Hudson files for chapter 7
Hudson files for chapter 7
So I just read on the fire arm blog that Hudson manufacturing is filling for chapter 7 bankruptcy. Its sad to see a gun company go under. I really liked the concept and almost bought one from buds when they were $899. I hope they sell the design to another company that can work the bugs out and put it back on the market. Anyone here own a H9?
That thing was doomed from the start it was all social media and internet hype, in the end thy couldnt pay suppliers for parts...
i did not realize they were in so much debt. i figured they were doing it all in house. i had no clue they sub contracted everything out.
They spent way too much money on advertising in social media for the hype and it backfired on them, so this last year at SHOT , all of the social media Talking Heads had a field day walking past their empty booth and showing their name plaque on the floor with no booth or salesperson attending
Did they actually do anything appreciably different? I always heard the H9 was just a striker fired 1911 or whatnot, and never bothered to look into it because striker fired guns aren't the most interesting to me beyond my personal carry.
"The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted."
-
lakelandman
- Posts: 1270
- Joined: Sun Aug 12, 2018 1:12 am
- Location: Lakeland
https://www.thefirearmblog.com/blog/201 ... ankruptcy/
CHAPTER 7 BANKRUPTCY
There are several different types, or chapters, of bankruptcies that individuals and companies can file for. Hudson has filed for Chapter 7 bankruptcy, meaning that they have chosen to liquidate all their assets to absolve their debts.
There are some interesting titbits in Hudson’s filing. First, their estimated assets are less than $50,000 USD. However, their liabilities are somewhere between $10 million and $50 million dollars. In fact, according to the filings, Cambridge Valley Machining might not even be their largest creditor. While estimates of how much Hudson owes Cambridge Valley vary, the value is certainly more than $500,000, and probably under $1 million. That leaves at least $9 million in debt unaccounted for, and possibly as much as $49 million. Their list of creditors spans 18 pages.
WHAT COMES NEXT
Hudson Manufacturing will go through the bankruptcy process. Excluding any assets that Hudson petitions to be labelled as exempt, everything will be sold off. For those customers who’s guns are currently in Hudson’s possession for warranty service or what-have-you, I don’t know what will happen. Technically they are not Hudson’s property and should be exempt from the sell-off. However, due to Hudson’s financial woes, it is unlikely they have the money to pay to ship them back to their owners.
As I mentioned in my previous post, there is currently an ongoing effort to create a class-action lawsuit against Hudson. It is catalogued at H9owners.com. At the time of publishing Josh Supnick, the creator and initiator of the lawsuit has not yet replied to a request for comment. Hudson Manufacturing’s website is still active, but their email addresses return an undeliverable error, and could not be reached for comment. The article will update as more information becomes available.
CHAPTER 7 BANKRUPTCY
There are several different types, or chapters, of bankruptcies that individuals and companies can file for. Hudson has filed for Chapter 7 bankruptcy, meaning that they have chosen to liquidate all their assets to absolve their debts.
There are some interesting titbits in Hudson’s filing. First, their estimated assets are less than $50,000 USD. However, their liabilities are somewhere between $10 million and $50 million dollars. In fact, according to the filings, Cambridge Valley Machining might not even be their largest creditor. While estimates of how much Hudson owes Cambridge Valley vary, the value is certainly more than $500,000, and probably under $1 million. That leaves at least $9 million in debt unaccounted for, and possibly as much as $49 million. Their list of creditors spans 18 pages.
WHAT COMES NEXT
Hudson Manufacturing will go through the bankruptcy process. Excluding any assets that Hudson petitions to be labelled as exempt, everything will be sold off. For those customers who’s guns are currently in Hudson’s possession for warranty service or what-have-you, I don’t know what will happen. Technically they are not Hudson’s property and should be exempt from the sell-off. However, due to Hudson’s financial woes, it is unlikely they have the money to pay to ship them back to their owners.
As I mentioned in my previous post, there is currently an ongoing effort to create a class-action lawsuit against Hudson. It is catalogued at H9owners.com. At the time of publishing Josh Supnick, the creator and initiator of the lawsuit has not yet replied to a request for comment. Hudson Manufacturing’s website is still active, but their email addresses return an undeliverable error, and could not be reached for comment. The article will update as more information becomes available.
Everybody's got a plan until they get hit.
well it looks like they are blowing out the remaining stock of the pistols. they are listed at $599 on grabagun. im kind of glad i did not buy it.
-
TampaShooters
- Posts: 43
- Joined: Wed Jul 18, 2018 3:15 pm
- Location: Riverview
Unique gun, tragically overpriced
-
photohause
- Posts: 1189
- Joined: Thu Jul 19, 2018 5:11 pm