However, it does appear that on July 25, 2001, someone will petition the Court to convert the proceeding to a Chapter 7. That means, in plain English, Gonzo, Finis, Kaput, end of company, liquidation of assets to pay creditors and Sayanora. Either VS or one of its creditors, I assume, could have made the motion to convert to Chapter 7. It does NOT, however, mean, that the motion will be granted. VS may oppose it if it was made by a creditor.
There are unsubstantiated rumors than another Connecticut company will try to get aftermarket parts machined. However, this in all likelihood will not be a free service under warranty, those contractual obligations expire when VS does.
Here is a copy and paste of the information as reported on another website:
The Bankruptcy Courts have a voice-driven information service that's free and fairly informative. I checked that and then spoke with the Clerk today. The Van Staal Manufacturing proceeding was filed as a Chapter 11 reorganization on 4/16/00, case 01-31916 as Fishweewee noted. The debtor's lawyer is a W. Parker Healy, telephone 203-368-4234. The case is assigned to a Judge Lorraine Healy. First meeting was 5/21, next is 8/20. A MOTION IS PENDING and returnable 7/25 to convert the case to a Chapter 7 proceeding. If'n you want to attend, it's at 2;00 p.m. on the 17th floor 0 the motion requires a hearing. To hear the Voice Case Information System yourself, call 1-800-800-5113. I don't know how often the VCIS is updated. Nor do I know who is asking that the case be converted to Chapter 7.
- 7/13/01 7:14:00 PM
Submitted by
Bill (209.240.220.202) from NORTH CAROLINA says Don't worry, Tackle Snobs, there will be someone along soon to take you Fools money!
Gotcha, VS.
- 7/13/01 10:24:00 PM
Submitted by
Frenchy from NEW YORK says Guess those $2,000 coffee grinders didn't sell like hotcakes
Yep---the ultimate joke on guys with more money than brains everywhere, the 2 grand spinning reel.Never fear, Daiwa will have something ready to top that within 2 years. Don't they have a $1,200 toy with titanium-everything and a gazillion bearings already?
- 7/13/01 10:28:00 PM
Submitted by
bonefish from TENNESSEE says Expensive Junk!
Anybody buy VS titanium pliers? Or one of their reels? If you inspect the products you'll know why VS is in financial trouble.Good riddance!
- 7/14/01 12:08:00 PM
Submitted by
Bill (209.240.220.219) from NORTH CAROLINA says Never underestimate the stupidity of the American public, especially the fishermen!
BPS catalog, and all the others, contain about 10% necessary or useful equipment and 90% Sucker Bait.
- 7/15/01 10:52:00 PM
Submitted by
Bobby Dushane (209.254.215.171) from TEXAS says No Van Wobble for me...
I'm embarrased to say that I fell for the hype. I Bought a VS-150 at Bass Pro Shops... What a joke! I could have bought a 6.99 no-name reel from the dollar store that had less wobble than the spool on that damn Van Staal did.I called the factory about the spool and they proudly said "the wobble was inherent to the Van Staal reels." So I wobbled my ass back to Bass Pro the next day and gave em' back their Van Staal... I Bought a Penn 4500, 6500, two Penn rods and put over 200 bucks back in my pocket.
Live and learn.
