Reflections on GTM over the years

BGTV8 · 09-13-2014, 04:23 PM

Quote:

Originally Posted by Z eliminator

at that point what happens to the goods . eg my engine, cams, and all the other parts ?
do they get sold off ? or does he complete the work ?

Z

First, take physical possession of your parts - you still own them, and you WILL probably require the services of a lawyer to do so.

For the things that you pre-paid for, you are a creditor to the business and this indebtedness to you makes you just another of the creditors whose debts will be "re-structured". You might argue that you can take it in parts but they would all have to be in-stock but whoever is managing the business under the Chapter 11 arrangement will need to sanction it, so start a dialogue with whoever that is overseeing the business.

You are out of time and need to take some action, otherwise you risk losing everything that you actually own as well as the money you've prepaid.

It is time for some action on your part ...

SPOHN · 09-13-2014, 04:27 PM

I'll never own a car again that has a small after market following. The options for the Z are zero to overpriced when it comes to TT.

mikey1600 · 09-13-2014, 05:16 PM

Quote:

Originally Posted by DEpointfive0

Mikey, did your bank get money from Sam's bank? Or did they eat the loss?

I believe they got the money from Sam's bank, it took 3 attempts though in the space of 2 weeks.

I think if it declined 1 more time they were going to credit me the money and take on the debt collection themselves.

phunk · 09-13-2014, 05:24 PM

So wait a second... you guys are saying that the financed equipment does not get repossessed?

Mike · 09-13-2014, 05:32 PM

I think it will if the financiers don't agree to the payback terms presented in court. its kind of a 'stop everything', until the judge hears the case and makes decisions. Everyone who paid for turbo kits and other stuff though, is at the bottom of the pile and pretty much SOL, unfortunately.

dmhenderson · 09-13-2014, 07:02 PM

I talked to my tuner today and sent them a heads-up that GTM filed.

Their response was, "oh yeah, we haven't given them a dime in 2 years".

martin82 · 09-13-2014, 10:48 PM

I have dealt w a few bankruptcies you do not need a lawyer but you will need to file a claim. The claim of what was owed so you would normally put monetary amount owed, for example their landlord would out $xxxx for rent due. Others for leased equipment, I know normally all leased equipment gets picked up very fast....

martin82 · 09-13-2014, 10:49 PM

Forgot to mention there X amount of days that you have to file or you will not be able to file a claim or even attempt to collect anything later, usually they pay out cents to the dollar with a small company like this there probably is 0 left and all accounts have been bled dry.

BlkNismo · 09-14-2014, 07:22 AM

I'd imagine GTM went forth with this group buy with absolute knowledge of their sinking financial issues. Yet GTM continued accepting money for a product that was never to be produced.

Like mentioned earlier, they will get off without having to pay any debt back and begin a new business under new name.

NoLaKrewe · 09-14-2014, 08:16 AM

The American dream.

nomodsjk · 09-14-2014, 08:18 AM

Again can someone please explain to me why they are still allowed to be a sponsor on this forum. This forum should belong to us, the members for which it was created, not for shady, greedy, irresponsible businesses like gtm. How can we stand for this?? Will someone please explain the reasoning behind this?? Surely it can't be as simple as "they paid their dues" somebody please say it ain't so. By allowing them to remain on this forum the administration is making it easier for them to victimize more of us. I know our admins are good people so it has to be complicated. Someone please enlighten me. I've asked this question before but it hasn't been answered yet

Kingbaby · 09-14-2014, 08:42 AM

Quote:

Originally Posted by MMC Racing

I remember a certain member with a twin supercharger install who made defending posts all the time for Sam. And then he got his car back. And then shortly after, the car was sold..

This happens all the time...or they crash...

I've enjoyed reading this entire thread...

Quote:

Originally Posted by Z eliminator

23 months waiting for the stage 3 SC upgrades.
15 months for the 4.2 stroker
gave him a fully dressed engine 100 miles on it.
Sent him my june cams.
paid in full, last Dec. 2014.

no chance of getting money back
Looks like a $ 30.000.00 dollar loss.

im a 11 year customer and this is the first time that he has not come through.
talk to him weekly.
Had trouble with the wrong valves for the stage 3 heads, had trouble with the engine rods.
All ways has to check with the machinist or engine builder to see what is happening.
it all ways 2 weeks,
he has not been well, we are very good friends, but business is business. and im very disappointed.

nobody to blame but my self.

Z

You sir have made a great donation!

pokeyl · 09-14-2014, 12:38 PM

We need to make sure if GTM starts back up we (370z's/G37's) do not support them!! I do not think GTM will come back to us. They will target another car, BRZ...

zguynate · 09-14-2014, 01:09 PM

Im glad I bailed on GTM and went Boosted Performance. I dodged a bullet on that one.

Cell · 09-14-2014, 01:36 PM

Quote:

Originally Posted by dragonbreath

Im glad I bailed on GTM and went Boosted Performance. I dodged a bullet on that one.

Same here.

09-13-2014, 04:27 PM	#287 (permalink)
SPOHN A True Z Fanatic Join Date: Feb 2010 Location: Covington, GA Age: 45 Posts: 14,844 Drives: Waiting on next Z Rep Power: 221	I'll never own a car again that has a small after market following. The options for the Z are zero to overpriced when it comes to TT. axio, Presto, elperuano and 2 others like this. __________________

09-13-2014, 05:24 PM	#289 (permalink)
phunk A True Z Fanatic Join Date: Mar 2009 Location: Chicago Posts: 3,655 Drives: 370 Rep Power: 944523	So wait a second... you guys are saying that the financed equipment does not get repossessed? __________________ Charles @ CJ Motorsports : Website \| Facebook \| Instagram \| YouTube Home of the 9 second, stock longblock, stock drivetrain 6MT 370z. 9.91 @ 142mph

09-13-2014, 05:32 PM	#290 (permalink)
Mike The370Z.com Sponsor Join Date: Jun 2009 Location: Loganville, GA Posts: 5,944 Drives: 370z Rep Power: 2185	I think it will if the financiers don't agree to the payback terms presented in court. its kind of a 'stop everything', until the judge hears the case and makes decisions. Everyone who paid for turbo kits and other stuff though, is at the bottom of the pile and pretty much SOL, unfortunately. DEpointfive0 likes this. __________________ NISSAN: 75 280Z / 86 300ZX GLL /87 Sentra SE / 03 350Z / 23 Z Porsche: 93 968 / 23 Macan GTS / 93 968

09-13-2014, 07:02 PM	#291 (permalink)
dmhenderson A True Z Fanatic Join Date: Feb 2011 Location: Maryland Posts: 5,930 Drives: AWD TT 370z Rep Power: 26	I talked to my tuner today and sent them a heads-up that GTM filed. Their response was, "oh yeah, we haven't given them a dime in 2 years". __________________

09-14-2014, 07:22 AM	#294 (permalink)
BlkNismo Track Member Join Date: Sep 2011 Location: USA Posts: 614 Drives: Nismo Rep Power: 14	I'd imagine GTM went forth with this group buy with absolute knowledge of their sinking financial issues. Yet GTM continued accepting money for a product that was never to be produced. Like mentioned earlier, they will get off without having to pay any debt back and begin a new business under new name. elperuano and COSMO like this.

09-13-2014, 10:48 PM	#292 (permalink)
martin82 A True Z Fanatic Join Date: Nov 2011 Location: los angeles Posts: 2,636 Drives: 12 Nissan 370Z MB M6 Rep Power: 19	I have dealt w a few bankruptcies you do not need a lawyer but you will need to file a claim. The claim of what was owed so you would normally put monetary amount owed, for example their landlord would out $xxxx for rent due. Others for leased equipment, I know normally all leased equipment gets picked up very fast....

09-13-2014, 10:49 PM	#293 (permalink)
martin82 A True Z Fanatic Join Date: Nov 2011 Location: los angeles Posts: 2,636 Drives: 12 Nissan 370Z MB M6 Rep Power: 19	Forgot to mention there X amount of days that you have to file or you will not be able to file a claim or even attempt to collect anything later, usually they pay out cents to the dollar with a small company like this there probably is 0 left and all accounts have been bled dry.

09-14-2014, 08:16 AM	#295 (permalink)
NoLaKrewe Enthusiast Member Join Date: Jun 2014 Location: NoLa Posts: 469 Drives: 2011 FJ//2015 370z Rep Power: 12	The American dream. dichoi and DEpointfive0 like this. __________________ Starting a NoLa Z club https://www.facebook.com/groups/TheBigeZClub/ The struggle will be real!

09-14-2014, 08:18 AM	#296 (permalink)
nomodsjk Premium Member Join Date: Apr 2014 Location: martinsburg wv Posts: 2,073 Drives: 2011 370z MB/7at Rep Power: 19962	Again can someone please explain to me why they are still allowed to be a sponsor on this forum. This forum should belong to us, the members for which it was created, not for shady, greedy, irresponsible businesses like gtm. How can we stand for this?? Will someone please explain the reasoning behind this?? Surely it can't be as simple as "they paid their dues" somebody please say it ain't so. By allowing them to remain on this forum the administration is making it easier for them to victimize more of us. I know our admins are good people so it has to be complicated. Someone please enlighten me. I've asked this question before but it hasn't been answered yet elperuano and COSMO like this. Last edited by nomodsjk; 09-14-2014 at 08:24 AM.

09-14-2014, 12:38 PM	#298 (permalink)
pokeyl Track Member Join Date: Nov 2010 Location: DFS Posts: 891 Drives: ??? Rep Power: 54	We need to make sure if GTM starts back up we (370z's/G37's) do not support them!! I do not think GTM will come back to us. They will target another car, BRZ... __________________ It's not my fault I'm old, I was born a very long time ago!

09-14-2014, 01:09 PM	#299 (permalink)
zguynate A True Z Fanatic Join Date: Jan 2012 Location: Strangeland Posts: 1,053 Drives: 09 370z Rep Power: 73	Im glad I bailed on GTM and went Boosted Performance. I dodged a bullet on that one. __________________ 2009 370z touring w/sports package

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