Maclaren Us Files For Chapter 7 Bankruptcy

Discussion in 'Laser Class Politics' started by 49208, Mar 3, 2012.

  1. 49208

    49208 Tentmaker

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  2. fat-n-old

    fat-n-old Member

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    mmmm.... There is also a comment to that last blog from someone claiming that ........"Also to be noted is that Farzad's other company, Laser Performance, is now filing for the 11th chapter.".
  3. 49208

    49208 Tentmaker

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    Noticed that too. Hope it's not true, and hope suppliers like Hyde are not left holding the bag (empty)
  4. torrid

    torrid Mongo Only Pawn In Game Of Laser

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    Much of this from the blog post has a strangely familiar sound:

  5. Wavedancer

    Wavedancer Upside down? Staff Member

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    Never a dull moment on this Forum...
  6. Laser Tim

    Laser Tim New Member

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    Anyone hear more that LP have also filed for chapter 11?
    In true Farzad style, he has pulled the rug and trying to re start the whole thing through a Hong Kong company (exactly like what he is doing at Maclaren). The guy has absolutely no ethics or scruples at all. Sooner the class and the sport see the back of him (hopefully in jail) the better.....the sport deserves better.
  7. fat-n-old

    fat-n-old Member

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    lol...Is it just me getting google ads for baby buggies at the bottom of this forum page?.............I feel i'm being taunted
  8. Deimos

    Deimos Member

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    Well, Laser Performance (Europe) Ltd have still not filed their audited accounts. I think a company has 9 months after their financial year end to file audited accounts with the regulatory body. After that they start getting fined. Laser Performance (Europe) Ltd had until end-sept last year to get their accounts in and they still have not submitted them. The accounts must have been done so failure to submit them raises serious questions about what they would reveal.

    Which all sort of fits when you look at the royalty issues with the "Rights Holder" issues. It also suggests that the change in the Class Rules would have been ineffective at solving anything (assuming that there are the supposed financial issues).

    Ian
  9. gouvernail

    gouvernail Active Member

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    Same old same old... If you don't like the North American Laser Builder, wait a few years.
  10. tim.platt

    tim.platt New Member

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    This probably explains the lack of a Laser Performance stand at the RYA Dinghy Exhibition in London, over the weekend.

    The 'Laser' products were represented by a local dealer, on a small stand in a corner.
  11. torrid

    torrid Mongo Only Pawn In Game Of Laser

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    Is there any actual evidence of Laser Performance bankruptcy other than a reader comment on a blog?
  12. tim.platt

    tim.platt New Member

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    This evening a fellow club member told me that LP (in the UK) went bust last Friday.

    He got this info from Rooster whilst at the London Dinghy Exhibition on Sunday.
  13. fat-n-old

    fat-n-old Member

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    A quick search on the Companies House website states that Laser Performance Europe are "active". Ie not in recievership or administration etc.

    It also states that all accounts have been filed to date.

    A ten minute google search reviels no evidence of bankruptcy other than the contents of this forum.....perhaps we are mistaken.
  14. 49208

    49208 Tentmaker

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    Not sure we are going to be able to unravel it all, without access to the US Bankruptcy court filings.. Don't think it would occur in the UK. There appear to be many layers to the company
  15. Deimos

    Deimos Member

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    Interesting - they must have been filed in the last few days because last week they had not been filed and were very very overdue (the fines started end-sept last year). So something has changed recently. But the accounts submitted are for the year ending dec 2010 (and we are in 2012 now).

    Ian
  16. Tillerman

    Tillerman Member

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    What's the chance that this is some technical use of the bankruptcy laws to wipe out one company with inconvenient liabilities (perhaps to pay Bruce Kirby royalties) and we will soon see some other company (also owned by Mr. Rastegar) making boats that look just like Lasers but are called something else. Maclaren Blazers perhaps?
  17. AlanD

    AlanD Former ISAF Laser Measurer

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    Blazers are a trailer sailer for starters. ;)
  18. sprayblond

    sprayblond Member

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    Interesting view and also in line with what they have done with Maclaren US and would explain why you suddenly see a lot of lasers with huge Maclaren logos i.e. being sponsored.
  19. rooster

    rooster New Member

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    Sorry guys, Rooster Director here: - Chinese whispers are usually wrong. The only rumour - and its a rumour I heard was that a couple of LP's sailing centres were closing or about to close. I am usually the last person to know what is going on and when I do - I am usually bemused!
  20. Deimos

    Deimos Member

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    If anybody is interested, Laser Performance (Europe) year-end financial results for end-2009 (i.e. for the year that ended over two years ago) can be seen at http://companycheck.co.uk/company/00922893. For a company of that size I would have expected a bit more money in the bank - but I am no accountant. And the "Net Worth" graph speaks volumes.

    Then you have to consider if the situation has gotten better or worse between dec 2009 and now.

    Ian

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