Tob Posted January 8, 2010 Report Share Posted January 8, 2010 This came up at cc.com and I figured I'd point out the merits before it could be misunderstood over here. They filed chapter 11 in early December. There was an excellent post there from Colin (GR40FREAK) and I think it appropriate it gets posted here as well... Griggs is in the middle of a dispute with their landlord but its still business as usual. I went up there yesterday to get some parts for my project and the shop was full of customer cars and John was shipping out a good amount of orders. I guess the lawsuit was filed more than a month ago. Bruce Griggs sent this response to my asking about the situation: "Yes. We have a conflict with our new landlord that forced us to take this action. It is much less expensive than filing a lawsuit which would take years. We are confident that with the help of the court we will work things out. Business is running as usual and in the end our customers and creditors should benefit from this action. Of course if the public gets an unfounded knee jerk paranoid reaction we could all suffer. However the fact is, if were in real trouble the filing would be a chapter 7. As it is we are in a better position than was GM when they filed Chapter 11. But Internet toilet talk could do a lot of harm." I know the building they are in was vacant for nearly a year and the landlord was really pushing to get them to move in but I have a feeling that they may have drastically raised the rent just as the economy took a dump or something like that. I've known the Griggs family for 17 years and they have my support and business 100%. Colin Bankruptcy petition here. Tob Link to comment Share on other sites More sharing options...
lawdude Posted January 8, 2010 Report Share Posted January 8, 2010 If true, it sounds like an abuse of the bankruptcy process. Then again, we wouldn't want the facts to get in the way of a good story. Link to comment Share on other sites More sharing options...
Tob Posted January 8, 2010 Author Report Share Posted January 8, 2010 Feel free to reach your own conclusions. If you are questioning what Colin had to say, then by all means, ask him yourself. He posts here as well. Link to comment Share on other sites More sharing options...
lawdude Posted January 8, 2010 Report Share Posted January 8, 2010 Feel free to reach your own conclusions. If you are questioning what Colin had to say, then by all means, ask him yourself. He posts here as well. Unless I totally misunderstand what you wrote, I don't know what good it would do to ask Colin since, other than the statement that he supports Griggs, Colin didn't have anything to say - he was just reporting what someone else told him. I haven't reached any conclusions. Unless someone keeps this story alive around here, I probably won't. Link to comment Share on other sites More sharing options...
Tob Posted January 8, 2010 Author Report Share Posted January 8, 2010 Good. Nice to see an open mind. And the 'someone else' that Colin spoke with was none other than Mr Griggs himself. Link to comment Share on other sites More sharing options...
lawdude Posted January 8, 2010 Report Share Posted January 8, 2010 Good. Nice to see an open mind. And the 'someone else' that Colin spoke with was none other than Mr Griggs himself. It's never been determined that I have a mind. I don't know Mr. Griggs and I don't do bankruptcy law. If you or someone else does, I stand to be corrected, but I suspect it would interest the bankruptcy trustee to know if the debtor is using a federal court, not because protection is needed, but simply to leverage a better lease. There's probably more to it than that. Link to comment Share on other sites More sharing options...
Tob Posted January 12, 2010 Author Report Share Posted January 12, 2010 Things are sounding better. Bruce Griggs released a statement on their website... Griggs Racing entered into a Chapter 11 proceeding on December 1st 2009 due to unfortunate circumstances regarding our new leasehold. Repeated delays of completion of the new facilities resulted in our getting behind in production and fulfillment and efforts to remedy the situation through negotiation were unsuccessful, therefore we entered into a Chapter 11 to protect both our assets and creditors while we reorganize our expansion plans. We recognize that hearing of such action by any business can create uncertainty in the customer base. Our customer’s should not be alarmed. We have no intention of going out of business. All businesses run into difficulties at times and Griggs Racing is no different. We are enjoying our 31st year of operation under the same management, and 17 years of Mustang exclusively. In the past, we have had to overcome far more difficult problems. This problem will be overcome as well. Since the delays regarding our facility have mostly been resolved, we have rapidly returned to full production speed and business goes on as usual while inventory levels are improving. Lead times are diminishing and in the end, our customers and creditors should both benefit from this action. New products are on the horizon. So please be assured, your Griggs Racing suspension order is safe, and will be filled as soon as possible. Barring unforeseen overwhelming occurrences, both products and services will be available far into the future. If you have any further questions regarding this endeavor, feel free to contact me directly at 707-939-2244 ext 202. Bruce Griggs. Colin (GR40FREAK) posted a number of shots of the inside of the facility they reside in... Link to comment Share on other sites More sharing options...
SGT/SC#0471 Posted January 12, 2010 Report Share Posted January 12, 2010 Good Luck to GR, hope it all gets worked out...this economy is tough. Link to comment Share on other sites More sharing options...
Alexandros Posted January 12, 2010 Report Share Posted January 12, 2010 Alot of companies are re-organizing and unfortunately they are cutting workers....Hope the economy gets better.... Link to comment Share on other sites More sharing options...
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