Author Topic: Samco Global Files Chapter 7 Bankruptcy  (Read 2898 times)

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Online Phosphorus32

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Samco Global Files Chapter 7 Bankruptcy
« on: December 13, 2015, 11:23:31 PM »
http://www.bizjournals.com/southflorida/news/2015/12/09/miami-arms-dealer-files-chapter-7-liquidation.html

Worth a quick read.  This'll be interesting to watch.  Sounds like a business partnership gone sour.  Perhaps Ghulam Dossul filed Chapter 7 in a poison pill strategy.

A bit of interesting information in the article was that Samco had a large cache of arms in a Honduran warehouse in the early 90's.  Probably explains many of their past and present (well, now the present is apparently past too) South American offerings.

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #1 on: December 13, 2015, 11:56:26 PM »
Definitely sounds like he's getting back at Ronald Joseph Martin.

So I wonder what would happen if you tried to place an order with them right now?  The website is still up and seeming operations are 'normal'  I wouldn't trust that as far as I could throw it!

Man, I've been wanting some more 6.5 Swedish blanks to stash away for reloading on a rainy day.  I guess they'll turn up somewhere one of these days....hopefully to a place that doesn't charge $65 to ship a $40 order of ammo.
      

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #2 on: December 14, 2015, 12:00:03 AM »
Im wondering where the inventory is going..... and what was set aside for a rainy day.
      
1776 will commence again if you try to take our firearms... It doesn't matter how many Lenins you get out on the street begging for them to be taken.

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #3 on: December 14, 2015, 12:03:26 AM »
It's telling that it's a Chapter 7 and not a Chapter 11 or 13.  If the bankruptcy court allows it, Samco will cease to exist and all assets will be sold to the highest bidder.
      

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #4 on: December 14, 2015, 12:14:49 AM »
It's telling that it's a Chapter 7 and not a Chapter 11 or 13.  If the bankruptcy court allows it, Samco will cease to exist and all assets will be sold to the highest bidder.

Sounds like he's had enough (and has enough) and is ready to pull the pin, so...

Im wondering where the inventory is going..... and what was set aside for a rainy day.

...exactly!  The Bahamas aren't hard to get to from Miami  :))

Offline Blicero

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #5 on: December 31, 2015, 07:08:28 PM »
Any updates here? I'm ready to make an order with them (they're offering some neat Mausers) but then I noticed this thread. It looks like they're still running.
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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #6 on: December 31, 2015, 09:51:34 PM »
I called them Monday and let it ring about 15 times...nothing. I was going to order one of their Steyr Chliean Mauser short rifles but I'm not going to enter credit card info into an idle website.

Who are you again?  rofl

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #7 on: December 31, 2015, 09:52:37 PM »
Yeah... Thats a tough call.   
« Last Edit: January 01, 2016, 08:35:07 AM by Loose}{Cannon »
      
1776 will commence again if you try to take our firearms... It doesn't matter how many Lenins you get out on the street begging for them to be taken.

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #8 on: December 31, 2015, 10:32:59 PM »
Since they did file Chapter 7 bankruptcy, they are not supposed to be selling anything, anyway, everything should be frozen. Soon there will be several court and financial debates, all the legalese mumbo jumbo, but basically in the end, a Trustee will be appointed and all assets will be liquidated. Now, liquidation can occur only after "all" claims are filed. A Trustee will look for the quickest way to liquidate in one transaction, which means the arms/any capital will be sold to a dealer/individual who can pay the lump sum for the lot or a dealer with pockets deep enough to swallow the debt. They will not show up one at a time on Gunbroker, as reclaiming funds would be too time consuming. It is entirely possible in the future for I.O, CAI, SOG, AIM, J&G, even Numrich or Classic Arms to absorb the remnants of Samco, and sell the items. The hard part is done, the stuff is already imported. probably already stamped and ready to sell, all someone needs to do is ante up the cash to retail the stuff. Certain things can hold the process up, it could take 3 or 4 months, to 3 or 4 years, it's all in how fast the the fellas who owned it want to cooperate and how quick(it is the legal system) the proceedings go. Or, unless the Gov't swoops in and destroys them all to keep us safe. :o

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Offline Direct Connection

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #9 on: December 31, 2015, 11:50:21 PM »
I like it ! LC arms, and on the other hip how about some GMLC financing on approved credit ?  chuckles1

Too bad for Samco, im going to miss trying to understand the two lady's on the phone.
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Offline bbush44

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #10 on: January 14, 2016, 02:03:02 PM »

http://www.stamplerauctions.com/auction/280410/samco-global-arms-firearms/

I see at least 1 pallet of Yugo SKSs


I wonder how many crates of Yugo M67 are included in this.

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #11 on: January 14, 2016, 02:30:28 PM »
I merged your link into the general Samco bankruptcy topic Brian.  Absolutely amazing stuff, how'd you come across the auction link? 

Oh the fun I'd have if they'd let me loose in that warehouse overnight...  shooting1 


I bet the whole lot sells for well under a million.  The acquisition cost barely comes into play when dealing with sight unseen liquidation auctions like this.  There is a reason the term "the return is pennies to a dollar" is used!  thumb1 

We should start an SKS files pool and buy up the entire SKS inventory.  I'm in for $5!  chuckles1
      

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #12 on: January 14, 2016, 02:45:49 PM »
Wow! 15,000 Serial Numbers!?  :o  The photo tab is fun to look through.

Looks like there's a lot of M67. 24 crates to a pallet. A group pallet buy would be fun. 



Are they selling the whole kit and kaboodle as one lot? They're asking for a guaranteed $1.5M check.


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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #13 on: January 14, 2016, 02:47:16 PM »
I wonder how many crates of Yugo M67 are included in this.

Ha p32 beat me to posting the photo!
I don't see tons of them.  They were significantly higher ($346 before shipping) than SG Ammo ($295.00) for 1120 round crates w/ strippers.

As a side note, that place is an absolute dump.  Man I'd hate to work in those conditions day in and day out, I can only imagine what the smell would do for a headache after an 8 hour shift in there.
      

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #14 on: January 14, 2016, 03:10:10 PM »
Wonder how many more long barrels are in thar. 
      
1776 will commence again if you try to take our firearms... It doesn't matter how many Lenins you get out on the street begging for them to be taken.

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #15 on: January 14, 2016, 03:18:07 PM »
See, if I had won powerball I'd be bidding and bidding high to make sure I won.  Heck, I'd even donate some stuff to this board to raffle off.  Oh well, guess I shoulda bought a powerball ticket huh.
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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #16 on: January 14, 2016, 03:22:51 PM »
As a side note, that place is an absolute dump.  Man I'd hate to work in those conditions day in and day out, I can only imagine what the smell would do for a headache after an 8 hour shift in there.

Ah, the dense odors of Cosmoline and mold in the heat and humidity of a mid-summer Florida warehouse. Can't imagine that would be unpleasant at all  rofl

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #17 on: January 14, 2016, 03:26:55 PM »
Smells like old stale Swedish meatballs smothered in Yugoslavian butt crack grease, with just a hint of swamp azz thumb1  chuckles1

Being a sealed bid auction... who knows, the whole lot may go for 10+ mil. The 1.5 mil is possibly the starting bid, usually enough to cover the pre-agreed on company debts and settlement fees. The actual debts may have been higher, but through litigation and what not, thats what the courts deemed the final tally.
The winner ends up with the whole kit an kaboodle, building, property, break room fridge, even the official Samco toilet seat and everything else owned by Samco, any storage containers, even incoming shipments, if there is any, it's not just firearms and ammo and stinky leather pieces.

I bet the ATF is watching this whole mess, real closely....circling like vultures. Or, they are crying, damn, thats going to be allot of back ground checks at once rofl2  The horror of logging all that in to my little 'ol C&R binder is terrifying.  rofl rofl

Who knows what lurks in those piles of junk.. maybe even a grease wrapped solider from another time.

OMG... I wonder if the winner gets the moody mouthy crazy Cuban, Colombian, Mexican, Hatian, Puerto Rican, Guatemalan, Panamanian, what ever "an" she is lady thrown in :o
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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #18 on: January 14, 2016, 03:53:37 PM »
Who knows what lurks in those piles of junk.. maybe even a grease wrapped solider from another time.

I saw a few oddballs (M1 carbine, maybe a couple of FN49s) in the complete 68 pic deck of photos besides the Yugo SKSs, the Chilean, Yugo and Swedish Mausers and the Enfield trainers.

They cite Intellectual Property in the brief description, so I would guess that would be SG's list of contacts around the Globe.  That brings on visions of John Cusack in War Inc.  tommy1 rofl

Offline bbush44

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Re: Samco Global Files Chapter 7 Bankruptcy
« Reply #19 on: January 14, 2016, 04:27:18 PM »
I merged your link into the general Samco bankruptcy topic Brian.  Absolutely amazing stuff, how'd you come across the auction link? 

Oh the fun I'd have if they'd let me loose in that warehouse overnight...  shooting1 

I bet the whole lot sells for well under a million.  The acquisition cost barely comes into play when dealing with sight unseen liquidation auctions like this.  There is a reason the term "the return is pennies to a dollar" is used!  thumb1 

We should start an SKS files pool and buy up the entire SKS inventory.  I'm in for $5!  chuckles1

Not a problem Joe. Guess I should have looked a little harder if there was a relevant thread. I thought it was posted on gunboards, but now I can't find it. I pop in and out of several firearms threads throughout the day, so hard telling.

You would think with all that inventory they would have had some fire sales instead of filing bankruptcy. I guess their high prices and crappy shipping caught up with them.