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Author Topic: DJM - Statement of Affairs released  (Read 2358 times)

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Offline Mr Sprue

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Re: DJM - Statement of Affairs released
« Reply #30 on: June 27, 2019, 09:57:48 PM »
From the statement of affairs it appears that ownership of existing tooling is being disputed by the factory that holds them.

And taking into consideration the cost of tooling I can see why!

Online The Q

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Re: DJM - Statement of Affairs released
« Reply #31 on: June 29, 2019, 08:53:07 AM »
 :i believe Hornby had the same problem when they bought airfix,  the moulding factory tried to claim ownership of the moulds. It was settled in Hornbys favour but that's under French / EU law.  The chances of one man or the administrators succeeding in China are somewhat less..
« Last Edit: June 29, 2019, 08:55:17 AM by The Q »

Offline PLD

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Re: DJM - Statement of Affairs released
« Reply #32 on: June 29, 2019, 08:50:17 PM »
:i believe Hornby had the same problem when they bought airfix,  the moulding factory tried to claim ownership of the moulds. It was settled in Hornbys favour but that's under French / EU law.  The chances of one man or the administrators succeeding in China are somewhat less..
To correct & clarify slightly...
When Hornby bought HUMBROL (which owned the Airfix Brand) there was a dispute over the ownership of tooling...

Humbrol had contracted the French firm REVEL to produce many of their aircraft kits using Humbrol owned moulds at Revel's Factory.
When Revel got into financial difficulty, the French Administrators didn't do their homework and erroneously assumed that all tools in Revel's possession were Revel's assets (there wasn't just Humbrol/Airfix they were subcontracting for) and got as far as offering them for sale to the highest bidder.
Humbrol took this to the French Courts and the courts froze the assets until the case was settled preventing any sale but also any use of them.
The combination of the lack of supply and the court costs in turn lead to Humbrol hitting cash flow issues and being bought by Hornby.
Subsequently the French Courts found the French Administrators to have been negligent, confirming Humbrol/Hornby's ownership of the tooling and awarding damages but it was too little too late for Humbrol's independence.

 

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