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The Roadster Factory customer investment program

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TR3driver Randall Y
Confusion, Los Angeles, USA   USA
I'm guessing that the company does not have to be liquidated, and Albert will continue running it.

The loans to Charles personally may or may not have to be liquidated, but that letter sure sounds like they will be. Any payments missed should be come part of the settlement amount.

Has anyone actually missed a check yet?



Randall
56 TR3 TS13571L Once and future daily driver
71 Stag LE1473L awaiting engine rebuild
7? Stag awaiting gearbox rebuild

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clifish Avatar
clifish Cliff Deger
St. James, NY, USA   USA
The estate attorney has stopped all monthly payments, now that me be what is legally required in this situation???



74 TR6 - Carbs by POOLBOY
81 Corvette

TR3driver Randall Y
Confusion, Los Angeles, USA   USA
Legally, those loans become part of the debt to be settled by his estate. At least in theory, any missed payments should be added to the principal amount as part of the estate's debt to you. And if we're all lucky, the estate will be able to pay off the full value, principal plus interest, eventually.

But how long that will take is anyone's guess. Might not be too long, though. When my first wife passed, her insurance paid off in a month or so. As a friend used to say, "We have the right to hope."

OTOH, if Charles really did do what he said he would; someone is going to have to go through each loan and determine a settlement value as of some date, then submit all those to the insurance company, who in turn will have to approve or deny each loan's value against the overall value of the policy (or policies). I assume that's what the letter means, that attorney is working on that process (or something similar) and doesn't want to mess with continuing to make interest payments in the meantime.

Not much we can do but wait and hope. Another quote:

"Well, if you're afraid, you'll have to overlook it. Besides you knew the job was dangerous when you took it!"





Randall
56 TR3 TS13571L Once and future daily driver
71 Stag LE1473L awaiting engine rebuild
7? Stag awaiting gearbox rebuild

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gfe05111952 Avatar
gfe05111952 George Earwaker
Falls Church, VA, USA   USA
I think the lawyer is taking an accounting of all the loans from customer investors. Charles' life insurance was sufficient to cover these loans (according to him). Once the life insurance money is received, then the customer investor loans can be paid off. Charles always handled the interest payments himself, that's why it's necessary for the lawyer to verify everything first. If TRF is to continue under Albert, he certainly doesn't want to piss off his most loyal and supportive customers - those who have invested money in the company. That's why I think this will be taken care of ASAP. At least that is my hope.



George
1967 Triumph GT6
1967 Triumph Spitfire4 Mk2
1968 Triumph Spitfire Mk3



Edited 1 time(s). Last edit at 2019-01-26 10:41 AM by gfe05111952.

davem Avatar
davem dave m
vancouver island, BC, Canada   CAN
john - re "good for canadians?"
- i would suggest you talk to an accountant first because there are too many downsides to not knowing
dave

let me know what you find out , maybe it can go through your TFSA account which w/b even better

titanic Berry P
Albany, OR, USA   USA
Just received the current interest payment along with the 1099.
Berry

smaceng Avatar
smaceng Scott Macdonald
Martinez, CA, USA   USA
I have received more information from the Attorney Michael Sahlaney, who is handling the estate of Charles Runyan. He stated that he has been working with the insurance companies to determine if any claims are being paid directly. In addition he said that he had not yet received a list of of the creditors who are to be paid directly by the insurance company. As a result, he said it was not possible to determine who might already be receiving a payoff with interest. Mr. Sahlaney also said that expected a delay of 60 to 90 days until we have sufficient information to make a subsequent report to all creditors.

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