FL shop reported closing...may need to go pick up your cars

[mark_p]

If they do then its not because they were not warned.

[mark_p]

The corvette forum has removed them as a supported vendor. I would expect camaro5 would be doing the same

[1KillerSS]

They haven't renewed their vender status here on C5 in quite some time.

[MrChrisLS3]

Their website is down, offline, whatever you want to call it.

If you have a car, parts, or unpaid refunds etc. with this company, I would strongly suggest contacting his lawyer and finding out what you have to do to stake your claim. If you're in for 10's of thousands, maybe hire your own lawyer. FSP has obviously filed for bankruptcy. The question is, which chapter? If it's reorganization of debt then, those that file claims will be the only ones that have a chance of collecting anything. If it's complete belly up, of the Chapter 7 variety, all assets will be sold and again, those filing claim will be those that have a chance of getting something back.

I'm not a lawyer, but this is my limited understanding of this works. I may be wrong however.

[WatchThis]

Originally Posted by Snoman

Site a single incident either with a news article or public court document, similar to this one in which we'll arbitrarily call "Hurricane Hermine", whereby Florida Speed & Power has moved to "closing its doors (temporarily or otherwise) and moved behind an attorney" before.

Actually wasn't Matt also operating a shop called TT Performance in Little Falls, NJ? The shop filed for bankruptcy in 2010 roughly. Fast forward about 6 years and Matt's new shop in Florida also filed for bankruptcy so yes, there is a previous incident as well.

I have no dog in this fight as I have never dealt with Matt. I have heard good things about him but no personal experience with him but the facts are there. He had a shop up north, filed for bankruptcy and then moved to Florida to start up a new shop which again, filed for bankruptcy. Whether it's fraud, whether he tried to steal money from people intentionally is not for me, you, or anyone on this forum to decide, that is up to a court. In my opinion him getting a lawyer is in his best interest as well as that of his business as it is common practice and would not hold that part against him. I'll end this post saying that the facts are indeed there and whatever the case may be this time around, I hope that Matt and all of his customers are treated fairly and accordingly.

[willhe64]

I've no dog in this fight either. But it royally pisses me off when a vendor screws fellow members here out of a lot of money. Almost as much as it pisses me off when fellow members come out in support of the vendor over their fellow members.
This aint a case of geez too bad, these things happen. Matt outright lied to Mark, and Mark has the correspondence to prove it.
A shop owner I know had this happen to him. His biggest customer, a large fleet of trucks, went under and took him with them. He had huge receivables with them and thus could not pay his suppliers. What did he do. Before he filed bankruptcy, he called all his outstanding debtors and told them to come and grab whatever equipment they could to sell and get their money back, took care of all the vehicles he was working on at the time and then filed for protection. Some people may not got 100% of their money owed but that is how you do business.

[McBeevee]

Originally Posted by willhe64

I've no dog in this fight either. But it royally pisses me off when a vendor screws fellow members here out of a lot of money. Almost as much as it pisses me off when fellow members come out in support of the vendor over their fellow members.
This aint a case of geez too bad, these things happen. Matt outright lied to Mark, and Mark has the correspondence to prove it.
A shop owner I know had this happen to him. His biggest customer, a large fleet of trucks, went under and took him with them. He had huge receivables with them and thus could not pay his suppliers. What did he do. Before he filed bankruptcy, he called all his outstanding debtors and told them to come and grab whatever equipment they could to sell and get their money back, took care of all the vehicles he was working on at the time and then filed for protection. Some people may not got 100% of their money owed but that is how you do business.

^^This^^ hits the nail on the head.

[SSE 4 2SS]

Originally Posted by 1KillerSS

Mark, tell me one business that doesn't hide behind an attorney, once they are no longer solvent? It's only the next step in filing bankruptcy, or to protect yourself from any further negative consequences. In today's world, 99 percent of the businesses that have gone under, or are in the process of going under, get an attorney, and protect themselves from their creditors. Hell people do it for personal protection, having nothing to do with owning a business. The letter you got from his attorney, is standard practise. There is nothing special about it. Remember, they most likely owe money to more than just customers. There are parts company's, equipment leases, and so on, that they need to protect themselves from also. The customers are just part of that picture.

Did they hurt people? Yes. Did they take money from people when they knew they would not be able to pay it back, or provide the service that they were paying for? It appears that way. Everybody has assumed that FSP is going to leave them hangin in the wind, nobody is giving them a chance to see if they will make it right. Time will tell. Personally I have some faith that they will at least do something to make people whole. I can't bring myself to believe that a company, or person, who ran such an honorable business for the length of time that they did, practising the good business edict that they practised, will throw it all away like this. As I said, time will tell, and I hope I am not proven wrong about that. Although my first thoughts are the same as yours, I try to take the emotion out of it, and hope for the best. I chose to wait and see, instead of firing up the BBQ and have a roast the day after.

Well stated...

Originally Posted by mark_p

I can appreciate that. I to gave them time. 6 weeks of it.. this is not something new that happened yesterday. They lied to me for 6 weeks prior to filing. First i was told it will ship soon, then that it had shipped, then that they would provide a tracking number since it was taking so long, then after i called the maufacturer to find out it was never ordered i was told "sorry" refund is on the way. Much more time goes by and i contact their processing compay and they say "sorry" no refund issued for you...Does this sound like I prematurly fired up the BBQ?

Originally Posted by mark_p

The corvette forum has removed them as a supported vendor. I would expect camaro5 would be doing the same

They are not a supporting vendor, and haven't been one in some time.

Like another business that went under a while back, that was a reputable business, people got pissed off and went on the warpath long before the true nature of the issue was known... Most people still don't know what actually happened. I'm not going into any further detail about that... I understand you lost money, I've had that happen.... I didn't jump on the bash wagon and start pissing flames all over the internet... I waited it out, and dealt with it as it came.... There is way too much drama in today's society... Stirring the pot before the story behind the events does no one any good and only inflames everyone...

As for any posts that may or may not have been deleted, there have been some... that's our business. This is a privately owned public forum and we run it. If you had any clue the inflammatory comments made with no basis in fact, or folks jumping on the band wagon due to being drama queens themselves, it would shock you... You notice most of, if not all of, your posts are still here. This isn't a conspiracy...

Calm down, follow proper procedures to make a claim and wait it out... and yes it will take longer than six weeks to sort it out regardless of the outcome. I never got my thousands of dollars back, I learned and moved on...

Attorneys make decisions when it gets to this point...

[MrChrisLS3]

^^^

Yep, it is all nothing more and nothing less than a legal process now. Once the papers are filed by the lawyer, the individual or business entering bankruptcy has no power, pull, or say in the situation. It's a legal procedure now, which is why all contact goes through the lawyers.

[bleavens1962]

So, it appears Forum Rule #3 ( Agree to Disagree) is entirely arbitrary and up to the agreement or disagreement of the moderators (deletion of comments) ? All I see in this thread is people venting their frustrations with a confusing,complicated and questionable situation, expressing their opinions, agreeing sometimes and disagreeing other times.
Thought that this was one of the reasons the forum was here...
I do completely understand deleting, vile, swear ridden rants, but not sure I saw any here...

[mlee]

Originally Posted by bleavens1962

So, it appears Forum Rule #3 ( Agree to Disagree) is entirely arbitrary and up to the agreement or disagreement of the moderators (deletion of comments) ? All I see in this thread is people venting their frustrations with a confusing,complicated and questionable situation, expressing their opinions, agreeing sometimes and disagreeing other times.
Thought that this was one of the reasons the forum was here...
I do completely understand deleting, vile, swear ridden rants, but not sure I saw any here...

The ONLY deleted posts were from a "previously banned" member who registered for one day to post in this thread. We don't allow that here. Clean-up about deleted posts were removed as well.

End of story and enough about deleted posts. There is nothing to hide and no reason to defend anyone here. The situation is what it is so as long as the commentary is respectful among C5 members it may continue.

[bleavens1962]

Fair enough

[chef-beavis]

Someone very close to me filed for bankruptcy a few years ago. Prior to doing so, before they knew they were going to, in fact, they had repaid a family member in full for a loan. When they filed, they were asked if they had done anything of this sort and informed it was actually a felony to have repaid the family member, because in that instance they are also considered a creditor, just like the rest in line. This person tried to file against one creditor, based on one loan/item. You cannot. Federal law mandates you wipe the slate. Credit cards, auto loans, etc. You are not allowed to choose to make this one whole and eff that one,. I was in the room with the attorney. I'm sorry for people's losses and have no dog in this hunt but unless you've been there, you don't understand the laws.

This is just an FYI for those people saying they should have, can, or will make this person or that person whole. Any settlements would be divided up between all creditors on a percentage basis, at best.

[DarkCry956]

I posted on here and it got deleted. I've never been banned and been a member for years.