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Online now: 3 members: TABLE SETTER 11, Webbie25, cecil; 98 anonymousDiscussion: COMBAT BANKRUPTCY
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| March 11, 2013 SCRAPPY 44 posts | COMBAT BANKRUPTCY I have just been notified that Combat has filed Chapter 15 bankruptcy. If you are a fan of Combat products you may want to get your bats while they are available. More information is available on line. Scrappy6 |
| March 11, 2013 swing for the fences Men's 50 1224 posts | should of never stop making the yellow MM! |
| March 12, 2013 BB#16 5 posts | Why not just switch over to another brand now? |
| March 12, 2013 tattooball 774 posts | They are just reorganizing the company. They went into other sports a little to quickly and the Little league rule changes were very costly for them. They are not going away and will be in a much better position in the future. I think GM,Ford,and Chrysler are very good examples of this. |
| March 12, 2013 kbl Men's 60 544 posts | tattooball..just my 2c, but GM????? tax payers on the hook for BILLIONS. |
| March 12, 2013 Webbie25 Men's 70 2414 posts | I think the government ought to bail out Combat for us. It's too big to fail....... I need a new ObamaBat. |
| March 12, 2013 usmc0311 32 posts | tattooball Ford? Do your homework!!! |
| March 12, 2013 tattooball 774 posts | What did I miss? FORD ANNOUNCES LAUNCH OF DEBT RESTRUCTURING INITIATIVES AS PART OF COMPANY’S TRANSFORMATION PLAN •Ford Motor Company has launched a conversion offer relating to its 4.25% Senior Convertible Notes due December 15, 2036, in which it will pay a premium in cash to induce the holders to convert debt for shares of Ford’s common stock •Concurrently, Ford Motor Credit Company has commenced a separate $1.3 billion cash tender offer for Ford Motor Company unsecured, non-convertible debt securities, and has commenced a separate $500 million cash tender offer for Ford's senior secured term loan debt •Ford also announces its intent to exercise its right to defer future dividend payments on the 6.50% Cumulative Trust Preferred Securities of Ford Motor Company Capital Trust II beginning with the dividend payment payable in April 2009 •The debt restructuring initiatives follow previously announced tentative agreements with the United Auto Workers that, if ratified, will allow Ford to lower its hourly labor costs and provide the option to use common stock to pay up to 50 percent of future payments to the Voluntary Employee Beneficiary Association health care trust •Comprehensive debt restructuring is expected to strengthen Ford Motor Company's balance sheet by reducing long-term debt obligations DEARBORN, Mich., Mar. 4, 2009 – Ford Motor Company (NYSE: F) announced today that its Board of Directors and the Board of Directors of Ford Motor Credit Company have approved a plan to restructure Ford’s debt through a combination of a conversion offer by Ford and cash tender offers by Ford Credit. “The debt restructuring plan we are announcing today is a critical step in Ford’s overall transformation,” said Ford President and CEO Alan Mulally. “We are continuing to work with all of our stakeholders -- including employees, dealers and suppliers -- to secure Ford’s future in this difficult economic environment.” By using a combination of Ford and Ford Credit cash on hand and Ford equity to retire certain long-term debt early, Ford would significantly reduce its debt obligations and annual interest expense. The amount of the debt and interest expense reductions will be dependent upon the level of participation by debt holders. Conversion Offer As part of this debt restructuring plan, Ford has launched a conversion offer in which it is offering to pay a premium in cash to induce the holders of its outstanding 4.25% Senior Convertible Notes due December 15, 2036 (the “Convertible Notes”) to convert any and all Convertible Notes into shares of Ford’s common stock (the “Conversion Offer”). The Convertible Notes were issued in 2006 and the outstanding principal amount of such Convertible Notes is approximately $4.88 billion. The Convertible Notes are currently convertible into shares of Ford common stock at a conversion rate of 108.6957 shares per $1,000 principal amount of the Convertible Notes. Holders who elect to convert their Convertible Notes into shares of Ford common stock pursuant to the Conversion Offer will receive the 108.6957 shares of Ford common stock plus $80 in cash for each $1,000 principal amount of the Convertible Notes converted. The Conversion Offer is being made on additional terms and conditions which are set forth in an offering circular dated March 4, 2009 (the “Convertible Notes Offering Circular”) and the related letter of transmittal (the “Convertible Notes Letter of Transmittal”), both of which are being sent to holders of the Convertible Notes. Holders are urged to read the Convertible Notes Offering Circular and Convertible Notes Letter of Transmittal carefully when they become available. Copies of the Convertible Notes Offering Circular and the Convertible Notes Letter of Transmittal may be obtained from the Information Agent for the Conversion Offer, Georgeson Inc., by calling toll free at 800-457-0759. The Conversion Offer will expire at 9:00 a.m., New York City time, on Friday, April 3, 2009, unless extended or earlier terminated (the “Expiration Time”). Any tendered Convertible Notes may be withdrawn prior to, but not after, the Expiration Time, and withdrawn Convertible Notes may be re-tendered by a holder at any time prior to the Expiration Time. Consummation of the Conversion Offer is subject to, and conditioned upon, the satisfaction or, where applicable, waiver of certain conditions set forth in the Convertible Note Offering Circular. Subject to applicable law, Ford may amend, extend, or terminate the Conversion Offer at any time. Ford Credit Cash Tender Offers Concurrent with this announcement, Ford Credit separately announced today that it has commenced a $1.3 billion cash tender offer to purchase certain series of Ford’s outstanding unsecured, nonconvertible debt (the “Notes”), and has commenced a separate $500 million cash tender offer to purchase Ford’s senior secured term loan debt (together, the “Tender Offers”). Details regarding the Tender Offers are contained in a separate news release issued today by Ford Credit. Neither the Conversion Offer nor either of the Tender Offers is or will be contingent upon the completion of any other offer. Trust Preferred Securities Ford intends to elect to defer future interest payments on its 6.50% Junior Subordinated Convertible Debentures due January 15, 2032 as permitted by the terms of the Debentures, which will result in the deferral of the quarterly distributions on the 6.50% Cumulative Convertible Trust Preferred Securities (liquidation preference $50.00 per preferred security) of Ford Motor Company Capital Trust II for a corresponding period. The deferral will commence with the April 15, 2009 payment date. Under the terms of the Debentures, Ford is permitted to defer payments of interest for up to 20 consecutive quarters. Previously Announced Tentative UAW Agreements The Conversion Offer and Tender Offers follow the previously announced tentative agreements reached with the United Auto Workers that, if ratified, will allow Ford to reduce its hourly labor costs and provide it with the option to use common stock to pay up to 50 percent of its future cash payment obligations to the Voluntary Employee Beneficiary Association (“VEBA”) health care trust. Ford will provide more details about the agreements following the ratification process. With respect to the option to satisfy up to 50 percent of its VEBA obligations in stock, Ford would consider each payment when it is due and use its discretion in determining whether paying with cash or stock makes sense at the time, balancing its liquidity needs and preserving shareholder value. Both the operating-related and VEBA-related agreements would be conditioned on, among other things, Ford pursuing restructuring actions with other stakeholders, including meaningful debt reduction over time consistent with requirements applicable to its domestic competitors under their government-sponsored restructurings. The VEBA-related tentative agreement, which would modify the existing Settlement Agreement dated March 28, 2008 among Ford, the UAW and class representatives of former UAW-represented Ford employees, relating to retiree health care obligations, also would be subject to final court approval and other conditions. About Ford Motor Company Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 213,000 employees and about 90 plants worldwide, the company’s brands include Ford, Lincoln, Mercury and Volvo. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford’s products, please visit www.ford.com. About Ford Motor Credit Company Ford Motor Credit Company LLC is one of the world’s largest automotive finance companies and has supported the sale of Ford Motor Company products since 1959. Ford Motor Credit is an indirect, wholly owned subsidiary of Ford. It provides automotive financing for Ford, Lincoln, Mercury and Volvo dealers and customers. More information can be found at www.fordcredit.com and at Ford Motor Credit’s investor center, www.fordcredit.com/investorcenter. Safe Harbor and Other Required Disclosure This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by the management of Ford and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation, those set forth in “Item 1A—Risk Factors” and “Item 7 —Management’s Discussion and Analysis of Financial Condition and Results of Operations —Risk Factors” of Ford’s Annual Report on Form 10-K for the year ended December 31, 2008. Readers are encouraged to read Ford’s filings with the Securities and Exchange Commission to learn more about the risk factors associated with Ford’s businesses. Ford cannot be certain that any expectations, forecasts, or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. This press release is for informational purposes only and is not an offer to purchase with respect to any securities. The Conversion Offer is being made only by the applicable Convertible Notes Offering Circular dated March 4, 2009 and the related Convertible Notes Letter of Transmittal. Investors should read the Convertible Notes Offering Circular because it contains important information. Investors can get such documents and other filed documents for free at the Commission’s web site (www.sec.gov) or by contacting the information agent described below (the “Information Agent”). The Conversion Offer described in this news release is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities or blue sky laws. In any jurisdiction where the laws require such offers to be made by a licensed broker or dealer, the Conversion Offer will be deemed to be made on behalf of Ford by one or more registered broker dealers under the laws of such jurisdiction. Georgeson, Inc. is serving as the Information Agent for the Conversion Offer. Persons with questions regarding the Conversion Offer should contact Georgeson at 800-457-0759 (toll free). Requests for copies of the Convertible Notes Offering Circular or the Convertible Notes Letter of Transmittal may also be directed to Georgeson. # # # |
| March 12, 2013 swanny22 Men's 55 10 posts | Tattoo Ball nice response.Sounds like someone else should not be so quick to pop off. |
| March 12, 2013 tattooball 774 posts | All I know is the I bought ford stock at 1.94 and now it is 14.00, I'll say that was a good buy for me. |
| March 12, 2013 softball4b Men's 70 1248 posts | I think USMC was indicating the Ford did not restructure through the BK system and or take Bail out money from the Govt. |
| March 12, 2013 tattooball 774 posts | Ford had to go to washington and present their restructuring plan to avoid the bailout. If they could not provide a plan they would have been made to take the money. The bailout money given to the car manufactures has been profitable for the US. |
| March 12, 2013 softball4b Men's 70 1248 posts | GM: repaid $23.1 billion of the $49.5 billion it got from the U.S. Treasury, including all of its outstanding loans. But Treasury still owns 500 million shares, or 32%, of GM stock. To recoup its full investment, GM stock needs to hit $52.80 per share. It’s currently trading around $21. Chrysler: repaid $9.2 billion, fulfilling its debt obligations to the U.S. and Canadian governments, and is now owned by Italian automaker Fiat (58.5%) and a health care trust for UAW retirees (41.5%). Overall, taxpayers lost $1.3 billion on the Chrysler bailout. Ford: used its $5.9 billion loan to convert two truck plants to small-car production and to develop more fuel-efficient vehicles like the Ford Focus EV and C-Max Energi plug-in hybrid, on sale this fall. Loan repayments start in September. Ford says it will spend $14 billion over the next seven years on advanced-technology vehicles. We can argue all day long, but just from dollars and sense, there was nothing profitable to the US Taxpayers about the bailout. |
| March 12, 2013 4x4 Men's 65 601 posts | Getting back to Combat....... If I have read it correctly Combat has about 10 Mil assets and 50 Mil liabilities. It would take a lot of effort to be able to continue. I don't think there will be a lot of suppliers or financial institutions willing to offer credit terms, financing, etc. Possibly ripe for a sale/buyer with deep pockets to rescue the company but there does not seem to be a lot of upside here for the present company. It would be sad to lose one of the best lines of bats out there. |
| March 12, 2013 tattooball 774 posts | No it is not 10/50it is like 10/12 or 13. One of the bigest liability is a new building they moved into a year ago. Again I am not sure of the exact numbers. |
| March 12, 2013 HJ Men's 70 481 posts | I hate when politics is discussed here, but feel an obligation to respond to what I believe are false statements. softball4b said "We can argue all day long, but just from dollars and sense, there was nothing profitable to the US Taxpayers about the bailout." W/o the bailout Chrysler and GM would have been liquidated. Not only would their workers be out of work, but the cascading or multiplier effect would have been incalculable. All of the parts suppliers would have gone under, restaurants and local businesses which catered to the these companies would have failed. The massive additional unemployment could have put us into a depression. Many of us would argue that this was a very profitable deal for US Taxpayers. A thriving economy which we don't yet have but are approaching is the easiest and most painless way to lower the debt w/o cuts. The trick is to build surpluses when times are good which last occurred in the Clinton administration. |
| March 12, 2013 swing for the fences Men's 50 1224 posts | surplus during Clinton, are you kidding me... He left us with more Debt then he started with.. He had one year of a balanced budget but never had a surplus on the national debt.... Dot-com industry had a big to do about that one year... and poof that magic rock burst and there was more debt.. end of story! |
| March 12, 2013 swing for the fences Men's 50 1224 posts | and I should say the all the presidents are adding to the debt no matter what side of the fence you are on... |
| March 12, 2013 ShaneV Men's 55 393 posts | Spin it boys! |
| March 12, 2013 Omar Khayyam 1357 posts | HJ, not every economic analyst agrees that Chrysler and GM would have gone under. They could have reorganized like Ford did and survived without the bailout...but you're right that we should leave politics for another web site. More worrisome is Combat's future. |
| March 12, 2013 swing for the fences Men's 50 1224 posts | I hate getting sucked in.. Bush and Obama both supported a bailout of the Big three. It's not a left or right spin, it's American spin... |
| March 12, 2013 4x4 Men's 65 601 posts | Got it Kevin - one website showed liabilities 10-50 Mil - other one shows assets of 1M-10M - liabilities 1M-13M. They showed number of debtors at 50-99 - so far the court matrix shows 213 They may be OK if something else doesn't unexpectedly blow the end cap off........... |
| March 13, 2013 usmc0311 32 posts | how much money did ford take from the goverment for there bail out? |
| March 13, 2013 Webbie25 Men's 70 2414 posts | And all I wanted was an Obamabat.......Sorry I started this with a joke. |
| March 13, 2013 swing for the fences Men's 50 1224 posts | USMC here is some info for you on Fords Bail out.. Ford requested a $9 billion line-of-credit from the government, and a $5 billion loan from the Energy Department. Ford pledged to accelerate development of both hybrid and battery-powered vehicles, retool plants to increase production of smaller cars, close dealerships, and sell Volvo. Ford is in better shape than GM or Chrysler because it had already mortgaged its assets in 2006 to raise $24.5 billion. Although Ford didn't need, and didn't receive any funds, it also didn't want its competition to get the upper hand thanks to the government bailout. |
| March 13, 2013 swing for the fences Men's 50 1224 posts | Also Ford Credit was given a huge some.. I believe 15 billion worth... |
| March 13, 2013 swing for the fences Men's 50 1224 posts | bottom line it all looks to be a bailout to me but worded differently... |
| March 13, 2013 HJ Men's 70 481 posts | Ford Credit, not Ford took a loan it repaid in full with interest. It was not given a huge some(sic). Highly unlikely either GM or Chrysler would have survived w/o help since no one except the govt. had the money necessary to keep them in business. My point is it is arguable whether the bailout was good or bad for U S taxpayers and the original unequivocal statement needed to be challenged. Let's talk SB. |
| March 14, 2013 surf88 Men's 65 1000 posts | scrappy: See what you started LOL |
| March 14, 2013 ju25 Men's 60 235 posts | Once again another thread hijacked. Getting back on the topic of Combats Bankruptcy I got this on another site from VP of Combat Sports; #1 coop14 VP COMBAT SPORTS Last Online: Today 11:24 AM Join Date: Aug 2005 Location: SEATTLE,WA Posts: 307 Feedback Score: 0 reviews updates -------------------------------------------------------------------------------- As you all know we are going through some strange times at Combat. couple things 1. There is a spot for the combatants in the Seattle Major. Strojan is handling the event for me this year with everything we have going on. 2. As you all know our partner company in Canada was taken into recevership thus having a Chapter 15 restraining order filed against us here in the US to protect assets owned by a foregin bank. We filled nothing in the US this is all been forced on us from the Canadian banking system. 3. The current Majority ownership and employees of Combat are prepairing to bid/purchase the entire company ... Manufacturing plant, brand , Combat USA, inventory, etc. Making the compnay employee owned and operated has always been the dream, the Candian engineers, President and manufacturing team are coming together with the sales, marketing and players to form a Players by Players complete company. There is always a risk that someone out bids the employee backed move but as in any Derby adventure, all you can do is go balls out and make it work. 4. I have been asked by people how did this happen... The short answer is a youth baseball organization put a moratorium on high performing bats in Dec. of 2010 -- Combat as a entire Company backed by the manufaturing arm in Canada made the call to be fair to all retailers and consumers to take back the 35,000+ bats in the field. This process cost just over 5 million dollars. The plant has been fighting that battle ever since, and just ran out of time. No matter what happens it was the right thing to do, we could not stick our dealers or customers with a product they could not use. Not the Derby way! 5. I fully feel that we will come out of this stronger, better and unified. We are having great support form dealers like Softball Fans. Bryan is a true friend to us. Most of all we could not do this with out all you Derby Life and Combatants ..... Thanks to everyone and my apologies that this happend on my watch........ |
| March 17, 2013 Wayne 37 Men's 65 773 posts | Anyone that wants to argue about the economy should watch this. http://www.youtube.com/watch?v=bAlNHqHbI-k |
| March 18, 2013 lewis 49 posts | What does this have to do with combat Canada filing for bankruptcy? |
| March 19, 2013 HJ Men's 70 481 posts | Nothing, and it is a blatantly political statement which does not belong here irrespective of whether you agree or disagree. This is just wrong here. Wayne, if you want to talk politics email me and we can discuss. (email address on profile) |
| April 2, 2013 Wayne 37 Men's 65 773 posts | HJ, Why is that a political statement? I put it out there to show why the snowball got rolling down hill. I live in a red state that is filled with pandering gerrymandering puppets (Texas). I not so unfavorable about Bush except he let Dick Cheney put the strings. All my info should be on my page if you want to contact me. If not I've posted it on here a few times so others could contact me. If you're a birther, or think Obama is a socialist, don't bother. I've got a pretty strong grasp of history, and political science in my background, so not many things are a mystery with the situation in D. C. My personal opinion is that more Americans should take a better interest in their country. Resolutions to kill Obamacare = 36.....lol |
| April 2, 2013 Wayne 37 Men's 65 773 posts | Added: I bet close to 95% or more of Combats business is in the United States. |
| April 3, 2013 HJ Men's 70 481 posts | It is political since it states 1 side of the story. I will email you directly. |
| April 3, 2013 lewis 49 posts | And it's a unconfirmed report! |
| April 4, 2013 4x4 Men's 65 601 posts | W37 - whether we believe as you or wonder what type of kool aid you've been drinking your post (or any other away from this topic) along with your own personal viewpoint does not belong in a softball forum. If you are so eager to spout this stuff off go find a political forum and have all the fun you want. There will be plenty of folks there that will gladly support you or take you on. YOUR view of history and political science will be in better company there. Wouldn't fit well on the field and it does not fit well here either. Not relevant here. |
| April 4, 2013 HJ Men's 70 481 posts | Totally agree with 4x4. lewis, do you realize your post is a political statement and just encourages more off the topic statements? I will not take your bait. |
