Posted on 05/19/2009 10:29:47 AM PDT by American Dream 246
My name is George C. Joseph. I am the sole owner of Sunshine Dodge-Isuzu, a family owned and operated business in Melbourne, Florida. My family bought and paid for this automobile franchise 35 years ago in 1974. I am the second generation to manage this business.
We currently employ 50+ people and before the economic slowdown we employed over 70 local people. We are active in the community and the local chamber of commerce. We deal with several dozen local vendors on a day to day basis and many more during a month. All depend on our business for part of their livelihood. We are financially strong with great respect in the market place and community. We have strong local presence and stability.
I work every day the store is open, nine to ten hours a day. I know most of our customers and all our employees. Sunshine Dodge is my life.
On Thursday, May 14, 2009 I was notified that my Dodge franchise, that we purchased, will be taken away from my family on June 9, 2009 without compensation and given to another dealer at no cost to them. My new vehicle inventory consists of 125 vehicles with a financed balance of 3 million dollars. This inventory becomes impossible to sell with no factory incentives beyond June 9, 2009. Without the Dodge franchise we can no longer sell a new Dodge as "new," nor will we be able to do any warranty service work. Additionally, my Dodge parts inventory, (approximately $300,000.) is virtually worthless without the ability to perform warranty service. There is no offer from Chrysler to buy back the vehicles or parts inventory.
Our facility was recently totally renovated at Chrysler's insistence, incurring a multi-million dollar debt in the form of a mortgage at Sun Trust Bank.
HOW IN THE UNITED STATES OF AMERICA CAN THIS HAPPEN?
THIS IS A PRIVATE BUSINESS NOT A GOVERNMENT ENTITY
This is beyond imagination! My business is being stolen from me through NO FAULT OF OUR OWN. We did NOTHING wrong.
This atrocity will most likely force my family into bankruptcy. This will also cause our 50+ employees to be unemployed. How will they provide for their families? This is a total economic disaster.
HOW CAN THIS HAPPEN IN A FREE MARKET ECONOMY IN THE UNITED STATES OF AMERICA?
I beseech your help, and look forward to your reply. Thank you.
Sincerely,
George C. Joseph President & Owner Sunshine Dodge-Isuzu
Too bad he will be forced to sell his inventory of new cars at used prices. He's going bankrupt.
Yep...and so far there is nothing but smart ass replies here
Shades of things to come..............
I doubt the Bankruptcy Code allows the party in bankruptcy to give an asset of one creditor to a third-party.
Of course this will snowball too.
The only recourse for Sunshine Dodge is to layoff all their employees and declare bankruptcy themselves. This will then make Suntrust the owner of 125 new Dodge cars that they won’t be able to sell. So how many bankruptcies will Suntrust have to absorb because of this?
Only liberals have ever done Fascism. It's a left wing totalitarian agenda barely discernable from Communism.
Watch this thread to see the balance of calls for real action v. the jokes. That will give an idea of how this can happen.
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You will NOT see me joking!
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Somehow I get the feeling that the extent of your real-world experience with running a business involves dixie cups, kool-aid, a hand-painted sign and your parents' front lawn.
These guys own their dealerships, they either make profits or they sink. This guy is making it as many others who are being forced to shut down to satiate Il Duce
“Is it in the contracts that the companies can do this?”
Who would sign a contract knowing there’s a possibility that all of your inventory can be confiscated and given to someone else? I’m not saying it’s impossible, but it sure doesn’t make sense.
Oh, yeah; that was a great episode.
“Hey he sells Isuzus too so all is not lost....unless he’s lying. :)”
Unless he’s Joe Isuzu, in which case he most certainly is lying. (Those were funny ads.)
Show me a situation where conservatives have ever "done" Fascism.
The dealer isn't bankrupt - Chrysler apparently is. Although, I don't recall that they actually filed for bankruptcy nor have they gone through bankruptcy court. The executive branch of the government is apparently dictating this.
The dealer has not had his day in court.
a hat. An a$$hat in the WH.
Oy...I had the same thought. I'd say shame on me but I've had it with this $hit
Couldn't say. I just heard the dealership was in the top 2% in sales - not even sure if that was new, or used cars, or both combined.
Hey, I know -
but libs are constantly referring to conservatives as fascists, even though conservatives never have been, nor never will be fascist.
I love to stick it back in their faces. THEY are the real fascists - authoritarian collectivists.
Incidentally, if you’re curious to know WHY libs think conservatives are fascists, or that Nazis were “conservative”,
it has to do with the conservatives’ natural respect for culture, tradition, and values. The left disdains this reverence and equates this with the nationalism of the Nazis.
I'd buy this guy's parts inventory and start servicing Dodges!
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