Paddock mails bankruptcy letter to creditors

Motor City first reported that the muscle car parts mail order giant The Paddock closed its doors on April 30th, and had since filed for bankruptcy. We have recently obtained a copy of the letter they have sent to their creditors. The letter informs that the company has turned over all assets to MainSource Bank of Greensboro, Indian and no longer has any income or assets to satisfy debts.

MainSource Bank is likely to be the only company to benefit from the upcoming auction held at the Paddock old Knighstown, Indian headquarters.

Click her to open PDF of Paddock’s Letter to Creditors: paddock letter

UPDATE:

The Paddock muscle car parts company heads to the auction block

Classic Industries buys The Paddock’s Intellectual Property, Trademarks and Inventory.

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4 Comments

  1. I placed a prepaid order with them March 9, 2010. Now what do I do?

    • Ron, if possible you need to contact your credit card company or bank and charge back the purchase. MainSource bank is auctioning off the assets, but most likely the accounts receivable and payable will not be sold for several months… and even then if you wait you are unlikely to get your money back. Be proactive and charge it back now.

  2. […] with whom the former company was in debit to will receive any proceeds from the sell. In a letter to creditors the company’s attorney, Gary Hostetler, stated “The company has no income remaining or […]

  3. […] by Paddock mails bankruptcy letter to creditors « Motor City Muscle Cars on June 22, 2010 7:24 […]


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