BlueStainGlass Posted June 18, 2015 Share Posted June 18, 2015 I don't know that the bankruptcy is completely finished. The Fulton County Auditor still shows tha Glassmen as the owner of G-West, which tells me all assets have not been disposed of yet. Purely semantics at this point. The old organization is dead and the Alumni Association is a completely separate organization. However, I do wonder if all legal clearances have been made to actually use the corps name and trademarks. I seem to recall Velvet Knights had some legalities they had to deal with before they could use the name when they returned in open class several years ago. That was a similar situation where the previous organization left behind a ton of debt. i got all that info from the Glassmen facebook ran by the GAA. Quote Link to comment Share on other sites More sharing options...
exitmusic Posted June 18, 2015 Share Posted June 18, 2015 I don't know that the bankruptcy is completely finished. The Fulton County Auditor still shows tha Glassmen as the owner of G-West, which tells me all assets have not been disposed of yet. Purely semantics at this point. The old organization is dead and the Alumni Association is a completely separate organization. However, I do wonder if all legal clearances have been made to actually use the corps name and trademarks. I seem to recall Velvet Knights had some legalities they had to deal with before they could use the name when they returned in open class several years ago. That was a similar situation where the previous organization left behind a ton of debt. The corporation still exists and the bankruptcy case is still open. They sold the food and equipment trucks for $4000 each and are leasing G-West to someone for $4000/month. Interestingly, G-West is valued at $180,000, but there is a note that the board thinks it is only worth $40,000 because it is falling apart and has not been well maintained, especially the boiler room. The largest creditors were DCI for loans in 2011 and 2012 and Brian Hickman for unpaid salary and benefits. This is ALL public record, available to anyone. 3 Quote Link to comment Share on other sites More sharing options...
gbass598 Posted June 18, 2015 Share Posted June 18, 2015 (edited) The corporation still exists and the bankruptcy case is still open. They sold the food and equipment trucks for $4000 each and are leasing G-West to someone for $4000/month. Interestingly, G-West is valued at $180,000, but there is a note that the board thinks it is only worth $40,000 because it is falling apart and has not been well maintained, especially the boiler room. The largest creditors were DCI for loans in 2011 and 2012 and Brian Hickman for unpaid salary and benefits. This is ALL public record, available to anyone. And the Valuation of G-West from the county auditor site is only $23,500 land and $57,200 Improvements. Not sure where the $180,000 value came from. I was actually looking at the filing petition a bit ago. Edited June 18, 2015 by gbass598 Quote Link to comment Share on other sites More sharing options...
gbass598 Posted June 18, 2015 Share Posted June 18, 2015 The largest creditors were DCI for loans in 2011 and 2012 and Brian Hickman for unpaid salary and benefits. There were a couple of board members who were owed quite a bit for buying things out of their own pocket to keep the corps afloat too. One was listed as a creditor for over $27k for buying gas and instruments. Quote Link to comment Share on other sites More sharing options...
BlueStainGlass Posted June 18, 2015 Share Posted June 18, 2015 but we are onto a new group. IMO they should have came out with a WGI winds group too. If you can start building a hornline you can have them bring their own horns and then you have 2/3 of a corps being built. You dont really have to worry about drums because there are always drummers. Quote Link to comment Share on other sites More sharing options...
N.E. Brigand Posted June 18, 2015 Share Posted June 18, 2015 The Fulton County Auditor still shows tha Glassmen as the owner of G-West, which tells me all assets have not been disposed of yet. It's basically an old school building in the middle of farm country, right? I can see how that might be hard to sell. Quote Link to comment Share on other sites More sharing options...
gbass598 Posted June 18, 2015 Share Posted June 18, 2015 It's basically an old school building in the middle of farm country, right? I can see how that might be hard to sell. It is. However in the CH 7 they essentially surrender the property and lien holders can foreclose or obtain possession of it to help pay back the debt. I don't think they had an actual mortgage lender at this point so the court is probably trying to do something with it to sell and pay back the creditors. It would be a hard sell in that location unless a neighbor wanted to buy it cheap, level it to the ground and add it to the existing farmland surrounding it. Quote Link to comment Share on other sites More sharing options...
TroopAlum12 Posted June 18, 2015 Author Share Posted June 18, 2015 but we are onto a new group. IMO they should have came out with a WGI winds group too. If you can start building a hornline you can have them bring their own horns and then you have 2/3 of a corps being built. You dont really have to worry about drums because there are always drummers. I agree this may have been smart. But, I also just had the thought, they'd have to buy horns and drums as well, or at least horns. They might only have the capital to field one caption at the moment. Quote Link to comment Share on other sites More sharing options...
BlueStainGlass Posted June 18, 2015 Share Posted June 18, 2015 I agree this may have been smart. But, I also just had the thought, they'd have to buy horns and drums as well, or at least horns. They might only have the capital to field one caption at the moment.your horns don't match big deal, right? And some groups don't have percussion in their wgi winds. Or if they have enough connections run the winds group from a high school that will donate the equipment for use until they can afford their own. Quote Link to comment Share on other sites More sharing options...
corps8294 Posted June 18, 2015 Share Posted June 18, 2015 It is. However in the CH 7 they essentially surrender the property and lien holders can foreclose or obtain possession of it to help pay back the debt. I don't think they had an actual mortgage lender at this point so the court is probably trying to do something with it to sell and pay back the creditors. It would be a hard sell in that location unless a neighbor wanted to buy it cheap, level it to the ground and add it to the existing farmland surrounding it. I don't know if leveling that thing to the ground would be such a good idea; lest you suffer the wrath and eternal haunting of "Sarah." 2 Quote Link to comment Share on other sites More sharing options...
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