It looks like old Charlie pulled it off and got Dakota back.
Butch

quote:

It looks like old Charlie pulled it off and got Dakota back

So as a Dakota owner is that good or bad?

Not good in my opinion.
Butch

And just how did he do that?

Interesting. The original rumors that Dakota was auctioning off their assets was not correct, but rather the company was auctioned off as a whole. Guess he was the highest bidder.

quote:

The original rumors that Dakota was auctioning off their assets was not correct, but rather the company was auctioned off as a whole. Guess he was the highest bidder.

So run a compnay into the hole and then buy it back at auction at a discount????

quote:

Originally posted by ramrod340:

quote:

The original rumors that Dakota was auctioning off their assets was not correct, but rather the company was auctioned off as a whole. Guess he was the highest bidder.

So run a compnay into the hole and then buy it back at auction at a discount????

LOL, that's sure what it looks like to me.

The tours for interested buyers where a joke.
That whole smokescreen was designed to scare off anyone interested in bidding.
They had the wool yanked so far over the eyes of that young banker from Minnesota, that poor kid didn't know shit from shineola.
So what they did is they scared away all the real bidders, then got some buddies to bid low, because and auction is not an auction with one bidder, then just bid higher than your buddy and presto, free and clear. When they say best of the best they aren't shittin, it takes a good crook to steal a whole gun company.
Timan

Just another way to put it to your creditors.
Pete

Looks Bad, smells worse...

I see a "Pig n a Poke", everyone else is going to get screwed.

Longshot

So whats to prevent Kokesh from doing the same thing all over again?

I don't know any of the details, but I'd think he'd have a helluva time getting credit for anything.

Anyone got a link, the sale is not final until approved by a bankruptcy court.

quote:

Originally posted by pointblank:
Interesting. The original rumors that Dakota was auctioning off their assets was not correct, but rather the company was auctioned off as a whole. Guess he was the highest bidder.

I was suspicious when all the money was needed up front to bid on anything.

timan, did you get to go to the walk through? can you tell us how they went about it to discourage everybody. I would think this creates a major stigma and keeps people away from them.

Red

The auction was for the whole shebang, but only one bid was submitted. Dakota had submitted a strawman bid that others would have to beat. Word is there weren't any other bidders, so the bankruptcy judge accepted Dakot's bid.

I understand the only complaint was from the original bank that demanded payment and sent Dakota into BK in the first place.

The basic problem of revenues not matching up with expenses will still remain if that was the original problem.

jim

Vendors would be wise not to give this new/old Dakota anything on credit.

I find it hard to adequately express my utmost contempt for a legal and financial system, and a society, which would allow any man to avoid paying his creditors and depositors for supposed lack of working capital, then allow that very same man to buy that very same company at ANY price. Seems to me any and all assets, money or credit to which he had/has access should be seized to pay his creditors, insofar as discoverable.

Anything else is a pure and simple insult to the common working man, and to the business community as a whole. No wonder things like Enron occur, when the accepted ethic of the business system seems to me to be to STEAL all you can.

How do I spell theft? I use the letters in the name of a commonly known gun company...

If you want to cut to the chase, read ForrestB's posts on this thread:

Dakota

quote:

Originally posted by Timan:
, it takes a good crook to steal a whole gun company.
Timan

Talk about Crooks. I have seen this kinda business pratice over and over in the construction business.

Im amazed how these crooks set up business (inc. and LLC) with the intent to burn who ever they coned into investing, and also burn any materials/ parts supplyer they manage to get credit from to get parts and supplys and materials.

I have subcontracted to General contractors who have no intention of paying any of their Subs. Ever year or 6 months they set up a new business name and bankrupt the previous business and leave venders without paying their bills accuired.

There is a guy(crook) here local that everybody knows and hates. How and who he coned into finaceing $4,000,000 worth of equipment that got repoed, amazes my. I know he has also commited insurance fruad claiming other equipment was stolin and collected insurance money. He also stole $30,000 of parts from a supplyer I know. I talked to this supplyer and he is still more than willing to sell this guy parts.

I went for a walk through. certian things I was told did not add up. The machine shop was sitting idle, we were told there were no funds for carbide tooling, I saw new tooling still in plastic sleeves. The cnc in the wood shop was running at about 1/3 rd the speed it can go, we were told it needed a 30k software upgrade to go any faster, I looked at the feed dial which is normally set at 100% it was at running at 30% in wood on a fadal 4020, give me a break, that thing was turned down to make it look slow.
We saw some big A/R 15 in 408, that they got roped into making it's got some problem and that problem was a deep dark secret, however the new buyer would still have to deliver at least 2 of these but they've gone thru hell just to get one that won't work.
Nothing was prepared for the due diligence meeting, the accountant didn't seem to know a thing for sure, had no paperwork or solid numbers for anything financial she was guessing.
When you ask what it cost to turn this thing on and turn it off every month, they should have had that information in print. Instead it was like "oh 200k plus or minus 30k" so you take the high end, and that's most likely wrong.
It became clear that there would be no clear answers for anything and the meeting was over.

What a scam! Wonder if they will show their faces at the next Shot Show?

Sure they will show there faces. With a big smile and jaws a-flappin spewing lies and inertaining B.S. Maybe a couple pick pockets working the crowd.

quote:

Originally posted by ramrod340:

So run a compnay into the hole and then buy it back at auction at a discount????

Must have gotten some advive from Donald Trump.