Mission Motorcycles Files For Bankruptcy

The vehicle and motorbike industries are incredibly difficult businesses. At one point, there were more than three hundred American car makers- and were down to just a handful, today, with more set to fail any time. In spite of that, sometimes we have high hopes for transportation startups, and Mission Motorcycles was among those. Sadly, it appears that Objective is no more.

Mark Seeger, the CEO of Mission Motorcycles, fileddeclared Chapter 7 bankruptcy on October 15, 2015. Neither Objective Electric- a spin-off business that had planned to offer powertrains to other aiming EV-builders nor Objective Motorcycles is in company anymore.

Depending upon who you ask, the business final failure came after Apple poached a number of essential Mission workers. Ben Rich, over at Eco-friendly Automobile Reports, nevertheless, believes that it was just far more likely that employees chose to find much better jobs upon understanding Mission Motors was not likely to be sustainable.

The arrival of a number of extremely qualified car engineers at Apple has actually only helped to spur reports of an upcoming Apple automobile but this must be a time to alk about Objectives final days. In the end, Mission lost a number of key engineers to Apple, sure, but to other Silicon Valley business, as well. After that, their funding fell through, and Mission Motors merely lacked moneyImages: Mission Motors, through Eco-friendly Automobile Reports.

Bakken Oil Business Declare Bankruptcy As Rates Drop

As unrefinedpetroleum costs hang low, about $43 per barrel Monday, some North Dakota operators are attemptingattempting to divest interests in the Bakken.

2 debt-heavy operators in the state, Tulsa, Okla.-based Samson Resources and Denver-based American Eagle Energy, submitteddeclared Chapter 11 bankruptcy, preparing to sell off Bakken possessions to pay back what they owe.

Samson, with production acres in the Three Forks and Middle Bakken plays, has actually not yet been successful in offering off acreage, spokesperson Brian Maddox stated.

We have actually not presently enteredbecome part of arrangements to divest other bigger bundles, including our Bakken, Wamsutter, San Juan and noncore Mid-Con possessions, due to the fact that we viewed the value provided was less than the value of retaining those homes when economic factors and the effect to our credit position were thought about, the business stated in first-quarter 2015 filings with the US Securities and Exchange Commission.

Even if we are successful at decreasing our costs and increasing our liquidity through asset sales, we do not anticipate to have sufficient liquidity to satisfy our financial obligation service commitments, meet other monetary responsibilities and abide by limiting covenants contained in our various credit centers.

The business is the most recent operator in the state to proclaim bankruptcy, filing in mid-September in hopes of clearing more than $3.25 billion in debt.

As part of the companys reorganizing arrangement, 2nd lien lenders own all of the equity of the restructured business in exchange for supplying a minimum of $450 countless new capital to enhance liquidity.

Bankruptcy Trustee Accuses Billings Neurosurgeon Of Concealing Assets

A Billings neurosurgeon implicated of malpractice who fileddeclared bankruptcy in 2014 is now fighting allegations that he is tryingattempting to conceal his cash and building from creditors.Bankruptcy Trustee Joe

Womack, a Billings attorney, said in court records that Dr. John Henry Schneider was a successful neurosurgeon who declared to have a personal net worth of$17 million as recently as 2011. After filing for bankruptcy in 2014, Schneider

declares “essentially no assets, “Womack stated.