I think some people in this thread are making the assumption that there is only one course of action in a bankruptcy proceeding.... when in fact there are many. In a single store location it would be easy to pull the plug, have an auction, liquidate all that can be sold for cash and move on. In these cases the sheer size of the territory covered and the obligations that go with that would/should be considered by the court. There would also be a huge intangible value placed on those dealership agreements... so there's value there to someone probably in excess of the 'real' value of the assets. There may also be more value there to the lenders to see someone else come in and buy the assets than there would be to sell it all off at a firesale price... Keep in mind that the owners equity is the first thing to get wiped out in this ordeal... For what it's worth, the last time I looked at Titan's consolidated financials about a year ago I didn't see anything that seemed like a particularly imminent problem but a lot can change in a year.. Seems to me this talk about their bankruptcy and CNH selling off their assets turns up about this time every year when everyone is sitting on their hands with their thumbs stuck up their arses waiting for corn to be ready...
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Today's Featured Article - Seeing an Old Friend - by Joe Evans. Dad had a concrete contracting business starting in 1960. One of his first pieces of equipment was a Ferguson TO-35 with a Davis loader. Dad replaced the TO-35 with a MF 202 Workbull, essentially an industrialized Ferguson 35 I am told. Dad bought the 202 new in 1962, and I recall quite clearly going to the dealer with him to sign for it.
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