Fred Mills said:Fred,
What's this "Lockvogel" line ? I didn't know that there was a "Lower Joisey, Vogel" connection......!!!!! Which one of the famous family is it.....surely not the one claiming Russian model club connections.!!!! Fun and games continue !!!
“Lockvogel” and Lower Joisey have a few letters in common, but not much else.
But that “Strohmann” is a very distant relation to a scarecrow. 
:lol:
Hans-- thank you for the translation.
As in America the Banks have a great deal of control in a Chapter 7 bankruptcy since they seize the assets under court order.
It’s the Chapter 11 (continuing operations) process in the US that engages the courts as arbiter of the “good and fair” payment of bills and sale of assets. It’s (the process) supposed to provide an equitable solution to lenders and suppliers leins while allowing the company to continue operations and work out of the insolvency.
This has all the earmarks of a chapter 7 bankruptcy, and it is the ‘secured’ creditors right to dispose of (read: sell as a whole, or in part) the assets and all the unsecured folks don’t get anything…meaning material suppliers, and distributors that prepaid for production.
If the largest secured creditor or two of them don’t like the deal, or think they can squeeze another 50 to 100M euro out of the bidders they will and should try since they have the obligation to their management and ownership.
I agree with Hans the best production and design people have probably already left, and those that are still there may not have the leadership to understand that the concessions required, while seeming severe may be the only way to save their jobs for the short run. And unless willing to work with the new management/owner for long term competitive positioning (read additional changes to the emplyment contract) it will be a very short run.
Now the dance of the elephants in both the back rooms and in the media continues…
mark
Well, whatever happens I hope LGB can survive. I think it would be a big loss to the hobby if it didn’t.