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cpoxon

Cross-Keys files Chapter 11

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From http://www.nj.com/gloucester-county/index.ssf/2014/10/freefall_adventures_in_williamstown_files_for_bankruptcy.html

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MONROE TWP. — Freefall Adventures, the Williamstown-based skydiving site, recently filed for Chapter 11 bankruptcy, according to court documents.

Woodbury-based attorney Lewis G. Adler, who is representing the business and co-owner John Eddowes, did not immediately respond to a request for comment on Friday.

At the Tuckahoe Road company at Cross-Keys Airport early Friday morning, Eddowes declined to comment on specifics of the bankruptcy.

However, he said damages to one of his aircraft at the facility reportedly cost him $300,000 to get repaired, adding that it was "out of commission" for a year. Another damaged aircraft is in the process of being fixed, he added.

Eddowes said the company is "reorganizing" and selling some aircraft — he wouldn't say how many — but they do not plan on closing permanently.

In New Jersey, Chapter 11 typically allows businesses to reorganize financial assets while remaining open for business.

It remains unclear what actions the skydiving business plans to take, but court records list Ford Motor Credit, Fulton Bank and Toyota Motor Credit as creditors in the case.

Also, the filing lists $50,000 in unsecured funds for repair work by National Aerotech Aviation, Inc. as the largest outstanding claim. A negligence lawsuit from Reginald A. Wood, filed by Florham Park-based accident lawfirm McHugh & Imbornone, is being disputed, according to documents filed as part of the bankruptcy.

A number of accidents have taken place at the facility, including ones that ended with the skydiver's death.

In April, 49-year-old Brooklyn, N.Y., man Arkady Shenker died in a skydiving accident wearing a specialized "wing suit" that allows a skydiver to move forward while descending.

In August, a 60-year-old Delaware man suffered a fractured ankle in a parachuting accident just north of the site.


Skydiving Fatalities - Cease not to learn 'til thou cease to live

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cpoxon

From http://www.nj.com/gloucester-county/index.ssf/2014/10/freefall_adventures_in_williamstown_files_for_bankruptcy.html

Quote

MONROE TWP. — Freefall Adventures, the Williamstown-based skydiving site, recently filed for Chapter 11 bankruptcy, according to court documents.




This is very sad to read. I've known John and a few of the instructors for many years. Good people and a wonderful old-time vibe to the place.

I would really hate to see Crosskeys show up in Pat Moore's Lost Drop Zones Project any time soon.

If anyone can get out the hole he's in, John can.
Guru312

I am not DB Cooper

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:(:( Shit. I loved that place. I hope they can bounce back and be there when I can get back into the sport. (Next summer)
Skydivers don't knock on Death's door. They ring the bell and runaway... It really pisses him off.
-The World Famous Tink. (I never heard of you either!!)
AA #2069 ASA#33 POPS#8808 Swooo 1717

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chapter 11 means your creditors get screwed and you get to keep on truckin' will make it really hard for anyone to offer any credit in the future. Cash up front after this. Sucks to get stuck in a hole. Business in a niche market really sucks most of the time as your left open to forces outside your control with weather being a big one. I don't now their issues but it doesn't take much to get behind the 8 ball.

I wish them speedy recovery and hopefully the are able to make good on their debts even though they wont be held legally responsible (if the CC is granted)

MAKE EVERY DAY COUNT
Life is Short and we never know how long we are going to have. We must live life to the fullest EVERY DAY. Everything we do should have a greater purpose.

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Sounds like more than just Chapter 11 for the DZ at Cross Keys.

http://www.philly.com/philly/news/new_jersey/20141014_N_J__skydiving_firm_files_for_bankruptcy_reorganization.html


Didn't he sell Sussex in the last year as well ?

Didn't he have a falling out with his business partner as well involving one suing the other ?

Its a shame as I worked there for 10 years and it really looks like a shadow of its former self.

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catfishhunter

chapter 11 means your creditors get screwed and you get to keep on truckin'



I believe that Chap. 11 doesn't mean an outright elimination of debts, with the creditors losing all their money due. Instead, I think the court arranges for smaller payments to allow the business to continue, so that it can eventually pay off the debts. In other words, the creditors aren't screwed out of their money completely, they just have to get it in smaller amounts over a longer time.

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BobParker

***chapter 11 means your creditors get screwed and you get to keep on truckin'



I believe that Chap. 11 doesn't mean an outright elimination of debts, with the creditors losing all their money due. Instead, I think the court arranges for smaller payments to allow the business to continue, so that it can eventually pay off the debts. In other words, the creditors aren't screwed out of their money completely, they just have to get it in smaller amounts over a longer time.

Exactly. Not sure what his comment has to do with Crosskeys, rather than just a general objection to the bankruptcy process. But anyway, you can only get so much blood from a stone. At least with a Chap 11 there's the reasonable likelihood of most creditors getting something, and the business staying alive to continue contributing to the economy, rather than just "wilderness rules" where 1 or 2 creditors quickly scoop up all the remaining assets because they got their claims in first, the business closes its doors, and the rest of the creditors truly get screwed because they wind up getting zero.

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