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Author Topic: The end of DJ Models?  (Read 24404 times)

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Offline njee20

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The end of DJ Models?
« on: June 04, 2019, 10:59:23 AM »
After Dave's bizarre announcement on May 1st, followed by a period of silence he has today changed the registered address of the company to that of an business turnaround & recovery company.

I'd strongly counsel anyone who has funds with Dave for pre-orders or crowdfunded projects to get in touch with them sharpish and find out the score. This is not something a healthy business does.

CG Recovery.

RM Web thread.

Offline Newportnobby

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Re: The end of DJ Models?
« Reply #1 on: June 04, 2019, 11:14:01 AM »
Agreed..............sadly

Offline Bob G

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Re: The end of DJ Models?
« Reply #2 on: June 04, 2019, 11:22:47 AM »
Bad news for the hobby and for Dave.
Remember for everyone who wagered a hundred on a King or two, Dave has invested and lost a lot more.

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Re: The end of DJ Models?
« Reply #3 on: June 04, 2019, 11:44:34 AM »
Very sensible to take a wise cautious approach

Offline njee20

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Re: The end of DJ Models?
« Reply #4 on: June 04, 2019, 11:46:19 AM »
Mmm, if you look at the 49 companies under control of CG here none only two are going concerns (NGS-PO read the list more carefully than me!). All of their team are insolvency practitioners. If you read their "procedures" the full list of services they offer are:

- Restructuring
- Solvent Liquidation
- Administration
- Insolvent Liquidation
- Company Voluntary Arrangement
- Compulsory Liquidation

Business turnaround is a fuzzy way of saying "we're the last place you come". I'll eat my hat if it's anything to do with legal issues with the Chinese and setting up new entities. That's not to say that we're not going to see "Dave Jones Trains" rise from the ashes, but would you honestly trust him if that happened!?
« Last Edit: June 04, 2019, 12:06:32 PM by njee20 »

Offline NGS-PO

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Re: The end of DJ Models?
« Reply #5 on: June 04, 2019, 11:51:44 AM »
Mmm, if you look at the 49 companies under control of CG here none are going concerns. All of their team are insolvency practitioners. If you read their "procedures" the full list of services they offer are:

- Restructuring
- Solvent Liquidation
- Administration
- Insolvent Liquidation
- Company Voluntary Arrangement
- Compulsory Liquidation

Business turnaround is a fuzzy way of saying "we're the last place you come". I'll eat my hat if it's anything to do with legal issues with the Chinese and setting up new entities. That's not to say that we're not going to see "Dave Jones Trains" rise from the ashes, but would you honestly trust him if that happened!?

To be fair, if you expand the list out to 100, it shows a total of 50 companies. Two are active.

That said, as much as I hate to admit it, my assessment matches yours. (Not because it's your assessment, but because I want a King and a Class 17 - and of course because it is a person's livelihood.)

Best

Scott
« Last Edit: June 04, 2019, 12:21:14 PM by NGS-PO »
(PLEASE NOTE: Unless where obviously posting on behalf of the NGS, all posts and views are my own and not connected/endorsed by the Society.)

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Online Bealman

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Re: The end of DJ Models?
« Reply #6 on: June 04, 2019, 11:53:44 AM »
I know hindsight is easy, but I've been monitoring this from what is a remote place, and I could see it coming ages ago.

Sorry to all involved.
« Last Edit: June 04, 2019, 12:07:37 PM by Bealman »
Vision over visibility. Bono, U2.

Offline njee20

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Re: The end of DJ Models?
« Reply #7 on: June 04, 2019, 12:07:06 PM »
Yep, agreed, struggling to be surprised. Particularly since the bizarre May 1st announcement and total clamming up afterward.

Offline Snowwolflair

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Re: The end of DJ Models?
« Reply #8 on: June 04, 2019, 12:08:59 PM »
I know hindsight is easy, but I've been monitoring this from here, and could see it coming ages ago.

Sorry to all involved.

I just spoke to the company and the company goes insolvent today.

They are trying to get their heads around the crowdfunding however there appears to be a problem getting any tooling released by the Chinese.

They do believe there may be a way to recover by claiming on card payments and they will issue paperwork indicating and quantifying the value of claims.

Offline Karhedron

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Re: The end of DJ Models?
« Reply #9 on: June 04, 2019, 12:15:11 PM »
There is a template here that you can use to reclaim from your credit card company. I think all of Dave's locos were >£100 so you should be fully covered, even if you have only paid the deposit.

https://www.which.co.uk/consumer-rights/letter/letter-to-credit-card-if-company-goes-bust

A sad day for everyone who backed Dave, Dave himself and the hobby as a whole. :(
Well, that's just not good enough. Some fount of all knowledge you are!  :no:  ;)

Offline NGS-PO

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Re: The end of DJ Models?
« Reply #10 on: June 04, 2019, 12:19:17 PM »
I know hindsight is easy, but I've been monitoring this from here, and could see it coming ages ago.

Sorry to all involved.

I just spoke to the company and the company goes insolvent today.

They are trying to get their heads around the crowdfunding however there appears to be a problem getting any tooling released by the Chinese.

They do believe there may be a way to recover by claiming on card payments and they will issue paperwork indicating and quantifying the value of claims.

David do you mean you spoke to DJM or you spoke to CG Recovery?

Best

Scott
(PLEASE NOTE: Unless where obviously posting on behalf of the NGS, all posts and views are my own and not connected/endorsed by the Society.)

Anxiety is a lot like a toddler. It never stops talking, tells you youíre wrong about everything, and wakes you up at 3am.

I get nervous about just about everything. Sometimes I literally donít know why Iím anxious. I just am and no-one seems to understand that.

Offline emjaybee

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Re: The end of DJ Models?
« Reply #11 on: June 04, 2019, 12:21:44 PM »
It's never good to lose any small business, especially in our hobby sphere.

It had started to feel like a ponzi situation though, deposits of one thing funding the previous thing.

Such a shame to lose a manufacturer. I hope those that stumped up deposits can reclaim them.
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Offline Snowwolflair

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Re: The end of DJ Models?
« Reply #12 on: June 04, 2019, 12:26:59 PM »
I know hindsight is easy, but I've been monitoring this from here, and could see it coming ages ago.

Sorry to all involved.

I just spoke to the company and the company goes insolvent today.

They are trying to get their heads around the crowdfunding however there appears to be a problem getting any tooling released by the Chinese.

They do believe there may be a way to recover by claiming on card payments and they will issue paperwork indicating and quantifying the value of claims.

David do you mean you spoke to DJM or you spoke to CG Recovery?

Best

Scott

CG

Offline daveg

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Re: The end of DJ Models?
« Reply #13 on: June 04, 2019, 12:33:16 PM »
Sad and disappointing news.

Tough for Dave Jones and his family.

Hope all can be resolved without too much pain and anguish.

Dave G

Offline Snowwolflair

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Re: The end of DJ Models?
« Reply #14 on: June 04, 2019, 12:34:38 PM »
I wanted to establish if it was a prepackaged administration or an insolvency.  Looks to be the latter but itís not finalised yet.

It looks as if Dave stupidly  ďtrustedĒ the Chinese manufacturers yet again.

I did ask if the tooling was the property of the crowdfunders and that is what has got them stumped.

Chinese business law and contracts are set up to favour the home team and do not reflect our business practices.

 

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