Reflections on GTM over the years

Alstann

Hey all,

I just spent some time at work reading through these last few pages, and man, what a trip.

As some of you may know, I was one of the first people to lay down money for the kit, and I've been in a constant struggle trying to get my money back, as well as contact them for information. I even visited their facility personally to see what was going on.

Just a little quick update on where I am at - I currently have a court summons and date by the California Court for a small claims lawsuit. I have asked for exactly what I paid for, and I have a set court date.

I have all of my previous invoices, contact records, phone calls, and emails. I hoped it had not come to this, but Sam and GTM will be held responsible.

I guess I can keep you all posted on that end of things, when I fly out to California soon for the court date.

28 pages is a crapton of info to sift through without anyone at work noticing, haha.

__________________

Chuck33079

How does a bankruptcy filing affect a small claims lawsuit in CA? Does that move you higher on the list of creditors?

__________________
2011 MB Touring-Sport-6sp-Nav/GTM TT/FI TT TDX/JTran/Kosmic/Eibach/Hotchkis/SPC/CSF/RPS/SoThatsWhereAllMyMoneyWent

Alstann

From what I understand in California, a bankruptcy filing discharges debts that are previously owed, unless the debt in question was fraudlent (which I believe this is the case), and was obtained with a false pretense.

From the US Code - Section 523 - Exemptions to Discharge (in terms of bankruptcy):

(a) A discharge under section 727, 1141, 1228(a), 1228(b), or 1328(b) of this title does not discharge an individual debtor from any debt.....(2) for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by - (A) false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor's or an insider's financial condition.

I'm going to be speaking to a friend of mine who is an attorney to get more information, but I believe I have a case. Also, I am unsure of how that bankruptcy filing worked out - they filed under a different name.

__________________

MMC Racing

Getting the first judgment will be the easy part. Collecting on that judgment is going to be hard and expensive with very little chance of success. Every additional dollar you put into trying to get your money back will just be more money down the drain.

The only creditors that will get any satisfaction out of this is they ones that leased him equipment. They will get their equipment back. They still will need to eat the lost lease payments, transportation, and reconditioning.

__________________
2014 F150 Raptor, 2014 Mazda 3, 2015 Nissan GT-R

Chuck33079

Unless there are hard assets you can repo, I'm afraid you may be left holding a judgement in your favor and a pocketful of nothing. There's no doubt in my mind that there are no assets to go after. Man, I hope I'm wrong and you get made whole, but I'm afraid you're about to find out how broke Sam is.

__________________
2011 MB Touring-Sport-6sp-Nav/GTM TT/FI TT TDX/JTran/Kosmic/Eibach/Hotchkis/SPC/CSF/RPS/SoThatsWhereAllMyMoneyWent

dmhenderson

Well, if he owns property (and he does) and he's found PERSONALLY liable for the debt - as in "not part of the bankruptcy filing", you can put a lien on his house, vehicles etc. Garnish future wages and so on.
Once you get a judgment against him, it doesn't just magically go away. If he tries to found a new business and start over again, you can wait and go back after him for the amount of the original judgment plus interest

__________________

Chuck33079

True, but now we're going to have to look at how the business is organized, etc. Bottom line is it's a complete shitshow, and guys who are owed smaller amounts of money may end up taking it in the shorts. Plus, I'll bet a six-pack that his medical bills demolished his personal assets and he's underwater there too.

__________________
2011 MB Touring-Sport-6sp-Nav/GTM TT/FI TT TDX/JTran/Kosmic/Eibach/Hotchkis/SPC/CSF/RPS/SoThatsWhereAllMyMoneyWent