We own a lot of their stuff. Glad they're still going to be around so if I need box blade scarifiers, blade, replacement parts or pieces there's at least a chance of getting them.
I'd even order again from them, if the product and price are right. Though not payment in advance next time it'll have to be a payment method with buyer protection. We got both of our big orders before all the drama but since they've kind of sailed that boat trust with money up front is going to be a hard no going forward.
Not to defend their bad business decisions, but the actions of an outright fraudster wouldn't be to restructure and attempt to reopen and continue full business operation. That's the hardest road of all hard roads. That's something an entrepreneur who doesn't want to give up does not someone who only wanted to milk all the money and run.
So let's separate the internet hearsay and imagination from the facts of what we know. Which isn't much other than a big new building they can't use (for unknown reasons whatever 'occupancy' means in this context) pretty much bankrupted them while they were taking up front money from orders ending up robbing Peter to pay Paul. And one legit local article which made a side reference to the court proceedings freezing their ability to sell personal property assets until this was sorted out.
All the rest of it is a whole lot of people online slinging personal stories and mud. Many of which I don't trust not to be related to the competition or just have their own axe to grind.
They're back, their own comments in the video suggest court ordered financial oversight which is to be expected, and they're making product now and shipping product in a few weeks.
So, ok then. Let's see if they can hire some welders and get some quality product out the door again. The next 6 months will probably show if they're still a going concern or not. But it does look like it.
I wish Ted and EA all the luck in the world.
Although I don't understand what happened other than seemingly, EA couldn't move into the new building because at least one sub-contractor changed the spec (FWIW, my father invented the spec in architecture back before the earth's crust cooled), experience tells me that on any serious building expansion, take out a bond to insure against all things unexpected. Anyway, from what I think I know, EA couldn't get an occupancy permit.
And. then. drama. ensued.
and the finger-pointing began in earnest.
What I do find interesting is how many want to condemn Ted. While I recognize that like the real estate business from 2019 through 2022, demand increased to the point of lunacy making for a wild ride, most thoughtful planners knew this increase in demand was not only a generational thing with boomers retiring
en masse, but from pent-up households looking for recreational activities. In the real estate business, many either took an early retirement or recognized they can work from home--with both groups asking themselves why maintain both a vacation home as well as a residential home when one home will do just fine in our new, brave world?
Anyway, sales in discretionary goods went through the roof, but that uptick was not sustainable.
Okay, so EA hoped to cash in and expand with the opportunity whether they saw these additional sales as a flash in the pan and hoped to leverage their company reach while they could, or they thought the sales were sustainable. Regardless, they took steps to increase their manufacturing capacity and leveraged up to do so.
But leverage is just a business term for "took out a loan" and it is okay to take out loans.
People here are too often talking like Ted is a shyster.
He took money out of his business!
He purchased nice things!
He didn't manage his risk! (only seen now in hindsight)
Well, duh. That is what everybody does. But give credit to Ted, unwise or not, Ted risked everything and sadly, unexpectedly, it didn't work out as intended.
Anyway, I wish Ted, and EA all the charity in the world and hope all can move on and heal any who have been financially impugned by the ordeal.
