# North Fork Bankruptcy - Warranty?



## Caster

I see Gary Loomis's latest rod building venture, North Fork Composites, filed for bankruptcy the other day (not surprising given his history :cop. Batson is their exclusive blank distributor. The bankruptcy papers say he owes Batson $36,000. Who's next? Any idea how that will affect NFC blank warranties?


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## katjim00

I would contact Batson if you had a question on warranty issue. Judging by the post you made here and the posts you have made in the past you are just being a trouble maker. I would assume that if he owes batson that large amount of money they will not warranty his product....but I am sure you assume that as well and you are merely trying to be a D-ick

Always a pleasure to see you post.


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## Caster

Take a chill pill katjim00. Don't shoot the messenger if you don't like the message!! :work: If you're offended in someway I'm sorry, you must be a fan of NCF/Batson so I can see why you'd be disappointed & upset - but it doesn't change the fact North Fork filed for bankruptcy and current NFC blank owners should question their NCF/Batson blank warranties. I was just posting information so fellow builders are informed of recent events which may affect them. I own a North Fork blank, I know i would want to know the stability of the business I was doing business with and the reliability to get a warranty replacement blank - this is a rod building forum, so I think others would want to know too. :doowapsta


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## katjim00

The message was fine it's all the other horse poop you added in.


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## Fishsurfer

Chapter 11 bankruptcy is a way for a company to reorganize and keep their doors open. Unless they actually close their doors the blank warranties should stay in affect. Gary Loomis and North Fork Composites is a stand up company and a stand up person. He runs a small startup business in todayâ€™s very unfriendly business environment. This is one of the problems with US local and national governmentâ€™s taxes and regulation. The EPA requirements can turn any enterprise that uses small volumes of acetone or other basically low impact chemicals into a criminal organization. Not too many companies will offer a first class blank to the public that also makes their own rods. This is why most of your rod blanks come from out of the country along with most of our other business that has been out sourced. Look at what G. Loomis (the company) did after being bought by Shimano, they quit selling rod blanks. I hope Gary can recover and we will still be able to get NFC blanks. Come to Texas we are a bit more friendly to business than Washington.


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## Caster

Fishsurfer - only about 25% of all business who apply for Chapter 11 bankruptcy protection succeed in business after. I hate the government as much as the next guy, but the government is not the villain here as you hope. Bad business is, you can't ignore the bankruptcy filing paperwork.

In looking at this filing, NFC did about $1 million a year ins sales, they stated they have $278,757.58 in assets and a whopping $2,340,214.98 in liabilities of which only $58,000 is secured (meaning they get their money first). Assets are made of money $58k, inventory $73k, equipment $102k, AR $52k. Liabilities are made of unpaid wages $240k, unpaid taxes $10k, unpaid employee reimbursable expenses $48k, unpaid trade goods $140k, unpaid loans of $959k 3rd parties. NFC is negative equity by millions - no restructuring plan is going to make this pig fly. Your blank warranties will be gone too. :headknock

Looks like this bankruptcy is a blocking measure to stop a current court case by the former CEO & Partner John Bial. Edge Rods, LLC is a separate company, I see NFC screwing its' creditors and rolling the business into Edge Rods to keep the charade going and giving its largest creditor with stock in Edge.

As to Gary Loomis being a "stand up guy", you should ask the unpaid employees what they think.


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## Pat Helton

Mr.Loomis has enough trouble without a person that has one of his blanks worrying about his 2 or 3 hundred dollar investment. Sometimes bad things happen to good people. If that three hundred dollar fishing rod is going to ruin you for the rest of your life send it to me and I will pay you for it.


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## Silverfox1

Two thumbs up! Pat


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## Fishsurfer

Caster said:


> Fishsurfer - only about 25% of all business who apply for Chapter 11 bankruptcy protection succeed in business after. I hate the government as much as the next guy, but the government is not the villain here as you hope. Bad business is, you can't ignore the bankruptcy filing paperwork.
> 
> In looking at this filing, NFC did about $1 million a year ins sales, they stated they have $278,757.58 in assets and a whopping $2,340,214.98 in liabilities of which only $58,000 is secured (meaning they get their money first). Assets are made of money $58k, inventory $73k, equipment $102k, AR $52k. Liabilities are made of unpaid wages $240k, unpaid taxes $10k, unpaid employee reimbursable expenses $48k, unpaid trade goods $140k, unpaid loans of $959k 3rd parties. NFC is negative equity by millions - no restructuring plan is going to make this pig fly. Your blank warranties will be gone too. :headknock
> 
> Looks like this bankruptcy is a blocking measure to stop a current court case by the former CEO & Partner John Bial. Edge Rods, LLC is a separate company, I see NFC screwing its' creditors and rolling the business into Edge Rods to keep the charade going and giving its largest creditor with stock in Edge.
> 
> As to Gary Loomis being a "stand up guy", you should ask the unpaid employees what they think.


 From what little I know he is not the majority owner, so the problem doesn't rest solely upon his shoulders. The rod making and design is his passion and this is a tool for its implementation. The fact that the end of their fiscal or calendar year is near may have a lot to do with the timing of the BR. The amount of debt is current and does not include future incurred dept like taxes that will be due on inventory. I really don't want to see them fail and I don't think many of us want them to either. Many companies are run with a high dept to income ratio that manage to stay afloat and still pay their employees. I guess in the next few months we will see. I am not so sure why you are so down on them, so what is it?


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## Goags

Oil well, have seen a few come and go, tho I hope North Fork is able to reorg. Hate to see Batson take a hit, as those boys are AOK by me. I liked what Shikari was making up in Oklahoma, too, until they weren't...


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## Silverfox1

I heard that they fired the CEO, reorganization keeps him from suing them, just what I heard.


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