Premium Members Jess Haas SOC Posted March 18, 2009 Premium Members Report Share Posted March 18, 2009 Well Howard did say that the company was going away and that he will be operating under another name. This is usually done when a company is trying to get rid of its debt by not paying it.... The morality and legality of doing this but continuing to operate under another name always seems questionable to me. If only I could get rid of my credit card debt by changing my name...... ~Jess Quote Link to comment Share on other sites More sharing options...
Mia H Quayle Posted March 18, 2009 Report Share Posted March 18, 2009 or when a company is trying to get rid of its debt by not paying it.... The morality and legality of doing the later but continuing to operate under another name always seems questionable to me. Well as there was only one owner of MK-V modular systems. Ding Ding Ding I think we have a winning answer!!! Why dump a whole company who's name people knows to lose modular systems and to add europe instead when you can change a company name no problem...... Ant Indeed... Apologies for the reek of righteous indignation but I am (yet another) ex-employee of the great HJ Smith empire (actually the disgruntled ex-employee taking him to court mentioned earlier, to be precise.) Suffice to say I, along with a number of other aggrieved parties, will be attending the meeting of creditors this week to see what excuses he can come up with for defaulting on his payments to us all. I doubt that growth, expansion and reorganisation will be the phrases he uses. Nor will I, nor any other MK-V creditor, be inclined to believe his spin. Not no more, H. If anyone's interested in (an unspun version of) the outcome of the meeting, you know where to find me.... M. Quote Link to comment Share on other sites More sharing options...
Jason Tan Posted March 18, 2009 Report Share Posted March 18, 2009 (edited) I don't know anything about the private details of Mk-V's corporate restructuring, but I think it should be acknowledged that walking away from bad debt is increasingly common and should really not be judged on a personal level. If banks can do it while paying their execs millions of dollars in bonuses I think the little guy deserves to protect themselves in a similar fashion. Don't forget corporate debt is different than personal debt and involves different types of collateral, insurance, everything. edit: Just read the follow up post. It is unfortunate to hear that some of the creditors are individuals and possibly even employees. This is none of my business but it's probably in everyone's interest to finish your settlement before continuing to post further details. Edited March 18, 2009 by Jason Tan Quote Link to comment Share on other sites More sharing options...
Premium Members JobScholtze Posted March 18, 2009 Premium Members Report Share Posted March 18, 2009 I don't know anything about the private details of Mk-V's corporate restructuring, but I think it should be acknowledged that walking away from bad debt is increasingly common and should really not be judged on a personal level. If banks can do it while paying their execs millions of dollars in bonuses I think the little guy deserves to protect themselves in a similar fashion. Don't forget corporate debt is different than personal debt and involves different types of collateral, insurance, everything. edit: Just read the follow up post. It is unfortunate to hear that some of the creditors are individuals and possibly even employees. Dude, with all respect. You just bought your rig from him, fine. Dont start to defend him, as you clearly have no clue with what kind of guy you are dealing with. He WILL shit you in your face too one day, and that might be sooner then you think. Quote Link to comment Share on other sites More sharing options...
Premium Members Michael Stumpf Posted March 18, 2009 Premium Members Report Share Posted March 18, 2009 Ok all, might be time to ease up. I know I got caught up in the "heat" of this topic myself (as I had the unfortunate experience of learning first hand what it was about to deal with Howard and MK-V) and made some unfair comments (that were not targeted at anyone in general or to upset anybody) but realized it's not worth getting all upset over and edited my post. The warning signs are there about MK-V. Guess we should all watch each others backs when it comes to businesses that deal with what we do for a living. Many will say Howard is getting what he had coming to him with the whole MK-V (AR and Lynn Nicholson) debacle. It would be a shame for operators to lose their hard earned money on money they spent on MK-V gear recently if (and it appears to be true) MK-V does collapse. Hopefully they can get enough use out of it to make it pay off. We've all lived and learned in the past with many things in life, this is just another one of those things. I know my stocks are in the toilet, that stinks just the same. Quote Link to comment Share on other sites More sharing options...
Premium Members Robert Starling SOC Posted March 18, 2009 Premium Members Report Share Posted March 18, 2009 ... Don't forget corporate debt is different than personal debt and involves different types of collateral, insurance, everything.....It is unfortunate to hear that some of the creditors are individuals and possibly even employees. This is none of my business but it's probably in everyone's interest to finish your settlement before continuing to post further details. I'm pretty sure they never made their deal right with Lynn Nicholson either and they clearly didn't hide behind restructuring and the economy back then; it was like a purse snatching in broad daylight with dozens of witnesses! A few years ago I read every single posting that guy Howard had ever made on the Forum; both related to Lynn's deal with him and all the other ops who were strung out and strung along by "faulty phone and email systems" etc.. The writing was on the wall all along... Quote Link to comment Share on other sites More sharing options...
Premium Members Martin Stacey Posted March 18, 2009 Premium Members Report Share Posted March 18, 2009 I don't know anything about the private details of Mk-V's corporate restructuring, but I think it should be acknowledged that walking away from bad debt is increasingly common and should really not be judged on a personal level. If banks can do it while paying their execs millions of dollars in bonuses I think the little guy deserves to protect themselves in a similar fashion. Don't forget corporate debt is different than personal debt and involves different types of collateral, insurance, everything. edit: Just read the follow up post. It is unfortunate to hear that some of the creditors are individuals and possibly even employees. This is none of my business but it's probably in everyone's interest to finish your settlement before continuing to post further details. This is where it all gets ridiculous. At the end of the day MK-V is one guy, Howard, and whether he operates as a sole trader or hides behind a corporate banner the debts incurred by MK-V were debts incurred by him, nobody else. And simply to say that the corporation is responsible and not him is ludicrous on his part. And for him to then be able to carry on with another name doing exactly the same thing and with no responsibity to the people that he has hurt along the way just doesn't even deserve consideration. Ultimately HE is resposible and he should be made accountable for his actions. He can blame everyone that he likes but if you've ever spent any large amount of time in his shop then you would know that there is no way that any decision that is made there is made by him as there is no way he would let any member of his staff show any semblence of initiative without coming down on them like a ton of bricks. As you say "the little guy deserves to protect himself" and yes I agree but at the end of the day all he is doing by "protecting" himself is hurting a lot of other "little" guys in the form of the various employees and the small engineering outfits that supply him. Ultimately claiming that the company is "of no use anymore" basically means that he racked up debt he can't pay and is just gonna give a big "screw you" to his creditors. My 50cents worth. (godamn inflation!!!) Marty Quote Link to comment Share on other sites More sharing options...
Jason Tan Posted March 18, 2009 Report Share Posted March 18, 2009 I know I was speaking out of turn, should have known better. Geez 4 posts in and I'm already starting to flame up. Quote Link to comment Share on other sites More sharing options...
Premium Members JobScholtze Posted March 18, 2009 Premium Members Report Share Posted March 18, 2009 I know I was speaking out of turn, should have known better. Geez 4 posts in and I'm already starting to flame up. Sorry Jason, didnt mean to offend you. Its just that we are so fedup with him and his continius lies. I own a mk-v gear, sold already some ( ar ) and wish i had never heard of him. So, please dont take it personel. Later Quote Link to comment Share on other sites More sharing options...
Jason Tan Posted March 18, 2009 Report Share Posted March 18, 2009 Not offended. I provoked it anyway. Damn you interwebs. Quote Link to comment Share on other sites More sharing options...
Premium Members JimBartell Posted March 19, 2009 Premium Members Report Share Posted March 19, 2009 Indeed... Apologies for the reek of righteous indignation but I am (yet another) ex-employee of the great HJ Smith empire (actually the disgruntled ex-employee taking him to court mentioned earlier, to be precise.) Suffice to say I, along with a number of other aggrieved parties, will be attending the meeting of creditors this week to see what excuses he can come up with for defaulting on his payments to us all. I doubt that growth, expansion and reorganisation will be the phrases he uses. Nor will I, nor any other MK-V creditor, be inclined to believe his spin. Not no more, H. If anyone's interested in (an unspun version of) the outcome of the meeting, you know where to find me.... M. God, I love it when Brit's get angry! They are so magnificently eloquent. YOU GO GIRL! OFF WITH HIS HEAD! Hmm, start a new company - take people's money - run it into the ground - close it up, bailing on the debts - start a new company. Sound familiar? What an odd coincidence that Howard and Ben Fisher used to be partners. Ben does seem to be a few companies ahead, but Howard appears to be catching up fast by starting three new companies at once. And the race is on! Maybe one of them could hire Steve Byro to take the title. Jim "only one business so far" Bartell Quote Link to comment Share on other sites More sharing options...
Premium Members Mark Karavite Posted March 19, 2009 Premium Members Report Share Posted March 19, 2009 I too drank the MK-V coolade. Luckily I only bought a Nexus battery base, and I had 10 times more issues with my battery base than the rest of my sled combined. I really feel for those poor souls who dropped serious cash on an AR, only to experience mechanical & electronic problems, and receive inferior customer service in response. It is perfectly legal to shut down a sinking company, and open up shop the next week with a new banner. Businessmen do it all the time, as a way to avoid paying debts owed. Although legal, is this the kind of businessman you want to be dealing with? Business ethics have to come into consideration at some point. Why not give your business to those solid companies whose quality, customer service & ethics have never been in question? The only thing that allows someone to successfully dissolve a company (& not pay debts), and open up a similar business is if operators spend money at the new company. Ethics aside, from a selfish standpoint, I will avoid the new company because I cannot afford to have any equipment issues (who can?). I have had many conversations with Howard, and he always has an excuse for why I'm experiencing problems. No matter what he says, there are just too many bad experiences to entrust your hard earned cash in him. As a wiser man once told me: "In business, if you get screwed, it's not the other guys fault for screwing you, it's your fault for putting yourself in a position to be screwed." Why put yourself in that position? Quote Link to comment Share on other sites More sharing options...
Christopher TJ McGuire SOC Posted March 19, 2009 Report Share Posted March 19, 2009 Hi Guys - Has anyone seen the Awesome AR work on 'Transporter 3'? I think its Eric Le Roux - I applaud you Sir! To be honest I'm looking forward to meeting Michael Stumpf and showing him how much of a 'Sucker' I am!! Politics aside - the AR is already working in the market place... Yes, MK-V has issues - Howard, please get them sorted... As Mr Le Roux shows - the AR kicks ass!!! Until someone gets their other stuff together - the MK-V AR 'WILL' bring inventiveness to the big screen!!! I'm blown away with some of the shots on 'Transporter 3' - the shots that really make the AR. This is the only reason I have posted here tonight!! I myself have done some pretty amazing stuff with the rig and when I see comments that denounce it, its derogatory to me, personally. Yes, we take a risk at new technology - If your in the know - you know that the AR needed developments - if you've not handled it in the field then keep clear!!! Howard knows my issues with MK-V and the AR - I'm a patient person... The MK-V AR and or technology that embraces the movement of the camera deserves some patience!!! AGAIN - THIS STATEMENT HAS NOTHING TO DO WITH POLITICS ONLY A NEW WAY OF MOVING THE CAMERA!!!! Christopher TJ McGuire. www.ar-mcguire.com Quote Link to comment Share on other sites More sharing options...
Premium Members Eric Fletcher S.O.C. Posted March 19, 2009 Premium Members Report Share Posted March 19, 2009 Hi Guys - Leave it to you to make a self serving post that has NOTHING to do with the topic at hand. Hey Chris have the licensing fees been paid to the license holder (Lynn) on your AR? Quote Link to comment Share on other sites More sharing options...
Christopher TJ McGuire SOC Posted March 19, 2009 Report Share Posted March 19, 2009 Hi Guys - Leave it to you to make a self serving post that has NOTHING to do with the topic at hand. Hey Chris have the licensing fees been paid to the license holder (Lynn) on your AR? Eric - I had to peel myself off the floor at the fact that you didnt get the joke that Ant had left at the end of his post!!! You seen the video that the guys from the motor racing forum posted? Let me know and I'll post it here, fella!!! Best - Chris. Quote Link to comment Share on other sites More sharing options...
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