09 Jul2014
Written by CFB Blogger. Posted in Blog
In January,
Keisler Engineering filed for Chapter 7 bankruptcy.
Www.hotrod.com reported that in April, Jack Silver bought all of Keisler’s assets, raised the needed capital and established a new company,
Silver Sport Transmissions. Silver and his wife then bought the 16,000 square-foot former Keisler plant as well as four acres of land from the bankruptcy trustee, finalizing the transaction.
The back story: Jack Silver retired in 2002 as part of a senior management team for
Braden Manufacturing. Ten years later, he decided to build the hot rod he had always dreamt of but never had built. Silver, the news story reports, unearthed a 1986
Chevrolet El Camino “Choo-Choo” and bought a 562hp 383ci stroker motor to make it work. However, Silver wanted to install a manual transmission, a major undertaking for an amateur car enthusiast.
After some research, he decided that Keisler Engineering’s automatic-to-manual five-speed conversion best suited his needs. When Silver learned that Keisler was going through a Chapter 7 bankruptcy, he flew to Knoxville, Tennessee to meet with Keisler’s product designer, Dick McCord. After further research into the company, he found that “the market, production costs, and bankruptcy circumstances… had nothing to do with the quality of the products, the employees, the market, or the customers.”
The news article states that Silver Sport Transmissions “plans to work with customers and suppliers who have suffered through the bankruptcy so that they see some return on their losses. And, incredibly, Keisler employees who lost their jobs will now reportedly be paid more and with better benefits. Silver Sport’s business model won’t allow the same things that got Keisler in hot water, so they won’t require a large down-payment or make their customers wait weeks for delivering a product…”.
This is certainly a shining example of a win-win situation and a happy outcome of a Chapter 7 bankruptcy!
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