Samco going under?

[Caligunner1]

Friend sent this:

http://www.bizjournals.com/southflorida/news/2015/12/09/miami-arms-dealer-files-chapter-7-liquidation.html

I always thought a little high on alot of items but have bought surplus ammo before and they seemed to have some nice C&R stuff.

Looks like their sight is still up though

Mods please move if in wrong section. Thanks

[DennisCA]

Prob not a good time to order anything from them

[AJAX22]

I suspect the bankruptcy will be challenged.

Probably at minimum reorganized to a chapter 11.

More likely dismissed and turned into a civil action.

Sales made during the regular course of business should be ok however it goes. I don't see a trustee clawing back anything that is sold normally through their business.

Bankruptcy doesn't mean what people think it means a lot of the time.

In this case it looks like an end run around a civil action and I suspect it will get tossed.

[Caligunner1]

Yea i was thinking since the other partner did not agree I can see this dragging for a long time.

[rt66paul]

Use a credit card and you will be protected.

[KOOLKERRY]

I bought a couple nice M59 Yugos years back from the lovely lady's over at Samco international. They will me missed

[DesertWalker]

I suspect the bankruptcy will be challenged.

Probably at minimum reorganized to a chapter 11.

More likely dismissed and turned into a civil action.

Sales made during the regular course of business should be ok however it goes. I don't see a trustee clawing back anything that is sold normally through their business.

Bankruptcy doesn't mean what people think it means a lot of the time.

In this case it looks like an end run around a civil action and I suspect it will get tossed.

You sound like you have been there...done that....you must have be an attorney or have been through the process. I think your comments are right on the mark.

[emcon5]

Crap.

http://www.stamplerauctions.com/auction/280410/samco-global-arms-firearms/

Looking at the photos, I see a lot of stuff that I don't remember them ever having for sale. A pallet of M1 Carbines?

Were they sitting on it waiting for prices to go up?

[ccandgc]

Dang.

[KOOLKERRY]

I can only imagen how long ago they would have went bankrupt if Obama wasn't Presidant

[pterrell]

To think they could have been selling this stuff...

Hopefully someone other than classic gets ahold of it

[watt79]

Should be interesting to see who buys out their stock. Can't wait to see some of it show up on the market. I have always been curious about what rifles Samco had buried in the back of their warehouse.

[huntingsocal]

Well hopefully the buyer wants to sell quickly

[microwaveguy]

The auction site doesn't list this sale as separate lots so it makes me think that the sealed bid is for everything. I don' know of too many people other than Century, Classic arms or Southern Ohio gun that would bid on the whole thing.

[kurac]

So one partner takes the other to court claiming he owns 70% of the business. The partner controlling the business files for bankruptcy and the entire business will be sold in one lot. Call me suspicious but it sounds like the owner being forced to sell will be able to buy it back for a fraction of what the other partner is claiming. Don't be surprised if Samco is back in business in one form or another before too long.