Reply
 
Thread Tools Display Modes
 
Old 02-12-2020, 05:10 PM   #1
Platinum Member
 
Join Date: Jan 2015
Posts: 260
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/
__________________

rockymtnb is offline   Reply With Quote
Old 02-12-2020, 08:05 PM   #2
Platinum Member
 
markopolo's Avatar
 
Join Date: Oct 2006
Location: New Brunswick, Canada
Posts: 8,361
Default

Forensic Accounting

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

__________________
Two bikes on sliding cargo box: https://www.classbforum.com/forums/m...icture206.html & 1997 GMC Savana 6.5L Turbo Diesel Custom Camper Van Specifications: https://www.classbforum.com/forums/f...vana-5864.html
markopolo is offline   Reply With Quote
Old 02-12-2020, 08:18 PM   #3
Platinum Member
 
Join Date: Aug 2010
Location: Minnesota
Posts: 8,767
Default

Quote:
Originally Posted by markopolo View Post
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.
booster is offline   Reply With Quote
Old 02-12-2020, 09:23 PM   #4
Platinum Member
 
markopolo's Avatar
 
Join Date: Oct 2006
Location: New Brunswick, Canada
Posts: 8,361
Default

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.
__________________
Two bikes on sliding cargo box: https://www.classbforum.com/forums/m...icture206.html & 1997 GMC Savana 6.5L Turbo Diesel Custom Camper Van Specifications: https://www.classbforum.com/forums/f...vana-5864.html
markopolo is offline   Reply With Quote
Old 02-12-2020, 09:47 PM   #5
Bud
Platinum Member
 
Join Date: May 2016
Location: LA
Posts: 1,101
Default

Quote:
Originally Posted by markopolo View Post
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.

Bud
Bud is offline   Reply With Quote
Old 02-12-2020, 10:35 PM   #6
Platinum Member
 
Join Date: Aug 2010
Location: Minnesota
Posts: 8,767
Default

Quote:
Originally Posted by markopolo View Post
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.
booster is offline   Reply With Quote
Old 02-13-2020, 12:31 AM   #7
Platinum Member
 
Join Date: Feb 2015
Posts: 1,237
Default

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.)
__________________
Mumkin
2019 Roadtrek Simplicity SRT (almost a Zion)
2015 Roadtrek 170
2011 LTV Libero
2004 GWV Classic Supreme
mumkin is offline   Reply With Quote
Old 02-13-2020, 01:16 AM   #8
Platinum Member
 
Join Date: Dec 2010
Posts: 2,036
Default

I still think all roads lead to Jim Hammill
gerrym51 is offline   Reply With Quote
Old 02-13-2020, 02:16 AM   #9
Platinum Member
 
rowiebowie's Avatar
 
Join Date: Jul 2018
Location: Texas
Posts: 1,770
Default

Quote:
Originally Posted by mumkin View Post
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.
rowiebowie is offline   Reply With Quote
Old 02-20-2020, 05:38 PM   #10
Bronze Member
 
Join Date: Nov 2018
Location: AZ
Posts: 21
Default

I believe all that needs to be done is to check the LARGE sums of $$ in the accounts of Jim Hamill and family.
B-RV is offline   Reply With Quote
Old 04-24-2020, 12:17 AM   #11
Platinum Member
 
Join Date: Nov 2006
Location: Virginia
Posts: 711
Default

Forensic Accounting........believe Ole Jim H will have a Front Seat. Just glad to know it hasnít been brushed over. Ron
__________________
Ron J. Moore
'15 RT210P
Ron J. Moore is offline   Reply With Quote
Old 04-24-2020, 01:52 AM   #12
Platinum Member
 
Join Date: Jul 2018
Location: Minnesota
Posts: 545
Default

This sounds like the bankruptcy receiver made an insurance claim and the insurer didn't pay off on the insurance. Its not clear who hired the accountants to look at the books but it seems likely this is preparation for further legal action. If the financials were misrepresented in the sale to Hymer, its hard to see how Jim Hamill wouldn't have known about it. But its also hard to see how any money from the sale ended up in his bank account. He wasn't the owner.
RossWilliams is offline   Reply With Quote
Old 04-24-2020, 02:38 AM   #13
Platinum Member
 
Join Date: Dec 2015
Location: Arizona, Tempe
Posts: 833
Default

All that matters is where are the propane fuel cells?! Heh, heh.
hbn7hj is offline   Reply With Quote
Old 04-24-2020, 03:28 AM   #14
Platinum Member
 
Join Date: Nov 2014
Location: PHX, AZ
Posts: 1,262
Default

Quote:
Originally Posted by markopolo View Post
Forensic Accounting

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

My Sister-In-Law is a Forensic Accountant, she is a great person and a fantastic cook!
mkguitar is offline   Reply With Quote
Old 04-24-2020, 11:43 AM   #15
Platinum Member
 
Davydd's Avatar
 
Join Date: Aug 2007
Location: Minnesota
Posts: 4,936
Default

Quote:
Originally Posted by RossWilliams View Post
This sounds like the bankruptcy receiver made an insurance claim and the insurer didn't pay off on the insurance. Its not clear who hired the accountants to look at the books but it seems likely this is preparation for further legal action. If the financials were misrepresented in the sale to Hymer, its hard to see how Jim Hamill wouldn't have known about it. But its also hard to see how any money from the sale ended up in his bank account. He wasn't the owner.
Wasn't Hammill on board as part of the executive group hired by the holding company that then sold to Hymer? Didn't Hymer inherit Hammill? How would he not know anything about it?
__________________

__________________
Davydd
2015 Advanced RV Ocean One Mercedes Benz Sprinter
Previous Class Bs:
2011 Great West Van Legend Sprinter
2005 Pleasure-way Plateau TS Sprinter
Davydd is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Featured Campgrounds

Reviews provided by

Powered by vBadvanced CMPS v3.2.3

All times are GMT. The time now is 06:58 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×