Good Times news

[mbt]

Originally Posted by FirmDancer

Just wanted to give people a heads-up (since I work for a company that's in Chapter 11 bankruptcy) - if you've paid money to GoodTimes for anything, once they've filed for bankruptcy protection, they are no longer obligated to provide you with what you've ordered. In order to get your money back (for products orservices), you'll need to file a claim with them, which they are legally required to send to you or to post on their website at some point in the future. You'll join the very long list of people and businesses who are owed money. Payment, if any, and how much, will be determined by their reorganization plan and approval of their bankruptcy judge. Good luck ...

that's scary, especially considering that they're still selling products. i just an infomercial for bss4 this morning.

[cmhazlett]

Wonder what this means for the BSS4 retail release that was scheduled for December? Maybe I should bite the bullet and order from Collage before they sell out their current inventory...

Claire

[shamrockquinn]

I've been trying to love FIRM videos for years now. I just never have liked them as much as it seems other folks do. But finally, BSS4 has really clicked with me. I really like the Jiggly Arms workout and have been having lots of fun stepping on the Transfirmer. I like the two levels and the color cuing that the instructors give - to me, it's like what the Ramp could have been. I just hope that despite these corporate changes they stay the course and continue to develop stuff using the Transfimer, instead of veering somewhere else yet again.

[FirmDancer]

Originally Posted by mbt

that's scary, especially considering that they're still selling products. i just an infomercial for bss4 this morning.

Actually, while in Chapter 11 (versus Chapter 9 which is liquidation) companies can continue to do business. Many companies do this and emerge successful from bankruptcy. Chapter 11 is more of a pause, a breathing space to allow you to get back on your feet and figure out how you can pay the debts you owe, if at all. But once a company has filed for Chapter 11, you can feel a certain measure of safety of getting what you order from that date on. Business goes on pretty much as before.

The issue is with any debts or obligations they had ON THE DATE they filed bankruptcy - those do not have to be honored until a reorg plan is agreed upon. In essence, those debts and obligations are wiped out. (contingent upon the re-org plan).

The secondary issue is whether you want to take a gamble on a company in Chapter 11. Companies can become profitable again and negotiate a reorg plan that satisfies the creditors to some degree. Others fail and go to Chapter 9 bankruptcy - liquidation.

I do need to mention here that I am not a lawyer and this is not intended to be legal counsel, just insight from someone who is experiencing this first-hand as an employee of a company in a similar situation.

[DawnP]

There's been some very good information posted in this thread. My only thought (and an uneducated one at that) is that if GT is selling off its assets and seeking protection from creditors it's likely that they do not have means to order production of additional TransFIRMers (for example) to fill outstanding orders.

If they are only taking as many orders as they have product to fulfill then that is a different matter. If their fulfillment company is still working for them, if their customer service staff is continuing to be paid, etc.

That's a lot of IFS...

I do remember when a dot.com company I worked with filed Chapter 11 - and they continued taking people's credit card orders while their lease had run out, their staff was laid off, and equipment was being sold off. They moved their phones into a warehouse and continued for a few more weeks. Their shipping company refused to fill orders because they had not been paid in months.

I felt this was dishonest and refused to participate. Of course, I was a wee bit more sensible than some of my colleagues.... I knew I was going to get short-changed for 4 days of work and all my vacation pay. Others turned in their expense reports too late (Europe trip = $3000 of their own money spent!) and some stayed on to help liquidate assets and take nasty phone calls from creditors - and they were out 1 month of pay + their vacation pay.

Not everyone who files Chapter 11 means to liquidate. GT may continue other non-fitness video & home entertainment product lines. Will they or can they fulfill all their fitness orders though? Hard to say. Gaiam will have no legal requirement to fulfill outstanding orders either - and the acquisition is supposed to go through Sept 30 (I think - isn't that the end of the 3rd fiscal quarter?).

Again, feeling like we're still in the dark...

[KaeLaVie]

Originally Posted by KickDancer

Did you buy it?

I wonder if this means there's still hope for me? I've told myself that I shall just have to wait until the SmartBells go on some desperation clearance sale, and if that never happens, then I'll never get them.

Yep, I sure did! I didn't know what I'd use if for and had never seen one before, but the concept fascinated me! I really, really want the new smartbells and dvds but it's hard to pay so much when you've found it so cheap in the past LOL

Gaiam does tend to put out their own translation of popular fitness items, so ya never know.....Maybe they'll do that with smartbells!
Karen

[KickDancer]

Originally Posted by KaeLaVie

Yep, I sure did! I didn't know what I'd use if for and had never seen one before, but the concept fascinated me! I really, really want the new smartbells and dvds but it's hard to pay so much when you've found it so cheap in the past LOL

Gaiam does tend to put out their own translation of popular fitness items, so ya never know.....Maybe they'll do that with smartbells!
Karen

Ooh, now I have to resist the urge to invent a reason to take a road trip to the Gaiam Warehouse! I'll just keep banking on the hope that they'll produce more (and sell them cheap!).

[Carol K]

Originally Posted by theurbanhippie

Okay, NOW I'm excited. Could this mean the re-release of Power Burn with Dale? The release of FIRM classics (besides Vol. 1) on chaptered DVDs?

Power Cardio with Dale has already been re-released under the name Calorie Killer 2. You can buy it at Collage. They also have Vol. 4 on DVD (although not chaptered, of course).

[Sam]

This MSN article dated Aug 9 2005 may have been posted elsewhere, but I found it quite interesting and wanted to share here.
http://www.msnbc.msn.com/id/8876385/

AOL founder Steve Case is investing $20 mil in Gaiam. Part of the article states that the investment will help Gaiam boost its core DVD business...including a planned $40 mil acquisition of GoodTimes.