Everything Attachments - Bankrupt?

[fried1765]

Americans didn't want to pay P.L. Robertson to use his patent, which is shows WHY the screws stay on.....instead they came out with 'square drive'.
BTW you shouldn't mix square drive parts with Robertsons, 'close but no cigar' !

Yes I know 'how the World works', just don't agree with it especially since it could be a LOT better with a little effort.

From my Canada property owner days, I have a small stock of Robertson screws.
They seem to work normally with "square drive" bits.

 

[GreensvilleJay]

Real P.L. Robertson screws have a slight double taper on both the bits and the screws, THAT is why they can't fall off

 

[whitetiger]

https://statesville.com/judge-grant...cle_639f11cc-d0e0-11ee-bf59-df7d174d3956.html

 

[North Idaho Wolfman]

Copied above article because if you've looked at one it will lock you out.

Judge grants temporary restraining order against Everything Attachments. Bank says Conover-based company owes nearly $10 million

• Eric Millsaps
• Feb 21, 2024 Updated Feb 21, 2024
• 1

The company sign at Everything Attachments in Conover.
Eric Millsaps photos, Hickory Daily Record

Eric Millsaps
AWake County Superior Court judge has issued a temporary restraining order against the owner of Conover-based Everything Attachments and its parent company.
The motion was filed last week after Fidelity Bank sought a restraining order and a temporary injunction against the company earlier this month.
A hearing is set for Feb. 26 in Wake County.

A piece of equipment sits in the rain outside the Everything Attachments manufacturing plant in Conover. Customers are saying orders are not being filled, and Fidelity Bank says Ted Corriher and his company owe more than $9 million.
Eric Millsaps, Hickory Daily Record
Everything Attachments manufactures blades, buckets and other heavy equipment attachments.
In 2023, Fidelity Bank filed a lawsuit against Conover businessman Ted Corriher, T.C. Corriher Implement Company and Landshark Attachments to recover nearly $8 million from a construction loan, as well as a $1.5 million line of credit.


Court documents filed in Wake County show the bank is asking for repayment of the loan, as well as possession of the company’s inventory.

The latest court document, issued Feb. 14, said that defendants have transferred multiple real estate assets to immediate family members, and Ted Corriher appears to have diverted more than $700,000 in loan funds.

The document also said that based on evidence presented, Corriher is attempting to sell a lake house and restaurant property. The document says these actions would likely allow the defendants to remove the assets from the reach of a final judgment in the case.
Court documents filed by Fidelity Bank said Corriher transferred property to his son and wife.


In addition to the courtroom, Everything Attachments is facing scrutiny on other fronts.
Customers who ordered equipment months ago still have not received the paid-for items.
County tax records list the company as delinquent on a $52,152 tax bill.

The phone mailbox of the manufacturing plant on Emmanuel Church Road in Conover is full.
The court document outlines some of the frustrations of Fidelity Bank.
“Despite repeated demands, defendants have failed and refused to pay the indebtedness owing under the line of credit,” the court document says.


The bank lists Ted Corriher, Corriher Implement Company and Landshark Attachments as defendants in the case. Corriher Implement Company does business as Everything Attachments.
Court documents say the company requested and received more than $1 million from the construction loan to pay Neill Grading. Everything Attachments, the court documents say, did not fully pay Neill Grading and did not repay Fidelity.
In January 2023, Everything Attachments become embroiled in a dispute with Neill Grading about the quality of a 105,000-square-foot building. Everything Attachments ordered the building. Neill Grading did the work.

Corriher said in a previous Hickory Daily Record article that he could not get a certificate of occupancy on the building constructed by Neill Grading and was withholding payment.

The Fidelity lawsuit notes the building was not complete by Oct. 28, 2022, construction of the building had ceased and construction remains incomplete.
Fidelity is asking for $7,883,293.57 plus interest on the construction loan to be paid in full. Fidelity is also seeking more than $1.5 million due on a line of credit.

Eric Millsaps is editor of the Hickory Daily Record.

 

[TheOldHokie]

Quick ship about 5000, maybe 6000 Wicked 55 grapples and the bank will be off his case.....

Dan

 

[Chad D.]

Quick ship about 5000, maybe 6000 Wicked 55 grapples and the bank will be off his case.....

Dan

Maybe start with selling that lake house…

 

[GrizBota]

Copied above article because if you've looked at one it will lock you out.

Judge grants temporary restraining order against Everything Attachments. Bank says Conover-based company owes nearly $10 million

• Eric Millsaps
• Feb 21, 2024 Updated Feb 21, 2024
• 1

The company sign at Everything Attachments in Conover.
Eric Millsaps photos, Hickory Daily Record

Eric Millsaps
AWake County Superior Court judge has issued a temporary restraining order against the owner of Conover-based Everything Attachments and its parent company.
The motion was filed last week after Fidelity Bank sought a restraining order and a temporary injunction against the company earlier this month.
A hearing is set for Feb. 26 in Wake County.
View attachment 123459
A piece of equipment sits in the rain outside the Everything Attachments manufacturing plant in Conover. Customers are saying orders are not being filled, and Fidelity Bank says Ted Corriher and his company owe more than $9 million.
Eric Millsaps, Hickory Daily Record
Everything Attachments manufactures blades, buckets and other heavy equipment attachments.
In 2023, Fidelity Bank filed a lawsuit against Conover businessman Ted Corriher, T.C. Corriher Implement Company and Landshark Attachments to recover nearly $8 million from a construction loan, as well as a $1.5 million line of credit.


Court documents filed in Wake County show the bank is asking for repayment of the loan, as well as possession of the company’s inventory.

The latest court document, issued Feb. 14, said that defendants have transferred multiple real estate assets to immediate family members, and Ted Corriher appears to have diverted more than $700,000 in loan funds.

The document also said that based on evidence presented, Corriher is attempting to sell a lake house and restaurant property. The document says these actions would likely allow the defendants to remove the assets from the reach of a final judgment in the case.
Court documents filed by Fidelity Bank said Corriher transferred property to his son and wife.


In addition to the courtroom, Everything Attachments is facing scrutiny on other fronts.
Customers who ordered equipment months ago still have not received the paid-for items.
County tax records list the company as delinquent on a $52,152 tax bill.

The phone mailbox of the manufacturing plant on Emmanuel Church Road in Conover is full.
The court document outlines some of the frustrations of Fidelity Bank.
“Despite repeated demands, defendants have failed and refused to pay the indebtedness owing under the line of credit,” the court document says.


The bank lists Ted Corriher, Corriher Implement Company and Landshark Attachments as defendants in the case. Corriher Implement Company does business as Everything Attachments.
Court documents say the company requested and received more than $1 million from the construction loan to pay Neill Grading. Everything Attachments, the court documents say, did not fully pay Neill Grading and did not repay Fidelity.
In January 2023, Everything Attachments become embroiled in a dispute with Neill Grading about the quality of a 105,000-square-foot building. Everything Attachments ordered the building. Neill Grading did the work.

Corriher said in a previous Hickory Daily Record article that he could not get a certificate of occupancy on the building constructed by Neill Grading and was withholding payment.

The Fidelity lawsuit notes the building was not complete by Oct. 28, 2022, construction of the building had ceased and construction remains incomplete.
Fidelity is asking for $7,883,293.57 plus interest on the construction loan to be paid in full. Fidelity is also seeking more than $1.5 million due on a line of credit.

Eric Millsaps is editor of the Hickory Daily Record.

Looks like the official beginning of the end.

My condolences to those that got caught in the Pozzi scheme.

Paying 100% for a product that is more than 30 days out is done based on faith. My rule is both parties need a reason to be motivated by either future money or future product.

 

[MountainMeadows]

Glad to see this thread getting back on track.

 

[TheOldHokie]

Maybe start with selling that lake house…

Probably mortgaged to the hilt and as over valued and badly underwater as the business.

I am really curious to see the amount of undelivered product debt he has on the books. That may be a while in coming.

Dan

 

[GreensvilleJay]

If average grapple price was $3000, that's 333 prepaid orders to put one million dollars into the 'undelivered' column in the books. Considering the vast quantity of items for sale on the webpage and the fact many were willing to wait months for the products, the tally will be a real eye opener.
Also be interesting to see how many suppliers are now 'unsecured creditors'. Could be 100s, from steel suppliers, fab shops, nuts and bolt supply houses,paint shops,shipping companies, etc. There's a LOT of smaller companies that lose large when any company goes bankrupt. These supplies usually get nothing as assets of the company get sold off to pay the secured creditors(banks) trustee fees,taxes,lawyers of course first, then anything left over gets split between the unsecureds.

Hopefully someone can update this thread with the 'legal proceedings' as they unfold.

 

[TheOldHokie]

If average grapple price was $3000, that's 333 prepaid orders to put one million dollars into the 'undelivered' column in the books. Considering the vast quantity of items for sale on the webpage and the fact many were willing to wait months for the products, the tally will be a real eye opener.
Also be interesting to see how many suppliers are now 'unsecured creditors'. Could be 100s, from steel suppliers, fab shops, nuts and bolt supply houses,paint shops,shipping companies, etc. There's a LOT of smaller companies that lose large when any company goes bankrupt. These supplies usually get nothing as assets of the company get sold off to pay the secured creditors(banks) trustee fees,taxes,lawyers of course first, then anything left over gets split between the unsecureds.

Hopefully someone can update this thread with the 'legal proceedings' as they unfold.

I dont have much trust in the books....

 

[Plant 175]

One was a very tall pot smoker, the other...not so much. apparently.

No comment on the main topic of this thread other than to say that I've purchased two EA attachments for the tractor. They are of exceptional quality and I do hope that another supplier will step in to offer quality built attachments in the future. I did also get some replacement parts for them just in case...glad I did.

Carry on.

Maybe Peanut was in charge of getting doobies for Ted and they are sitting on TEd’s deck on that lakeshore house just killing time. We need to find Peanut and get his side of the story !

 

[fried1765]

Ok maybe peanut is getting

Maybe Peanut was in charge of getting doobies for Ted and they are sitting on TEd’s deck on that lakeshore house just killing time. We need to find Peanut and get his side of the story !

Sadly, the real "side" to the story is that TED is a 100% scam artist!

 

[North Idaho Wolfman]

Sadly, the real "side" to the story is that TED is a 100% scam artist!

I wouldn't say that's a 100% conclusion.
We don't know of the inner workings of the company.
I've seen a lot of businesses that had the best of intentions and thought they were doing things right.
Bad business planning is not criminal.
It can be a cascade effect when money issues come along.
Keeping money flowing to the proper channels is always important.

We are all assuming that he was the only one that was in charge of finances.
A crafty accountant or a bad financial advisor can lead a company down a bad bath really quickly.
Did he himself make all the decisions?
Did he or others take too much from the company?
Did he just over extend too far?

A lot of companies hedge growth and debt against future sales.
I don't think the "rob peter to pay paul" is ever a good way to do business, but a lot of companies do it.
Did he do anything illegal?
As far as owing money, that not illegal.
Now as far as the alleged borrowing money and not paying for what the money was borrowed for, ya that's not good.
It's not illegal to borrow too much money and be able to pay it back.
Not very smart yes, illegal nope.

 

[fried1765]

I wouldn't say that's a 100% conclusion.
We don't know of the inner workings of the company.
I've seen a lot of businesses that had the best of intentions and thought they were doing things right.
Bad business planning is not criminal.
It can be a cascade effect when money issues come along.
Keeping money flowing to the proper channels is always important.

We are all assuming that he was the only one that was in charge of finances.
A crafty accountant or a bad financial advisor can lead a company down a bad bath really quickly.
Did he himself make all the decisions?
Did he or others take too much from the company?
Did he just over extend too far?

A lot of companies hedge growth and debt against future sales.
I don't think the "rob peter to pay paul" is ever a good way to do business, but a lot of companies do it.
Did he do anything illegal?
As far as owing money, that not illegal.
Now as far as the alleged borrowing money and not paying for what the money was borrowed for, ya that's not good.
It's not illegal to borrow too much money and be able to pay it back.
Not very smart yes, illegal nope.

Could be ?????

 

[TheOldHokie]

I wouldn't say that's a 100% conclusion.
We don't know of the inner workings of the company.
I've seen a lot of businesses that had the best of intentions and thought they were doing things right.
Bad business planning is not criminal.
It can be a cascade effect when money issues come along.
Keeping money flowing to the proper channels is always important.

We are all assuming that he was the only one that was in charge of finances.
A crafty accountant or a bad financial advisor can lead a company down a bad bath really quickly.
Did he himself make all the decisions?
Did he or others take too much from the company?
Did he just over extend too far?

A lot of companies hedge growth and debt against future sales.
I don't think the "rob peter to pay paul" is ever a good way to do business, but a lot of companies do it.
Did he do anything illegal?
As far as owing money, that not illegal.
Now as far as the alleged borrowing money and not paying for what the money was borrowed for, ya that's not good.
It's not illegal to borrow too much money and be able to pay it back.
Not very smart yes, illegal nope.

The jury is still in the box hearing the evidence. But....

He has taken large sums of customer money and failed to deliver. Most recently his bank has filed court documents accussing him of missappropriation of business loans. Missappropriation is not missmanagement with good intentions.

It is increasingly looking like TC is just another SBF mini-me.

Dan

 

[mcmxi]

I wouldn't say that's a 100% conclusion.
We don't know of the inner workings of the company.
I've seen a lot of businesses that had the best of intentions and thought they were doing things right.
Bad business planning is not criminal.
It can be a cascade effect when money issues come along.
Keeping money flowing to the proper channels is always important.

We are all assuming that he was the only one that was in charge of finances.
A crafty accountant or a bad financial advisor can lead a company down a bad bath really quickly.
Did he himself make all the decisions?
Did he or others take too much from the company?
Did he just over extend too far?

A lot of companies hedge growth and debt against future sales.
I don't think the "rob peter to pay paul" is ever a good way to do business, but a lot of companies do it.
Did he do anything illegal?
As far as owing money, that not illegal.
Now as far as the alleged borrowing money and not paying for what the money was borrowed for, ya that's not good.
It's not illegal to borrow too much money and be able to pay it back.
Not very smart yes, illegal nope.

Excellent post. The rampant conjecture by many here and the "guilty until proven innocent" comments are disgusting. Ted and EA haven't done a dam thing to me other than design, build and sell me excellent products. I've enjoyed Ted's (and Peanut's) videos over the years, EA's brutal testing, the shop tours and most importantly the product.

There are threads here and elsewhere about hedging, and I had a discussion with the director of manufacturing this past week about such a practice. Buying large quantities of material or parts with the idea to save money isn't as simple as it might seem. You tie up a lot of money when you hedge, money that you might be paying interest on, plus you have to store that product.

Is passing the cost and risk of hedging to the customer illegal? No, it's not! There isn't a single person forced to buy from EA and pay in advance. There are plenty of other places selling implements, and every customer has the opportunity to vote on EA's business model with their wallet. This practice is supposedly so heinous that Homestead is now doing the same. Maybe when you make good products you earn the respect of the customer, enough respect that they're willing to take a risk with you.

I still hope that EA gets through this, even if it takes a few years, and for all of you that never bought an EA product but keep whining about everything EA related ...

 

[TheOldHokie]

Excellent post. The rampant conjecture by many here and the "guilty until proven innocent" comments are disgusting. Ted and EA haven't done a dam thing to me other than design, build and sell me excellent products. I've enjoyed Ted's (and Peanut's) videos over the years, EA's brutal testing, the shop tours and most importantly the product.

There are threads here and elsewhere about hedging, and I had a discussion with the director of manufacturing this past week about such a practice. Buying large quantities of material or parts with the idea to save money isn't as simple as it might seem. You tie up a lot of money when you hedge, money that you might be paying interest on, plus you have to store that product.

Is passing the cost and risk of hedging to the customer illegal? No, it's not! There isn't a single person forced to buy from EA and pay in advance. There are plenty of other places selling implements, and every customer has the opportunity to vote on EA's business model with their wallet. This practice is supposedly so heinous that Homestead is now doing the same. Maybe when you make good products you earn the respect of the customer, enough respect that they're willing to take a risk with you.

I still hope that EA gets through this, even if it takes a few years, and for all of you that never bought an EA product but keep whining about everything EA related ... shut the @#$% up.

Elvis is dead.

Dan

 

[Elliott in GA]

Well, what is certain is that EA continued to take orders with full payment up front for many months (starting in the Fall of 2023) when they knew they were facing a financial crisis. They did this without warning their potential customers of the risks. How this reflects on the owner is inescapable.

You see at this point and long before people/customers forming opinions about the owner based on youtube videos, a couple of phone calls, a few emails and genuine satisfaction with their delivered equipment. None of these things give you any insight into the real character and/or business acumen/recklessness of the owner. It is a human trait to form essentially a relationship with people/businesses/brands on scant facts. How many times are people surprised to find out the truth about a celebrity, sports figure, business or even someone they actually knew well.

I would suggest that EA provides another example of why you should be circumspect about how much you really know about a person/business. You do not want to live your life assuming that everyone is out to cheat you, but you do want to act based on what you know (often very little) versus what you wish. There is nothing wrong with telling others of your positive experience with a business/individual, but it quite another thing to extrapolate knowledge of a business/individual’s true character. I remember reading many posts here from members extolling EA and its owner and attacking any doubters – essentially based on nothing more than maybe a good purchase experience (some of the posters had not even bought anything yet) and feelings conjured from their own minds.

 

[FTG-05]

Their last YT video was 5 months ago. I'm guessing that's when they knew the wheels were coming off.

I hope all those who ordered and paid, but not never received their implement are made whole.