Roscoe filed for Chapter 11?

[staccatogrowl]

Roscoe quickly emerged from Chapter 11 reorganization, and continues to build amazing basses in Greensboro, NC for many happy customers. There was only one creditor involved, and they and Roscoe agreeably restructured finances without missing a payment.

 

[g-dude]

Roscoe quickly emerged from Chapter 11 reorganization, and continues to build amazing basses in Greensboro, NC for many happy customers. There was only one creditor involved, and they and Roscoe agreeably restructured finances without missing a payment.

Congrats to them, but there was one major creditor involved - not only one creditor.

This is clearly spelled out in the original bankruptcy filing.

 

[staccatogrowl]

Congrats to Roscoe for sure. They were quick to move forward from Chapter 11, continuing their legacy of making beautiful instruments as they have for many decades. Amazing, considering that practically every bass they build is a custom, one-off instrument, often spec'd in great detail by each purchaser.

More amazing is that the shop has been a 2-person operation in Keith and Kyle Roscoe, surviving the COVID era as a business and as people. They also succeeded in navigating many supply chain issues they faced. Roscoe is truly an anomaly and treasure in the world of custom luthiery. There really isn't another luthiery company like them.

 

[gwangi]

Does anybody know roughly the build time for one of there instruments?

 

[staccatogrowl]

Over in the Roscoe club thread some have most recently been quoted 6-8 months for current build time estimates. Maybe ask over there for more info.

 

[Skip Chucker]

Congrats to them, but there was one major creditor involved - not only one creditor.

This is clearly spelled out in the original bankruptcy filing.

"Acktchewwually"

*Eye roll*
You must be a ton of fun at parties.
Come on now, look at the numbers and get real. There was only one creditor that a restructuring of debt needed to occur with. The two others were piddly whatevers that had to be listed as one doesn't get to pick and choose which debts to disclose on a CH11 proceeding.


Roscoe's business is still booming along btw.

 

[g-dude]

"Acktchewwually"

*Eye roll*
You must be a ton of fun at parties.
Come on now, look at the numbers and get real. There was only one creditor that a restructuring of debt needed to occur with. The two others were piddly whatevers that had to be listed as one doesn't get to pick and choose which debts to disclose on a CH11 proceeding.


Roscoe's business is still booming along btw.

There’s a difference between posting misleading things and not. I get that people want to cheerlead, but why lie?

The big creditor was First National Bank of PA, and you’re right - that was probably the major one that needed restructuring given $553k owed against $105k of assets. With an unsecured claim of almost $450k, it would have been idiotic for them not to attempt a restructure.

But to be clear, is it your view that a workman’s comp fine is a “piddly whatever”?

Also, there is a list of interested parties without dollar amounts attached which includes bassists. Are they “piddly whatevers”? You do realize that if you put a deposit down on a bass, you are an unsecured creditor, right?


Look, it’s great when a business emerges from bankruptcy, but there’s no need to try to sugar coat things. With ANY small business, if you aren’t exchanging money for an item that is ready to be handed to you, you are taking on some level of risk. Heck, even with large businesses there’s a risk.

There’s also a risk when companies emerge.

Lenders will often refuse to lend to a company after a bankruptcy for several years. This can impact the ability to access working capital.

If you want to put down your money to buy a bass from them, that’s great - I hope you end up with an instrument you love and cherish. Likewise, if you’re really invested in their success, you could always offer to help fund their working capital at terms that are better than a bank could provide.

Heck, you could even cut them a check for $1,000 as a gift - in fact, if just a few hundred of the folks with their basses did that, you’d retire their debt and put them in financial standing that would result in a bright future - assuming the business model is sustainable.

 

[Skip Chucker]

There’s a difference between posting misleading things and not. I get that people want to cheerlead, but why lie?

The big creditor was First National Bank of PA, and you’re right - that was probably the major one that needed restructuring given $553k owed against $105k of assets. With an unsecured claim of almost $450k, it would have been idiotic for them not to attempt a restructure.

But to be clear, is it your view that a workman’s comp fine is a “piddly whatever”?

Also, there is a list of interested parties without dollar amounts attached which includes bassists. Are they “piddly whatevers”? You do realize that if you put a deposit down on a bass, you are an unsecured creditor, right?


Look, it’s great when a business emerges from bankruptcy, but there’s no need to try to sugar coat things. With ANY small business, if you aren’t exchanging money for an item that is ready to be handed to you, you are taking on some level of risk. Heck, even with large businesses there’s a risk.

There’s also a risk when companies emerge.

Lenders will often refuse to lend to a company after a bankruptcy for several years. This can impact the ability to access working capital.

If you want to put down your money to buy a bass from them, that’s great - I hope you end up with an instrument you love and cherish. Likewise, if you’re really invested in their success, you could always offer to help fund their working capital at terms that are better than a bank could provide.

Heck, you could even cut them a check for $1,000 as a gift - in fact, if just a few hundred of the folks with their basses did that, you’d retire their debt and put them in financial standing that would result in a bright future - assuming the business model is sustainable.

Holy crap dude- I get it, you want to look big on the internet and scare other people away from their business.

Let it go.

 

[staccatogrowl]

This thread title asks, "Roscoe filed for chapter 11?"

The answer? Yes

Roscoe went through a legal reorganization process posthaste, satisfying their major creditor, the court, and the law.

They continued their business during the process, delivering basses.

They continue their business after the process, delivering basses.

Many have good will and positivity towards Roscoe. It's well deserved and not surprising. Maybe they are cheerleaders. More likely? They are satisfied customers, treasuring Roscoe basses and their excellent customer service.

Bottom line? Roscoe has moved past the issues from the start of this 2021 thread. Many customers and I are quite grateful they did.

 

[g-dude]

Holy crap dude- I get it, you want to look big on the internet and scare other people away from their business.

Let it go.

Not at all. Sorry you don’t understand risk, hopefully it doesn’t bite you in the future.