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 -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-02.26.24

Airborne-NextGen-02.27.24

Airborne-NextGen-02.21.24 Airborne-Unlimited-02.22.24

Airborne-Unlimited-02.23.24

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-Term (02.24.24): Hold For Release

Hold For Release Used by ATC to delay an aircraft for traffic management reasons; i.e., weather, traffic volume, etc. Hold for release instructions (including departure delay infor>[...]

Aero-News: Quote of the Day (02.24.24)

"By continuing to align our drone operations with our commercial aircraft and helicopter operations, we are building confidence with global regulators. This has allowed Volatus to >[...]

Airborne-NextGen 02.21.24: Pyka, Drone Racers @ World Games, US v Drone Pilot

Also: Intuitive Machines, Another UAV-Related NPRM, Drone Soccer Tourney, UltraViolet EXplorer Mission Flight operations personnel from Pyka and AFWERX gathered on the tarmac at Ne>[...]

Airborne 02.20.24: Uncle Sam v Drone Pilot, SnF NOTAM, Able Flight!

Also: Intuitive Machines Moonbound, Ansett Av Scholarships, Airbus 2023 Report, Armchair Airshow A US Atty, Jacqueline C. Romero, is hitting the media with the announcement that sh>[...]

Aero-News: Quote of the Day (02.25.24)

“Today’s announcement by the IRS amounts to nothing more than an audit in search of a problem, and an attempt to broadly paint with a negative brush the thousands of U.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC