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Maclaren Us Files For Chapter 7 Bankruptcy

fat-n-old

Member
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.".
 

49208

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

torrid

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

Please be assured that Maclaren Group is a fully operational organization. To clear the confusion, the specific details reported in Daddy Types do not relate to Maclaren Group. Here are the facts for your reference:

    • American Baby Products, formerly known as Maclaren USA, was a third party distributor for Maclaren branded products in the US market.

    • American Baby Products lost the rights to distribute Maclaren products, and the right to use the Maclaren name, in the Fall of 2010.

    • American Baby Products filed for Chapter 7 in December, 2011.

    • Maclaren, as a brand, changed its distribution strategy over the past years moving from third party distributors to distribution within the Maclaren group, allowing Maclaren to better ensure management of its products and its brand.

    • Maclaren is one global company which controls its distribution, following a common trend within the retail industry.

    • Today the Maclaren brand is unified worldwide. All 2012 products feature a single Global Safety Standard, which means that Maclaren buggys around the world will meet and exceed even the highest safety standards mandated anywhere in the world.

    • Within its industry Maclaren, by far, has the most comprehensive and highest level of safety standards around the world.

I hope this reassures you that all is well on our end
 

Laser Tim

New Member
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.
 

fat-n-old

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

Deimos

Member
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
 

gouvernail

Super Opinionated and Always Correct
Same old same old... If you don't like the North American Laser Builder, wait a few years.
 

tim.platt

New Member
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.
 

torrid

Just sailing
Is there any actual evidence of Laser Performance bankruptcy other than a reader comment on a blog?
 

tim.platt

New Member
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.
 

fat-n-old

Member
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.
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.
 

49208

Tentmaker
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
 

Deimos

Member
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.
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
 

Tillerman

Member
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?
 
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?
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.
 

rooster

New Member
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.
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!
 

Deimos

Member
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
 

jeffers

Active Member
The thing with LP certainly in the UK is that they dont actually build the hulls (I believe). This is done by a 3rd Party. LP then fit them out and distribute them (if you can call putting a few bags of parts in them 'fitting out').

I do see a 'new' company being formed but if LP has gone 'bust' then it means that the UK and Eur trade mark is up for grabs. Perhaps the class should purchase this, they can then approve a 'new' manufacturer to use it and build boats under livense (subject to the relevant other agreements being put in place).
 

Laser Tim

New Member
Probably not true - Farzard transferred the Laser 1 rights to a Chinese company. Chances are he will put LP into receivership and leave the creditors out to dry, and the debts if they are to be believed, are colosall. These people are not sailors, don't understand sailing and are doing our sport a dis-service.
 

49208

Tentmaker
May be referring to Meywin LTD in Hong Kong. Also owned by Farzad. Would expect it would continue as usual. As mentioned above it will be the suppliers that get hung out to dry.
 

jeffers

Active Member
The other option is that the class gets together with the current interested parties (who are still viable) and comes up with a name change. That way the class can then retain the TM rights in all regions and license builders as they see fit whilst protecting the current viable builders.

This would need a class vote of course and probably ILCA approval but it is one possibly way out of the current mess and would give the class more control over who they can detail to build the boat.

Now if they could also negotiate with BK to obtain the 'design rights' or have some way that all royalties for all hulls get paid to ILCA who then pass it on to BK (or whoever holds the design rights) this may also remove yet another 'grey area' and allow the class to be in control of their destiny rather than having to rely on others.

I am sure there are 1001 reason why the above will never happen though
 

suthera

Member
Rumor doing the rounds at Masters worlds in Brisbane - new full rig sail and carbon top section pretty much approved by all parties but no word on a delivery date. Also whispers that the US / Europe builder is broke and a replacement manafacturer is being sought. I don't know how accurate this info is, but thought I would share what I heard.
 

Wavedancer

Upside down?
Staff member
Regarding the top mast and sail issue, it was written on this erudite Forum, that such changes must be approved by all the builders. Rumor (!) had it (on this erudite Forum, no less) that PSA was strongly in favor, but that LPE was holding out. If LPE is in fact (almost) out of the picture, the changeover would take longer still.

Am I death rolling?
 

torrid

Just sailing
The one thing that is perfectly clear is no change to the sail or spars can happen until the fundamental rule/builder issue is resolved. As far as anything else you may read or hear, watch your step folks.
 

jeffers

Active Member
The one thing that is perfectly clear is no change to the sail or spars can happen until the fundamental rule/builder issue is resolved. As far as anything else you may read or hear, watch your step folks.
That may be the case but if the US/Europe builder is out of the picture, even temporarily whilst a new builder is appointed, then this makes it easier surely as the 'new' builder will need to comply with the construction manual and equipment specification which will be the new designs.....
 

Deimos

Member
This issue does seem to raise questions as to why the class leadership tried to support LPE when they failed to pay contracted payments to the "right holder". Of course if a company is going broke and cannot afford to pay then it is a problem but is no reason to start changing the class rules to financially help a company in the process of going bust at the cost of the "rights holder".

It now becomes clearer why ISAF did not allow the rule change through and does raise questions about what the class leadership were playing at. I think it becomes even more important that they (ILCA leadership) explain what they were playing at.
 

49208

Tentmaker
Don't put LP in the grave and start shoveling the dirt just yet (as much as the might be in the best interest of the class members) - There is no indication that they want to get out of the business.
 
This takes One Design boats to a whole new level. We now have NMOD. No Manufacturer One Design. This gives an extremely level playing field where no one has an advantage. European stockist are out of stock of items such as laser sails and radial lower masts. Back ordered a long time ago. No indication when will be delivered. Will be interesting when the measurers reject bent lower masts and new ones cannot be bought....
This is what happens when you create a monopoly... Told you so...
 

AlanD

Former ISAF Laser Measurer
This is what happens when you create a monopoly... Told you so...
Enough people purchasing unauthorised parts, can impact on both cash flow and profitability, when these are impacted in a negative way, bankruptcy can occur. People are often their worst enermy.
 
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