Marcinek...it's a nat'l holiday, and we are trying to unwind a bit...can go back to the rigorous rules tomorrow.
Excellent suggestions that will never reach fruition.
I kinda felt bad for everyone involved, even the owners of the company.
Until they took $100,000 and put a down payment on a building. While they were right in the middle of this entire clusterf*ck.
Instead of doing that with available cash, hire some friggin help maybe?? Or, do what a decent business owner would do, put some of it back into the business maybe????
Most laugh at what a complete tool G Medford is. Meanwhile, he puts tons of cash right where it belongs......back into the business. It's the only way to make a business prosper.
I have no sympathy for the idiots running that place. I do hope all that are waiting get made whole.
I have no dinosaur in this orgy, thanks Stabby, but it's hard to stay silent on the sidelines when you see recent orders being made by new people that don't know what they're in for.
Ugh, what an absolute MESS.
Joe
Forgive me, I've lost track ..
... a private investor not made right and decided to extent the loan...
Call it whatever you want. They couldn't pay it back on time. This should come to no shock.GB: I have made a conscious effort to stay away from the whole S! sh*tshow but I felt compelled to make a correction regarding this excerpt from your post:
If you are referring to the private investor who is also a BFC member who volunteered the information, he had stated that he had made a loan to S! in Dec 2016 and that his loan is a secured loan. The correction which I would like to make is that S! is not currently in a default status with that investor and further, the investor had indicated that based on the information available to him, he had felt comfortable to not only NOT accelerate that loan, but in most likelihood he would also extend the term.
Again I just decided to chime in to state the facts as it was stated by that investor who very seldom posts on the BFC. The rest of it in a nutshell, Survive! has lost my business on a personal level as I will never go back, but I wish the friends I made on there who decided to stay with them the best of fortunes in getting made good and whole on all their GSO pre-orders.
Thanks for reminding me to go back and read that post. It says a whole hell of a lot. Not much of it good.Lance wasn't getting his money back so he extended the loan.
Page 6:
"I haven’t been paid back and have recently extended my loan, and I’ve therefore got significant “skin in the game."
https://www.bladeforums.com/threads/poor-customer-service.1517607/page-6
This is just 1 of 3 or 4 ongoing threads with the same theme..........
Correct. The loan amount was nothing too earth-shattering, but I'm not going to get into the details. The original note did not default and was extended prior to the original maturity. That's all I'll say on the matter.
To me it reads- Their payment was like their knife deliveries.The original note did not default and was extended prior to the original maturity.
The only reason it wasn't in default is because it was extended. That is what he said.Again, the objective was to stick to the facts regarding what I read above that to me meant that the private note was ostensibly in default. Below is a link to Lance's last post on the Poor Customer Service thread. If the presumed investor says it was not in default but he extended it for whatever the reason, I will take his words till he states otherwise. Everything else regarding that subject and that subject alone, is just conjecture.
https://bladeforums.com/threads/poor-customer-service.1517607/page-13#post-17463151
The only reason it wasn't in default is because it was extended. That is what he said.
Speaking of only presenting facts with survive is ridiculous. They are proven liars over and over. If they ran their business honestly these threads wouldn't exist.
Why extend it if it wasn't going to be in default? The lender extended it to get a better deal? Doubtful. But with the poor choices survive has made throughout their whole existence it wouldn't surprise me. This lance guy is screwed.I am not refuting the second part and as a matter of fact, I was even more turned off since I got a hint that Millit Knives was doing the hollow grind on their S!K line (and perhaps on future GSOs? Yikes!). I don't mind hollow grind with folders, but for fixed blade survival knives?! I guess OK, if they are the 3.5 or the 2.7 pattern, but longer blades; no thanks!
Onto the first part, I think that you are wrong because the loan did not reach maturity. Lance's language was vague in his postings but through private conversations he told me the term and the start month of that note. Again, my point being that from what I was told the note did not go into default and Lance said that he extended the term of the note before the initial maturity date. Who knows, perhaps he secured more collateral. Shrug!
Aside from that, fooque it!
He got nervous and wanted to change the terms? The extension was something he was willing to give up in exchange for getting what he wanted. Again, super unlikely and again, if survive had the money to pay it back why would they accept a change. Just ay it back. The simplest explanation makes the most sense. That said, nothing about giving a dime to survive for any reason makes sense to me.Good point Ed.
The ONLY reason to extend the due date is the money is not there to make payment.
Why else would Lance extend??
Damn. Looks like Survive! is going to fold any minute now.
Apparently they've stopped taking orders in order to catch up on all the backlog. Hopefully they get the ship righted before it's too late.Possibly sooner than their promised, or actual, delivery times? In which case they will be around for quite a while yet.