A bit to unpack here – first, Tower Hobbies’ parent company, Hobbico, declaredbankruptcy 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.
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.
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