A bit to unpack here – first, Tower Hobbies’ parent company, Hobbico, declared bankruptcy in January 2018. The Bankruptcy Court has approved the sale of Hobbico’s RC business to Horizon Hobby, LLC. There was also a $7 million sale of Hobbico’s Colorado-based model-rocket subsidiary, Estes.
Looking at the documents, it appears the big chunks of debt/liabilities are $74m and $42m? … suppliers, etc. says Futaba is owed $2m, etc. Hobbico seeking a buyer as it works through bankruptcy –
In its filing with the U.S. Bankruptcy Court in Delaware, Hobbico said it has an estimated 200 to 999 creditors, $10 million to $50 million in assets, and $100 million to $500 million in liabilities.
Above is a screenshot of an email we received, it was on a Friday night and the time period to opt-out was the same day, only a few hours after we received the email. Date: Fri, 6 Apr 2018 19:47:39 -0500 … Your request to opt out must be received no later than April 6, 2018.
After the opt-out deadline, Horizon Hobby has offered to conduct a sweepstakes for Tower Hobbies customers who decline to opt-out as a thank you for your interest.
Huh, wonder what the prize is?
Update: Reddit is on the case.