Subscribe to our Newsletter

Forums
Threads
General Information
Bankruptcy
 
Notifications
Clear all

Bankruptcy

 
General Information
Last Post by Mtn_Eagle 1 week ago
6 Posts
5 Users
0 Reactions
368 Views
RSS
 craighjohnsondds
(@craighjohnsondds)
Active Member
Joined: 4 years ago
Posts: 7
Topic starter 22/02/2025 6:20 pm  

https://www.bankruptcyobserver.com/bankruptcy-case/auto-mag


   
Quote
 VR1000
(@vr1000)
Active Member
Joined: 2 years ago
Posts: 4
18/03/2025 1:18 am  

Well that sucks.

I ordered mine June of 21.

$ 4,350 down the drain.

The bankruptcy filing is chapter 7, (liquidation)

Also noteworthy it the bankruptcy declaration: "The debtor does not have sufficient assets to satisfy the unsecured creditors" - AKA those of us whom purchased guns bet never received them.

My buthole is bleeding from this.

I'm going to liquidate my entire Automag collection I think, since I'll not be able to complete it now.


   
ReplyQuote
 Brian
(@boo309)
Active Member
Joined: 3 months ago
Posts: 5
19/03/2025 5:59 pm  

Posted by: @vr1000
↑

Well that sucks.

I ordered mine June of 21.

$ 4,350 down the drain.

The bankruptcy filing is chapter 7, (liquidation)

Also noteworthy it the bankruptcy declaration: "The debtor does not have sufficient assets to satisfy the unsecured creditors" - AKA those of us whom purchased guns bet never received them.

My buthole is bleeding from this.

I'm going to liquidate my entire Automag collection I think, since I'll not be able to complete it now.

im looking for .357 amp barrel and dies for 357 automag!

 


   
ReplyQuote
 mikekoberlein
(@mikekoberlein)
Active Member
Joined: 4 years ago
Posts: 11
25/03/2025 2:28 pm  

There are 220 of us on the waiting list that apparently will receive nothing. This is a bitter and expensive pill to swallow. I am disappointed that we were led all along to believe that the supply chain issues and legal difficulties would be handled.

I purchased my pistol September 30, 2021 and I did so after having read some magazine articles that spoke highly of Auto Mag. The lesson I have learned from this is never invest in a product that is still in the process of being manufactured.

If the product is not on hand for sale, it might not be wise to send funds upfront which we all found out here.

 


   
ReplyQuote
 mikekoberlein
(@mikekoberlein)
Active Member
Joined: 4 years ago
Posts: 11
12/04/2025 3:51 pm  

@boo309 Brian, if you are thinking about liquidating your Auto Mag collection, would you happen to have one 44 Auto Mag magazine you would be willing to sell? I have an El Monte Auto Mag that came with only one magazine and I need a spare. I would pay you a good price if you do. Thank you. Mike K.


   
ReplyQuote
 Mtn_Eagle
(@mtn_eagle)
Active Member
Joined: 2 years ago
Posts: 8
12/04/2025 4:18 pm  

Here is what AI has to offer on the subject of chapter 7 bankruptcy. As customers, it looks like we fall under “general unsecured creditors”, which puts us above shareholders but it seems unlikely we are high enough on the list to receive anything. 

  • Chapter 7:
    In a Chapter 7 bankruptcy, the debtor's assets are liquidated to pay creditors. Customers with open orders are generally considered unsecured creditors and will likely not receive payment unless there are sufficient assets to cover all debts.
     
In a Chapter 7 bankruptcy, secured creditors are generally paid first, followed by priority unsecured creditors, and then general unsecured creditors, with shareholders left last in line. Secured creditors are those who have a lien or security interest in specific assets, like a mortgage lender with a claim on a house. Priority unsecured debts include items like domestic support obligations, administrative expenses, wages, and certain tax claims. 

 
Elaboration:
  1. 1. Secured Creditors:
    These creditors have the first claim on the assets that secure their debt. For example, a bank holding a mortgage on a house would be a secured creditor. They can potentially recover their debt by foreclosing on the collateral, like the house. 

     
  2. 2. Priority Unsecured Creditors:
    This group includes claims that the bankruptcy law deems especially important and gives them priority over general unsecured creditors. Examples include: 

     
    • Domestic support obligations (child support, spousal support). 
       
    • Administrative expenses (fees for lawyers, accountants, and other professionals involved in the bankruptcy). 
       
    • Wage claims (wages, salaries, and benefits owed to employees). 
       
    • Certain tax claims. 
       
    • Customer deposit claims (for undelivered personal or household services). 
       
  3. 3. General Unsecured Creditors:
    These creditors have the most general claims, and they are paid after secured and priority unsecured creditors are paid. Examples include credit card companies, medical providers, and personal loans. 

     
  4. 4. Shareholders:
    In a Chapter 7 liquidation, shareholders are generally the last ones to receive any payment. If there are no assets left after paying all other creditors, shareholders will likely receive nothing. 

   
ReplyQuote
Forum Jump:
  Previous Topic
Next Topic  
Share:

Never Miss A Detail

Get our Newsletter.

Don't worry. We don't have time to spam you or sell your info.