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Thread: Calumet bankruptcies

  1. #1
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    Calumet bankruptcies

    Hi team,

    I don't know if some one have a pending shipment from Calumet.
    I am not sure if this is the proper forum area but it's my understanding that they sale a lot of MF equipement.

    Here is the info:
    Company Bankruptcy Information for Calumetphoto.com, LLC

    And :

    Calumet Photo in the US Officially Declares Bankruptcy, Gave Employees Zero Notice

    Other useful link:
    http://petapixel.com/2014/03/13/excl...behind-scenes/

    If is true that they did not notify the employees (beforehand) the management has no humanity nor decency and, I if I was a Shareholder or Creditor, I will be looking at the books very carefully.

    Best regards,
    J. Duncan
    Last edited by jduncan; 13th March 2014 at 14:21. Reason: add other link

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    Re: Calumet bankruptcies

    The writing was on the wall, or rather on the shelves.
    -bob

  3. #3
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    Re: Calumet bankruptcies

    So true Bob

    Looked there recently ... nothing in stock....

    Sign of the times....

    Bob

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    Re: Calumet bankruptcies

    This perhaps explains some recent treatment I received from two of their employees when I was at their store to talk about some Phase One equipment. I shook my head, walking out of the store, on the second visit swearing never to return. Some of the WORST customer relations I have EVER received. Now it looks like I won't even have to consider that option any longer.

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    Re: Calumet bankruptcies

    hmmm...I wonder what the repercussions of this will be to inventory distributors and MFD companies we know.
    iow, are they going to stiff P1, Leica, Cambo...etc for inventory?

    I wouldnt draw too many conclusions about "not telling employees..." That may be for legit reasons. ie: An employee tells a friend to rent a PhaseOne IQ system the day befor bankrupcy declared...

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    Re: Calumet bankruptcies

    There has to be some rental customers that are (were) expecting deliveries (or returns) and cameras in the shop. I feel bad for those former customers.

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    Re: Calumet bankruptcies

    Quote Originally Posted by jduncan View Post
    Hi team,

    I don't know if some one have a pending shipment from Calumet.
    I am not sure if this is the proper forum area but it's my understanding that they sale a lot of MF equipement.

    Here is the info:
    Company Bankruptcy Information for Calumetphoto.com, LLC

    And :

    Calumet Photo in the US Officially Declares Bankruptcy, Gave Employees Zero Notice

    Other useful link:
    Exclusive: Calumet Employee Reveals what Was Happening Behind the Scenes

    If is true that they did not notify the employees (beforehand) the management has no humanity nor decency and, I if I was a Shareholder or Creditor, I will be looking at the books very carefully.

    Best regards,
    J. Duncan
    Hi,

    If someone has to return rentals and it becomes difficult be sure to document all your efforts to return the equipment. It's very important to establish due diligence in the legal sense.

    Best regards,
    J. Duncan

  8. #8
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    Re: Calumet bankruptcies

    There's an entire process that needs to be followed both by Calumet and whom ever is named as the bankruptcy trustee by DOJ. There's layers of creditors such as secured and unsecured with secured creditors getting paid before unsecured. Calumet will need to furnish a list of both to the trustee likewise they must be able to account for all inventory whether it was for sale or rental; likewise they must account for any item in their control at the time of filing that belonged to someone else (repairs).

    In the end I'm slightly surprised at their decision to file Chapter 7 which is a total liquidation of all assets (to pay as much of their debt as possible) vs. Chapter 11 which is used when a company wants to continue in business but basically needs breathing room from their creditors.

    Once a trustee is named he/she then hold what is called a 341a hearing which gives the chance of all creditors regardless of status the chance to attend and hear the reason(s) for the filing and to go on record to file their claim.

    Something tells me this is going to be very interesting...

    Don

    (No I'm not an attorney and I've never filed bankruptcy - I was the first bankruptcy fraud investigator for the Central District of California many years ago)
    Don Libby
    Iron Creek Photography
    Blog
    Tucson AZ
    Likes 2 Member(s) liked this post

  9. #9
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    Re: Calumet bankruptcies

    Sorry to see them go, I've done business with them for a very long time. Hope the former employees land on their feet somehow.

    And Don, you reminded me...I had a restaurant chain client that went chapter 7, with managers literally asking diners to leave their meals on the table and exit the building. Months after the filing, I got a letter from the trustee asking for a return of the 8 or so thousand dollars that they'd most recently paid for a project I worked on. Seems that they can claim/demand repayment for monies that had been paid out within a 90 day window f filing? Anyway, after a few hundred dollars worth of legal consultations I was advised to negotiate with the trustee and I think we finally settled on repaying a little over half.

    I imagine the Calumet situation will take a long time to resolve.
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