It appears that stockton is re-opening. The phone message says that the new owners (family) are not liable for any previous debt or orders. I was "supposed" to receive my wheels the day that the business closed. I really hope that they change their practices and don't keep up with their previous ways of doing business.. This is just my .02. Actually this is just my $850.02 since I never received my wheels, email, return phone call or letter like it says on the website..
Unless there was a court-accepted declaration of bankruptcy, and reorganization, they are absolutely liable for previous debt and orders. Anybody know if THAT happened. One cannot just absolve themselves of debt and contract.
Why would you start a post on Stocktonwheel repening if they screwed you of $850.00? I have been having problems from several rim shops, including a HAMB fav, promises or should I say guess dates that they cannot honour. Bussiness is bussiness, nothing personal, I just need the parts.
Not necessarily. It depends on more things that you listed. If the original owner closed the business and did an ***ets only sale to the new owners, then the new owners are NOT liable for any previous business dealings. Undisclosed Liabilities are Not ***umed<?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o> With an ***et sale, only specific ***ets (or liabilities) identified in the purchase agreement are acquired. This means undisclosed and unknown liabilities are not acquired or ***umed. In plain English, this means if the seller was dumping toxic waste out the back door, or a lawsuit against the company was about to erupt, the buyer is well protected since those liabilities stay with the seller. The importance of this is obvious in our current legal environment. It also means that ONLY the specific ***ets and liabilities that are identified in the purchase agreement are acquired by the new owner. It is rare that a new owner in this type of transaction would ***ume the liabilities of the old owner, especially if the reputation was tarnished.
not really... thats a huge ***umption. if they did go through a legal restructuring and the family is now running it, i believe that its pretty unfair to say off hand that "its business as usual". if you havent gotten a letter, call them. the website says they're working on fixing what was in the process of being made and or getting money back to people... that said, if "the family" means its the same bunch that has been helping to run the place for years... i wish them well, cause they have a LOT to make up for not only in recent events, but for years of shoddy customer service. all i'm really saying i guess is, give them a chance to make good.
My reason for starting the thread was to help any members out that are trying to fight for a refund with their credit company. I have left 2 messages with the company on 4/3 and 4/13 and have not received a call or any mail as the website says. My credit card company said they have 90 days to decide on whether or not I would get a refund for this purchase because they need to talk to the vendor. With the lies I received from the vendor personally there is no telling what they might tell the credit card company. The way I look at it their website says they are looking into some 50 orders that were not received. I am guessing that a few of them MAY be one of you. I am looking out for you guys as well as myself..
it wasnt an outright sale in the traditional sense... the original owner killed himself (prayers still go out to them from me and mine).. not sure how that would work through the estate but thats what happened to shut them down...
I can't, so far, seem to find any details on the business transaction regarding the sale of the business. I will keep looking. Since the "sole proprietor" is dead, where does the liability go? It cannot just disappear with his death, can it? The company must have been transferred to someone after his death, like say, an heir. Otherwise just who "sold" the company to a new owner. The company cannot sell itself, can it? Would not, under the conditions you listed, the liability remain with the heir, if it was not transferred to the new owners?
I really hope no one thinks I am stirring the pot. I feel for Frank and his family. I just want my purchase or a refund. No hard feelings...
personl debt cannot be inherited. and i think that applies to a sole proprietorship as well... any keyboard lawyers out there care help sort that out?
Frank actually took my order and he seemed like a good guy with a lot going on. He actually called me back 15 minutes after taking the order to give me a recommendation that I took. I was really looking forward to getting those wheels.
It would appear that it was not incorporated, so one could ***ume that it left to an heir either through an estate, will or other agreement, or it could be split between surviving family mambers by probate court. The liabilities, ***ets and tax liability would p*** through to the heir(s), in which case they would most likely be liable for all previous business dealings. If the heir then sold the business to new owners, it would again come down to whether it was an ***et sale or 'stock" sale of the business in its entirety. The heir could possibly be liable for previous liabilities even if he sold the business to a third party. We of course are only speculating here having none of the actual facts of the business and transactions.
That's only partially true. If you die and have personal debt, but also have personal ***ets, the executor has to pay the debt from the ***ets until satisfied or the ***ets are depleted. Simple explanation. you die and owe $15,000 in credit card debt. You have $12,000 in savings. The credit card debt would be paid up to $12,000 and then the bank would have to absorb the rest. That is a very simple explanation and there are laws governing what and who gets paid in what order. There are also certain things that are outside of that which can't be touched like 401K's and most insurance coverage. In this case, if money was owed to customers or vendors and there was a value in the business that was sold, the heir would be responsible for the debt at least up to the amount of sale. If they kept the business and are running it as a continuation, i believe they will be liable for all liabilities that were part of the business. Again, this is speculation with out knowing the facts and is not legal advice.
Everywhere I called I was told they would call me back in a couple of months and they needed to locate donor wheels for the build. I should have dropped in here are checked for references, but I didn't think about it after I was told the donor wheels were in house.
I wish all involved the best but if I was going to open a business I would not "reopen" a company that had such a terrible track record. Perhaps a name like "NOT-Stocktonwheel" or "Don't Confuse Us with Stocktonwheel" or "Remember Stocktonwheel They ****ed, We are Nothing Like Them" those all would be better in my opinion.
Haha, that's exactlly what I was thinking. As far as I'm concerned, as long as the name is Stockton Wheel, I'll steer clear. Had a messy credit card battle that I ultimately won, but felt like I lost. Good riddance to anyone ***ociated with that ****ty *** company.
Why would anyone ***ume the same name of a failed business. Especially one that left an acknowledged 50 customers high and dry. This one is beyond me. I like the idea of a new name like "Not Stockton Wheel".
Exactly. I'd email and fax them a letter, indicate you want the wheels or a refund. I'd keep going at them until they comply or indicate they won't. If they won't then you can file a claim and eventually it will come through the courts. You can't take the name over without ***uming the liabilities. All the car websites need a couple of car guy lawyer to help folks file claims, it could be a very useful biz and good money too.
stockton wheel is reopening with new owner, nothing to do with the family..the new owner has nothing to do with the family, so he should get a new start trying to rebuilt stockton wheel.
and who the **** are you? the new owner? or one of his patsy's? 4 posts and all in defense of Stockton makes you somewhat suspect. Lots of folks here got ripped off or short changed by the previous owner and have a right to state thier opinion. If you bought the company and are trying to turn it around good for you but your at***ude has shown that its probably going to be the same as it was before.
So you come on here to try and tell folks that the new owners are great and then blast the very people who could be the customers and that Stockton Wheel should be trying to win back. Hmmm, sounds like someone else is being the stupid one.
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