Sabre Defence liquidation
- Thread starter hnachaj
- Start date
A receivership called by secured creditors is a bad sign.
Obviously it signals a lack of faith in the direction of the company and its ability to build equity. Much can still happen though before it really is a final nail.
Even under crippling debt, it is not uncommon for secured investors to call a receivership to retrieve their money, only to form a new, clean corporation free of liens and debts. Non-secured regular and irregular creditors and employees take it in the ass. But the assets survive to migrate to the new corporation free of old entanglements. The secured creditors lose little more than legal and accounting fees. But they stand to gain substantially from such a maneuver.
But that is just one specific case. There are many reasons to call a debenture or secured note. I wonder if another group will tender a credit bid for the assets and receivables to form a new company -- Saber NG or some such...
No doubt many will want to move to arms length from the drama Saber has created.
A good summation on bankruptcy filings in the US found here:
http://www.usatoday.com/money/autos/2009-05-29-gm-surviving-bankruptcy_N.htm
Obviously it signals a lack of faith in the direction of the company and its ability to build equity. Much can still happen though before it really is a final nail.
Even under crippling debt, it is not uncommon for secured investors to call a receivership to retrieve their money, only to form a new, clean corporation free of liens and debts. Non-secured regular and irregular creditors and employees take it in the ass. But the assets survive to migrate to the new corporation free of old entanglements. The secured creditors lose little more than legal and accounting fees. But they stand to gain substantially from such a maneuver.
But that is just one specific case. There are many reasons to call a debenture or secured note. I wonder if another group will tender a credit bid for the assets and receivables to form a new company -- Saber NG or some such...
No doubt many will want to move to arms length from the drama Saber has created.
A good summation on bankruptcy filings in the US found here:
http://www.usatoday.com/money/autos/2009-05-29-gm-surviving-bankruptcy_N.htm
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Given that the entire upper executive has been charged with criminal conspiracy, this is hardly unusual, and in no way reflects on Sabre's performance financially. I'm afraid it's one of those ITAR strikes again things.
- Location
- South of your border
A guy I know from a UK lock forum used to be an owner of Sabre years ago.
There is warrants out for most of them. The US also has extradition orders out for some people in the UK. It's all about Sabre USA shipping vast amounts AR parts to the UK without export permits.
- Location
- East ontario
yep was taking to a few of my contacts, those ar15 parts thet were shipped to the uk managed to find there way to other parts of the world, they they should not have been.
Saber tryed to say they were stolen, but it was staff member with famliy i nthe near east that got the parts..... whoder what they wanted them for...
It looks like eveyone from mi5.mi6 cia interpol was involved in this bust.
At least there is no canadian conection this time.
bbb
Saber tryed to say they were stolen, but it was staff member with famliy i nthe near east that got the parts..... whoder what they wanted them for...
It looks like eveyone from mi5.mi6 cia interpol was involved in this bust.
At least there is no canadian conection this time.
bbb
Hokus Grey
CGN Ultra frequent flyer
- Location
- Somewhere between "WTF?" and "FTW!".
Yup, from the sounds of things this was a long running investigation and if there was anything going on that wasn't on the up and up, they're going to get nailed for it.
Then again, bigger charges have found their way out of the courts.
Then again, bigger charges have found their way out of the courts.
