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Old 02-12-2020, 05:10 PM   #1
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Default Forensic Accounting Firm to Investigate Roadtrek Sale

Toronto-based forensic accounting firm is investigating the 2016 sale of local RV manufacturer Roadtrek to German-based Erwin Hymer Group as part of a multimillion dollar insurance claim that alleges Roadtrek misrepresented its operations and cash flow in the years leading up to the deal.

Accounting firm Cohen Hamilton Steger was hired to help investigate the deal that saw Erwin Hymer Group acquire Roadtrek from US-based private equity firm Industrial Opportunity Partners and rename it Erwin Hymer Group North America.

The insurance claim, known as a representations and warranties policy, alleges Roadtrek "may have breached several representations" as part of that deal, and that Roadtrek's financial statements for 2013, 2014 and the first 10 months of 2015 were not presented fairly.

Industrial Opportunity Partners had purchased the majority of the Roadtrek shares five years earlier in 2011, then sold them to Erwin Hymer Group in a share purchase agreement that closed Feb. 17, 2016. The RV company's local management team remained unchanged following the deal.

A seven-page bankruptcy report from Oct. 8 shows the former RV maker was even more heavily indebted than was initially reported. Early estimates said the company owed roughly CAN$275 million to 900 creditors, but it's actually closer to about $315 million and nearly 2,000 creditors.

https://www.therecord.com/news-story...in-hymer-sale/
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Old 02-12-2020, 08:05 PM   #2
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Forensic Accounting

Someone use those two words, in that order, in a cheerful sentence .....
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Old 02-12-2020, 08:18 PM   #3
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Forensic Accounting

Someone use those two words, in that order, in a cheerful sentence .....

Probably beyond reach, as that usually means they are on the trail of bad stuff.
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Old 02-12-2020, 09:23 PM   #4
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If there are any irregularities found, just my thoughts but I can't help but think it might have been a grow the company or wither type of situation and business risks might have been taken. Best hopes that any losses out there fall within the manageable unanticipated expense category and folks are able to move forward and continue on.
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Old 02-12-2020, 09:47 PM   #5
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Forensic Accounting

Someone use those two words, in that order, in a cheerful sentence .....
That is Way to Easy depending on who the recipient of the Forensic Accounting is and Who is cheering it on.

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Old 02-12-2020, 10:35 PM   #6
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If there are any irregularities found, just my thoughts but I can't help but think it might have been a grow the company or wither type of situation and business risks might have been taken. Best hopes that any losses out there fall within the manageable unanticipated expense category and folks are able to move forward and continue on.

I don't think anything could land on the new Roadtrek as the original is gone in receivership, but not up on Canada laws, for sure. I certainly hope that if anything they would go after the individuals from the old Roadtrek, the Hymer ex owners, or even Thor. Of course whatever was found would have to be large enough to make chasing a settlement worthwhile, and nobody knows what they will find yet. Nobody really knows who knew what and when amongst all the players, so very muddy.
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Old 02-13-2020, 12:31 AM   #7
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This is the Hymer family trying to get money from an insurance company because they did such a crap job of doing due diligence on their purchase of Roadtrek in the first place. Obviously they should have, but didn't do a thorough audit before their purchase.

It would be one thing if they planned to share any of that money with the employees, vendors, and customers that they screwed over on their departure with the multi-millions from Thor. But... somehow I doubt that.


(It has nothing to do with the new Roadtrek Inc.)
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Old 02-13-2020, 01:16 AM   #8
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I still think all roads lead to Jim Hammill
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Old 02-13-2020, 02:16 AM   #9
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It would be one thing if they planned to share any of that money with the employees, vendors, and customers that they screwed over on their departure with the multi-millions from Thor. But... somehow I doubt that.
Extremely well put.
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Old 02-20-2020, 05:38 PM   #10
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I believe all that needs to be done is to check the LARGE sums of $$ in the accounts of Jim Hamill and family.
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