moronthethrottle
Cross Member
Has anyone else in the midwest been to one of these auctions, or has anyone else received a flyer for one yet? They have tons of stuff listed: air compressors, welders, tools benchtop lathes, generators, chainsaws, portapowers, pretty much everything tool or shop related. This auction will be held at our county fairgrounds (Osceola, Iowa) on Sunday, May 3.
The notice on the front of the flyer states: "By creditors demand we are trying to avoid bankruptcy. 10 million must be disposed of in 60 days!" Now, the weird part is that the back states: "Coleman Powermate has gone bankrupt and we have over $5,000,000 of their bankrupt inventory. Check day of Sale for generators, air compressors & pressure washers available for sale."
Huh? Which is it, bankrupt, or avoiding bankruptcy, or did Coleman Powermate go bankrupt, some other company bought their inventory and is now in trouble and must sell it all to avoid their own bankruptcy?
I'm just trying to figure this thing out and am wondering if anyone else knows of similar auctions in their area that they might be looking to score some cheap tools from.
The notice on the front of the flyer states: "By creditors demand we are trying to avoid bankruptcy. 10 million must be disposed of in 60 days!" Now, the weird part is that the back states: "Coleman Powermate has gone bankrupt and we have over $5,000,000 of their bankrupt inventory. Check day of Sale for generators, air compressors & pressure washers available for sale."
Huh? Which is it, bankrupt, or avoiding bankruptcy, or did Coleman Powermate go bankrupt, some other company bought their inventory and is now in trouble and must sell it all to avoid their own bankruptcy?
I'm just trying to figure this thing out and am wondering if anyone else knows of similar auctions in their area that they might be looking to score some cheap tools from.