Superior Chapter 11
Moderators: GAHorn, Karl Towle, Bruce Fenstermacher
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GAHorn
- Posts: 21302
- Joined: Fri Apr 12, 2002 8:45 pm
Re: Superior Chapter 11
The implications of Textron Lycoming acquiring Suprior are concerning.
Example: "Lycoming’s purchase includes only Superior’s assets,...." This reminds me of when I had a contractural aircraft brokerage agreement with my bank to sell their aircraft. When they were taken over by another bank (which acquired only the "assets" of my bank....) .... I found out that one of the "assets" was my home mortgage and personal loans, which were being called for immediate payment by the new owners. But since they'd acquired only "assets" , and not "liabilities" (i.e., the money they owed me for my having sold their aircraft for them)... the end-result was that I owed them thousands less than they owed me... but I had to pay them money I did not have....yet they didn't have to pay me.... so that I could afford to pay them. A "catch 22".
Oh, did I mention that my bank ...actually was my employer? And that when they were taken over by the new bank that my job was ended? (They already had their own flight dept.) So on one spring day in 1986, my house mortgage went from 11% to 14%, (because I no longer qualified for an employee discounted loan rate).. the mortgage was called immediatley due in full (because I no longer met a loan requirement of not being un-employed )... and yet they did not have to pay me my money (which was their liability) but I had to pay them (their "assets".)
So.... I wonder if Superior will honor their "liabilities"...i.e., their warranty on sold product?
Example: "Lycoming’s purchase includes only Superior’s assets,...." This reminds me of when I had a contractural aircraft brokerage agreement with my bank to sell their aircraft. When they were taken over by another bank (which acquired only the "assets" of my bank....) .... I found out that one of the "assets" was my home mortgage and personal loans, which were being called for immediate payment by the new owners. But since they'd acquired only "assets" , and not "liabilities" (i.e., the money they owed me for my having sold their aircraft for them)... the end-result was that I owed them thousands less than they owed me... but I had to pay them money I did not have....yet they didn't have to pay me.... so that I could afford to pay them. A "catch 22".
Oh, did I mention that my bank ...actually was my employer? And that when they were taken over by the new bank that my job was ended? (They already had their own flight dept.) So on one spring day in 1986, my house mortgage went from 11% to 14%, (because I no longer qualified for an employee discounted loan rate).. the mortgage was called immediatley due in full (because I no longer met a loan requirement of not being un-employed )... and yet they did not have to pay me my money (which was their liability) but I had to pay them (their "assets".)
So.... I wonder if Superior will honor their "liabilities"...i.e., their warranty on sold product?
'53 B-model N146YS SN:25713
50th Anniversary of Flight Model. Winner-Best Original 170B, 100th Anniversary of Flight Convention.
An originality nut (mostly) for the right reasons.
50th Anniversary of Flight Model. Winner-Best Original 170B, 100th Anniversary of Flight Convention.
An originality nut (mostly) for the right reasons.
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Bruce Fenstermacher
- Posts: 10425
- Joined: Tue Apr 23, 2002 11:24 am
Re: Superior Chapter 11
The end of Superior and the sale of it's assets to it's competitor (Lycoming) will mean no competition for Lycoming. VERY BAD FOR US. True Conitnental still makes most parts for our engine but it's competition was Superior and I wouldn't be surprised to find Superior actually made more parts, but no more. VERY VERY BAD FOR US.
I predict nothing good will become of this and it will be one more nail in the coffin of old aircraft and the ability of anyone with an average income to participate in aviation.
I predict nothing good will become of this and it will be one more nail in the coffin of old aircraft and the ability of anyone with an average income to participate in aviation.
CAUTION - My forum posts may be worth what you paid for them!
Bruce Fenstermacher, Past President, TIC170A
Email: brucefenster at gmail.com
Bruce Fenstermacher, Past President, TIC170A
Email: brucefenster at gmail.com
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cessna170bdriver
- Posts: 4115
- Joined: Mon Apr 22, 2002 5:13 pm
Re: Superior Chapter 11
Makes me glad I bought ECI...
Miles
Miles
Miles
“I envy no man that knows more than myself, but pity them that know less.”
— Thomas Browne
“I envy no man that knows more than myself, but pity them that know less.”
— Thomas Browne
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GAHorn
- Posts: 21302
- Joined: Fri Apr 12, 2002 8:45 pm
Re: Superior Chapter 11
Up early, heh Miles?
'53 B-model N146YS SN:25713
50th Anniversary of Flight Model. Winner-Best Original 170B, 100th Anniversary of Flight Convention.
An originality nut (mostly) for the right reasons.
50th Anniversary of Flight Model. Winner-Best Original 170B, 100th Anniversary of Flight Convention.
An originality nut (mostly) for the right reasons.
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blueldr
- Posts: 4442
- Joined: Thu May 02, 2002 3:16 am
Re: Superior Chapter 11
Looks to me as a serious loss of competitive priceing in the aircraft engine parts field. I hope the bankruptcy court squashes it.
BL
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cessna170bdriver
- Posts: 4115
- Joined: Mon Apr 22, 2002 5:13 pm
Re: Superior Chapter 11
George, The gubmint out here starts at 7am, and they still think I need to be here to support them. The commute is an hour plus a bit, and I don't like to leave home without breakfast. Do the math...gahorn wrote:Up early, heh Miles?
It's a good thing my internal clock is still on Central time after all these years.Miles
Miles
“I envy no man that knows more than myself, but pity them that know less.”
— Thomas Browne
“I envy no man that knows more than myself, but pity them that know less.”
— Thomas Browne
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mit
- Posts: 1067
- Joined: Wed May 01, 2002 1:54 am
Re: Superior Chapter 11
I have been looking for Cont cylinders and have been told they aren't making them.
Tim
Cessna® is a registered trademark of Textron Aviation, Inc. The International Cessna® 170 Association is an independent owners/operators association dedicated to C170 aircraft and early O-300-powered C172s. We are not affiliated with Cessna® or Textron Aviation, Inc. in any way.