Mastercraft not going bankrupt

[toddrswenson]

Interesting to read. I don't know who would want to buy a boat from a company that's screwing their vendors. I wonder if they can keep building a quality boat??

http://www.tradeonlytoday.com/home/4...kruptcy-filing

[toddrswenson]

RE: Mastercraft not going bankrupt

Try this link.

http://www.tradeonlytoday.com/home/4...kruptcy-filing

[zapada]

RE: Mastercraft not going bankrupt

Pretty shady business practice. First, this will give them a competitive advantage. Second, they are taking advantage of the cash poor vendors by offering a payoff (of an amount they already owe) at a huge discount 35%!!! Or, you'll have to wait until next year to be paid up if you're not willing to give us a discount. The vendors know they're screwed either way because if they don't accept, there is a real chance that the company will go bankrupt for real during that time and the chances of any recovery are slim. I wouldn't put it past any of the VC suits if they are planning all along to try and reduce their debts by sending the vendors through this exercise only to file at a later date. You should never underestimate the creativity and craftiness of a greedy person. To be continued...

I'm not a bit surprised. I've head of this happening all over the country.

[SkiTundra]

RE: Mastercraft not going bankrupt

I know the folks at Wayzata IP who effectively own them now and I'd bet on a solid recovery. Their track record of turning companies around ain't too bad.

[swc5150]

RE: Mastercraft not going bankrupt

The comments at the end are intersting as well. I sold MC's while in college, and I remember the first X Star simply being a PS205 with a solid gel coat and a skylon - but the price was jacked when compared the regular 205. In todays market as well, a PS190/197 will cost significantly more than a SN196 or 206, which makes it harder to compete. I think they started believing their own magazine ads, and assumed people would simply pay more to have the MasterCraft name down the side of their boat.

[Nautiquehunter]

RE: Mastercraft not going bankrupt

Wow
They are doing to the vendors what they do to the buyers. I am so thankful the MC dealer slammed me and sent me running to CC. I wonder how this will affect parts and service? Is it possible to get any worse?

[vthokies]

RE: Mastercraft not going bankrupt

Like my son says, "dad look at that MASTERCRAP". They are trying to crap all over the people that made them what they are. I have never liked their boats and to read this is just reaffirming my take on the company.

[GoBig]

RE: Mastercraft not going bankrupt

DisasterRaft. Didn't they recently announce some ridiculous behemoth, the MC-300? Real smart.

[gride300]

RE: Mastercraft not going bankrupt

i had an 05 disastercraft. i had more trouble with that thing in all aspects and 3 different dealers started off nice, but ended up not caring about me at all in the slightest. i honestly think that they quit trying when they realized how much people like the new x-star wake. i have met so many people that had mc's or have them and can't stand them, but i don't think i've ever met someone who switched from a cc to an mc

[SkiTundra]

RE: Mastercraft not going bankrupt

What Mastercraft is doing with their vendors is not unethical in any way. Companies get in trouble. When they do get in trouble they work it out with their creditors as best they can, if they can't work it out they go in to bankruptcy. In this case it's in the vendors best interest to help keep Mastercraft running if they can, otherwise none of them may see more than .50 on the dollar (or worse). The ethics proof is what Mastercraft does later on - how they treat the vendors that helped them, pay back the vendors who took the discount as soon as they have the funds to do so, and so on.

Keep in mind that Correct Craft got in to a bit of similar trouble at least twice and worked with vendors in a similar fashion. CC has also paid back every vendor. I do believe CC is a much better run company.

[SNMike]

Re: RE: Mastercraft not going bankrupt

What Mastercraft is doing with their vendors is not unethical in any way. Companies get in trouble. When they do get in trouble they work it out with their creditors as best they can, if they can't work it out they go in to bankruptcy. In this case it's in the vendors best interest to help keep Mastercraft running if they can, otherwise none of them may see more than .50 on the dollar (or worse). The ethics proof is what Mastercraft does later on - how they treat the vendors that helped them, pay back the vendors who took the discount as soon as they have the funds to do so, and so on.

Keep in mind that Correct Craft got in to a bit of similar trouble at least twice and worked with vendors in a similar fashion. CC has also paid back every vendor. I do believe CC is a much better run company.

Yet, keep in mind that CC did NOT force boats on their dealers to up their "overall" sales. That's why there is 2-3 years worth of new MC inventory out there. Not good.