Guest asmol Posted October 20, 2015 Share Posted October 20, 2015 More 'Signs Of The Times?' Quicksilver Declares Itself 'Insolvent' Company Was Significant Part of Sport Aviation History ANN has been sent a letter on behalf of Quicksilver Aeronautics indicating that the company, first known on the Sport Aviation scene as an early manufacturer of powered hang gliders over 4 decades ago, is currently insolvent. According to Shulman, Hodges and Bastian, LLP, they are the, "insolvency counsel for Quicksilver Aeronautics, LLC, a Delaware limited liability company." The firm notes that the letter serves as "formal notice that (i) Quicksilver has elected to voluntarily wind up and dissolve the company; and (ii) Quicksilver has voluntarily commenced the winding up of its business affairs." Attorney Leonard Shulman further states that, "Quicksilver determined that it had no going concern value to preserve and that it had insufficient assets to operate. Quicksilver intends to liquidate the balance of its assets, pay off any secured and priority creditors (i.e., tax authorities) and then to the extent any funds are left, shall pay unsecured creditors on a pro rata basis. As such, there will be no distribution of dividends to any member." According to the same letter, the dissolution process could take 30-90 days. Where this leaves the intellectual property of the company and the potential future of the Quicksilver line is as yet unknown, but company officials have promised calls on Tuesday to provide additional info. Link to comment Share on other sites More sharing options...
fly_tornado Posted October 20, 2015 Share Posted October 20, 2015 So many used quicksilvers on the market, it would be hard to justify a new one. Link to comment Share on other sites More sharing options...
Guest ozzie Posted October 20, 2015 Share Posted October 20, 2015 I have been reading this today on the Magnificent Men facebook page. What a great shame seems maybe due to the expense of having to certify the two seaters to LSA standards. Link to comment Share on other sites More sharing options...
Guest ozzie Posted October 20, 2015 Share Posted October 20, 2015 So many used quicksilvers on the market, it would be hard to justify a new one. So many still flying in the US. Link to comment Share on other sites More sharing options...
planet47 Posted October 20, 2015 Share Posted October 20, 2015 A few in Australia too - mine included 1 Link to comment Share on other sites More sharing options...
fly_tornado Posted October 20, 2015 Share Posted October 20, 2015 hopefully, someone will pickup the IP and start producing parts for them 1 Link to comment Share on other sites More sharing options...
Downunder Posted October 20, 2015 Share Posted October 20, 2015 They got a contract for 77 to China middle of last year. Thought they would be ok. Link to comment Share on other sites More sharing options...
fly_tornado Posted October 20, 2015 Share Posted October 20, 2015 chinese customers may have not paid. Link to comment Share on other sites More sharing options...
Guest ozzie Posted October 23, 2015 Share Posted October 23, 2015 http://www.flyingmag.com/aircraft/lsasport/quicksilver-aircraft-ceases-production Link to comment Share on other sites More sharing options...
Teckair Posted October 23, 2015 Share Posted October 23, 2015 That is disapointing news. Link to comment Share on other sites More sharing options...
Guest ozzie Posted October 24, 2015 Share Posted October 24, 2015 AOPA takes a deeper look at the problems. http://www.aopa.org/News-and-Video/All-News/2015/October/21/Quicksilver-dissolves-aviation-market-looking-flat?WT.mc_id=151023epilot&WT.mc_sect=fin Link to comment Share on other sites More sharing options...
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