Yes, I agree. And I'm sure Fred Cecil hopes so too!
Now that I think about it, screw Fred.

TTT! :D

Has Monster marine been in contact with any of the people who have purchased parts from Fred but haven't received them yet? They've clearly taken over the operations of Trick, one would assume they have also assumed the liabilities.

Chris,

Dont assume they take the liabilities

Many times these deals are done assuming assests without assuming any liabilities

I am sure that is what has happened here

Fred can do a BULK SALE TRANSFER, which it SEEMS he did... no liability's go with that...

now, is it a coincidence that TRICK Marine wasn't named on purpose from the get go..

perhaps not..

There are lots of ways to liquidate a business legally. This is not one of them. You need to familiarize yourself with the UCC and bankruptcy laws. The only way you can personally dissolve an entity is if there's sufficient equity to make your creditors whole. That's why the bankruptcy process exists.

Fred's "backdoor bankruptcy" stinks. I hope the creditors get together on this and stop him.

ONLY if the entity was solvent and that the sale was registered. That would involve the acquiescence of EVERY creditor to Trick.

Check Article 6 of the UCC.

This is now an act of fraudulent conveyance, which is a crime. Gaffrig is now a co-conspirator in this act.

UCC 6 should only apply if Fred legally filed a Chap 11 or 7 petition?? at which time the assets and creditors are stipulated..

so, did Trick file a Chap 11 or 7 petition before the transfer??

has he filed 11 or 7 since the transfer, or even at all ??

if he didn't, or the bulk sale including web rights were sold before the petition(s) was filed, then it's perfectly legal what he/they did...

underhanded > absolutely

illegal > no

Very good point ,and i'm sure his lawyer has walked him thru it and dotted the I s & crossed his Ts . what goes around comes around :cool-smiley-026:

Article 6 has nothing to do with bankruptcy. In fact, Article 6 was put in place for exactly the reason we're discussing here. It's to prevent backdoor bankruptcy and to protect ALL the creditors..

A bulk sale would require registration of the sale, the notification of all creditors and their approval. It also places verification requirements on the buyer. These things have time schedules- it would take months to put one together and execute it.

Brush up on your reading-

http://www.law.cornell.edu/ucc/6/article6.htm#s6-101

Or in less-legalese-
http://en.wikipedia.org/wiki/Bulk_transfer

this apply's ONLY after the petition(s) are filed

so, I ask again, please answer this question, has Trick filed for 7 or 11??? if so, was the transfer done before or after the petition was filed...

BTW Chris, I have been involved as a WINNING plaintiff (plaintiff, so pay carefull attention here) in two of these cases, I have personal case history, I will NOT argue with you whatsoever, logged case history overrides any damn thing you want to think, I don't need to brush up on anything...

JH