More 'Signs Of The Times?' Quicksilver Declares Itself 'Insolvent' | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-Monday

Airborne Unmanned

Airborne Unlimited-Wednesday Airborne Flight Training

Airborne Unlimited-
Friday

Airborne-ANN Airborne Unlimited--01.25.21 Airborne-Unmanned--01.26.20 Airborne Unlimited--01.21.21 Airborne-Flight Training--01.14.20 Airborne Unlimited--01.22.21

Airborne On YouTube

Airborne Unlimited--01.25.21

Airborne-Unmanned--01.26.20

Airborne Unlimited--01.21.21 Airborne-Flight Training--01.14.20

Airborne Unlimited--01.22.21

Tue, Oct 20, 2015

More 'Signs Of The Times?' Quicksilver Declares Itself 'Insolvent'

Company Was Significant Part of Sport Aviation History

ANN has been sent a letter on behalf of Quicksilver Aeronautics indicating that the company, first known on the Sport Aviation scene as an early manufacturer of powered hang gliders over 4 decades ago, is currently insolvent.

According to Shulman, Hodges and Bastian, LLP, they are the, "insolvency counsel for Quicksilver Aeronautics, LLC, a Delaware limited liability company." The firm notes that the letter serves as "formal notice that (i) Quicksilver has elected to voluntarily wind up and dissolve the company; and (ii) Quicksilver has voluntarily commenced the winding up of its business affairs."

Attorney Leonard Shulman further states that, "Quicksilver determined that it had no going concern value to preserve and that it had insufficient assets to operate. Quicksilver intends to liquidate the balance of its assets, pay off any secured and priority creditors (i.e., tax authorities) and then to the extent any funds are left, shall pay unsecured creditors on a pro rata basis. As such, there will be no distribution of dividends to any member."

According to the same letter, the dissolution process could take 30-90 days.

Where this leaves the intellectual property of the company and the potential future of the Quicksilver line is as yet unknown, but company officials have promised calls on Tuesday to provide additional info.

We'll keep you updated.

FMI: www.quicksilveraircraft.com

 


Advertisement

More News

ANN's Daily Aero-Linx (01.24.21)

Aero Linx: Alaska Department of Transportation and Public Facilities -- Statewide Aviation Aviation touches all aspects of life in rural Alaska, and is a basic mode of transportati>[...]

Aero-News: Quote of the Day (01.24.21)

“We explored a number of alternatives, but after careful consideration, we simply cannot execute a worthwhile event that would not potentially endanger both the community and>[...]

ANN's Daily Aero-Term (01.24.21): Hazardous Weather Information

Hazardous Weather Information Summary of significant meteorological information (SIGMET/WS), convective significant meteorological information (convective SIGMET/WST), urgent pilot>[...]

Airborne 01.25.21: Electric Velis, Whitehouse Moon Rock, Drone Chutes

Also: Bryant S-76B Crash Hearing, AeroEducate Initiative, Liberty University, Sustainable Fuels Pipistrel-USA reports that over the course of 2020, Pipistrel delivered 111 certifie>[...]

Airborne 01.22.21: Aero-Friedrichshafen Postponed, ASR SBX Chute, Airbus Update

Also: Partial Aero-Recovery in 2021?, Bell 412, 15 More KC-46 Tankers, Super Bowl LV v Drones Another major aviation event has had to give way to the damage done by the COVID pande>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2021 Web Development & Design by Pauli Systems, LC