Evan Knoll's assets may be sold off. (1 Viewer)
- Thread starter ProStockJunkie
- Start date
none
Nitro Member
I thought I read that some of the former employees took the name and started anew
The proceeds should go to Foley, Troxel, Ashley, Millican, Harris, Densham, Todd, Connolly, Creasy, Jr. and who knows how many others I left out.
Be nice, but in the pecking order they are way down the list.
clwill
Nitro Member
True, and if all they have is a handshake (as I understand was the case for many) they have no verifiable claim at all.
qtermile14
Nitro Member
I thought I read that some of the former employees took the name and started anew
You are correct. Back in Sept, former distributor of Torco Race Fuels, Phoenix Race Fuels has resurected the brand. Here's a press release from their site which is torcoracefuel.net to differentiate it from Evan's which is a torcoracefuels.com, which by the way is still up and running. They also have a new logo to distinguish the difference.
September 9th 2008
Press Release
Torco Race Fuels to “re-ignite” in North America.
Phoenix Race Fuels in Chandler Arizona has entered into a confidential multiyear licensing agreement with Torco International, to manufacture and market the popular Torco Race Fuels brand of products. Torco looks forward to the continuation of providing the racing community with quality fuel products consistent with almost 60 years of excellent reputation of Torco trademarks for every segment of racing automotive, motorcycle, snowmobile, ATV, and watercraft, to name a few. Torco International is based in California and provides the racing community with performance products including advanced lubricants.
Race car manufacturer Jody Davis of Arizona, along with a small group of local investors, has teamed up to put Torco Race Fuels back in the race. They are currently offering a full line of Torco Race Fuel Products in limited volume, until there Chandler Arizona facility is up to speed.
Phoenix Race Fuels (a Torco distributor) was faced with a difficult decision earlier this year when then Torco Race Fuels manufacturer Evan Knoll made the call to halt the supply of fuel to the West Coast. Not willing to throw away all their hard work in securing supply contracts with tracks such as Las Vegas Motor Speedway and Firebird International Raceway, Jody and his team made the leap from race fuel distributor to race fuel manufacturer. “It’s been a tough road, but Torco has such a loyal racer base that we couldn’t just let the brand fade away” says Jody.
In an effort to deliver the best customer service, Phoenix Race Fuels landed former Torco Race Fuel employees Alan Hemsworth and Don Clark. With over 40 years of automotive aftermarket sales between them, Alan and Don feel confident the quality Torco distributors that were in place earlier this year will again be proudly offering Torco Race Fuel Products to their customers. Rising from the ashes, aptly named Phoenix Race Fuels, plans on continuing the same philosophy that’s has brought success to three generations in the Davis family a “yes we can” attitude.
Look for Torco Race Fuels at a track or race fuel distributor in your area again soon. For more information on ordering and product availability, go to the Torco web site: Welcome to Torco Products - Oils and Race Fuels and Accelerators
The Torco Products mentioned at the end is the Torco Oil Co. that most people thought Torco Race Fuels was owned by. The new Torco has agreed to a license like Evan initially did, but I am sure these new people will renew the license, unlike Evan who didn't, but continued to use the name.
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Leebone
Nitro Member
Don-mon
Nitro Member
Not trying to plug our efforts but we have been working hard to keep the brand going. We do have Accelerator available (new lable) we also came out with a new Diesel Accelerator. Welcome to Torco Products - Oils and Race Fuels and Accelerators
We are working close with the good folks at Torco Oils and hope you all will give us a shot. No big sponsorships or jet planes but good people with good work ethics.
We are working close with the good folks at Torco Oils and hope you all will give us a shot. No big sponsorships or jet planes but good people with good work ethics.
none
Nitro Member
Nick Name
Nitro Member
Thanks Mike.......I was beginning to think I may have had a senior moment
What's a "senior moment"? I used to know, but I forgot.
Jay
rocketman
Nitro Member
I thought that this Knoll Gas company you saw every where was a big propane or natural gas distributer since he was a billion dollar company. Well, Knoll gas according to the article is a freaking gas station and store in PAW PAW Michigan! What a hoot. He had everyone hoodwinked!
mw6789
Nitro Member
I've posted this before, but it's worth a reminder. Here's how these things work:
1) After all the court arguments are complete, judgments get entered and they are posted as "unsecured debt" to the company. This takes a year or so.
2) The bankruptcy assigned attorney then sells whatever assets there are and socks the money in the bank. This is usually done by auction, quick and dirty, like 90 days.
3) They then hunt down the "preference payments" (all outflows from the company within the last 90 days before the end) and gets that money back. This can take years, a lot of these folks fight the return.
4) Then they pay out dough in this order:
- The court appointed attorney
- Federal tax liens (IRS, etc.)
- State and local tax liens
- Secured creditors (they may already have taken their collateral)
- Unsecured creditors (almost everyone, like AMEX, Foley, etc.)
In this last group, they add up all the remaining money, add up all the money owed, and divide it up. You get paid in proportion to what you're owed. If what they owe you is 10% of all that is owed, you get 10% of what's left. If what's left is 10% of what's owed, you get a penny on the dollar.
I know this in detail because one such case (in which I'm the largest creditor) just passed its four year anniversary. We're at phase 3...
This will not be settled for years. And the people on the bottom of the pile are likely to see maybe pennies on the dollar. In cases like this where the IRS is owed a huge amount, they'll likely see nothing.
As usual the ones who have nothing invested (the government) get all the money. And is it just me, or does the world wide headquarters of Torco pictured in the newspaper article referenced in the first post look like the world wide headquarters of a multi million dollar company?
mw6789
Nitro Member
I thought that this Knoll Gas company you saw every where was a big propane or natural gas distributer since he was a billion dollar company. Well, Knoll gas according to the article is a freaking gas station and store in PAW PAW Michigan! What a hoot. He had everyone hoodwinked!
When I used to have to borrow money to buy cars for my business, I was constantly amazed that our local bank would have somebody waltz in with nothing and smooth talk their way out with the keys to the vault. Meanwhile, the rest of us debtors ( most like me who owned local property, been here all my life, and were not about to go anywhere ) would undergo a short arm inspection every time we needed a loan. I always knew when the bank had gotten screwed by a car dealer, because there would be a whole new set of rules and regulations for the rest of us. A line of bullsh*t seems to get them every time.
nedannouncer
Nitro Member
Why isn't this man in jail yet? His actions have cost a lot of good honest hard working people a lot of money.
There's a reason the feds convict at like 95% +. They know where he is and they'll come and get him when every single pinhole in their case is filled.
Mike Walker, if things play out like the news stories have eluded to, the government is the biggest investor. It is alleged that he made off with 30+ million dollars of underserved fuel tax rebates.
Brian
mw6789
Nitro Member
At least the mafia will just put you out of your misery if you cant pay.
