Quoted from Ballypinball:Against uk law no controlling interest foreign investors, must be uk residents
I won't make any further comment until the deal goes through (or not). But that is simply not correct.
(Topic ID: 190495)
Linked Games
Alien (Heighway Pinball)
Heighway Pinball, 2017-
Full Throttle
Heighway Pinball, 2015
Topic Gallery
You're currently viewing posts by Pinsider rubberducks.
Click here to go back to viewing the entire thread.
11 months later
Quoted from PanzerFreak:Pinball News posted an article about the liquidation and financials of Heighway.
Theres a section in the article regarding company creditors with money owed to the creditors totaling nearly $2 million! CoinTaker is on there for $80k That sounds like they had paid $80k for games they then never received.
https://www.pinballnews.com/site/2018/05/10/heighway-pinball-by-the-numbers/
Repost from other thread, for visibility.
Not $80k.
£80k. As of today, $108,000.
RS Pinball were owed $148,500.
Nitro only $6400.
Assuming what the investors say is true, and they honoured all orders made (paid) since the takeover, that's a figure of at least ~$262,900 owed to the 3 main distributors at the time Andrew left the company.
Assuming also that what they say is true (about honouring paid games post takeover), then more than ~$367,750 was owed to direct (pre-)order clients at the time Andrew sold the company.
Some of the latter were refunded, or got machines, though obviously a minority. Some restitution was made in part (though obviously nowhere near whole) to distributors, too, I think.
So at the time of takeover, more than $630,650 was owing in games / potential refunds. Guessing well over $750,000.
We can pretty safely assume that cash was gone. Then there are all the other creditors. Then all the overheads, Andrew's hire or hire-purchase equipment on long term contracts (he presented all the plant machinery to me as stuff he'd bought, and most of which he'd sell when I visited). Then the unreliability and mass of work needed on the machine.
Hardly difficult to see why it became impossible to justify.
Since the Welsh government are apparently owed a round figure of £75,000, I would assume this is a grant that was given but which the company has since been deemed ineligible for (false pretences in application?). If there were any direct taxes owing (not even sure if WG levies any directly?) it probably wouldn't be such an aesthetic number. I also remember hearing figures of grant money around £75k on the grapevine. If correct, I assume this will form part of any investigations or legal action.
Quoted from spfxted:Is it possible to order anything from the company that Heighway bought from?
They may have some spares, but it's unlikely they'd be able to order new batches large enough to make it affordable for consumers.
Quoted from spfxted:Would 100 be considered a decent order? (did Heighway order much more than that)?
I think they'd still be pretty damn costly, and it would take them ages to sell those. Unless people pre-ordered them as spares.
Promoted items from Pinside Marketplace and Pinside Shops!
Evansville, IN
You're currently viewing posts by Pinsider rubberducks.
Click here to go back to viewing the entire thread.
Reply
Wanna join the discussion? Please sign in to reply to this topic.
Hey there! Welcome to Pinside!
Donate to PinsideGreat to see you're enjoying Pinside! Did you know Pinside is able to run without any 3rd-party banners or ads, thanks to the support from our visitors? Please consider a donation to Pinside and get anext to your username to show for it! Or better yet, subscribe to Pinside+!
