Where are all of the 32 Reeves?

FWurth

One Millionth Post
Unfortunately that's how most of these case's end up. They will be lucky to get $.05 on the dollar recovered on their loss. If I read the court order for the sale correctly, this sale was only the judgement on the one lawsuit from a grain co owed money. The judgement was like $700.000. There will more suits to come as there are still assets out there and many more sales to come as this works it way through the courts.
 

GreasyIron

Subscriber
That sure didn't put much of a dent in $11.4 million...... I feel very bad for the farmers and business owners to who this money is owed .
:( No doubt. Even if any single producer didn't loose more than 25% of a single year's crop, that still could easily swing their books from barely eeking a profit, to substantial loss. That alone could take years to recover from; if some were in heavier, possibly never. :eek:

FWurth said:
Unfortunately that's how most of these case's end up. They will be lucky to get $.05 on the dollar recovered on their loss.
I know that's typical enough, but just where did all the money go in this case? Wasn't this operation owned by a single person? Just how do you blow through $11M, and not have assets worth at least 50% even at fire sale prices?
 

FWurth

One Millionth Post
No the boiler wasn't included, just the engines were sold. I suspect the boiler wasn't paid for yet, it's still at the builder's. As for how so many lost money in this operation, Mr Hansen stated he had about $75,000.000. in sales the last year of operation, and the papers reported he was paying considerably more to get the trade than he was selling for. That money was being ate up in all those deals by the various places he was selli ng to and the trucking firms that did get paid. With that many holes in the bucket it don't take long to run dry! There are some assets but by the time all the legal and court costs are covered, there will be a lot of empty pockets out there left over.
 
Is this Mr. Hansen actually a steam man or was the engine just an investment? Definitely a rotten situation, I don’t know how people get out out on their feet after things like this.

Will
 

David Hoover

Subscriber
No the boiler wasn't included, just the engines were sold. I suspect the boiler wasn't paid for yet, it's still at the builder's. As for how so many lost money in this operation, Mr Hansen stated he had about $75,000.000. in sales the last year of operation, and the papers reported he was paying considerably more to get the trade than he was selling for. That money was being ate up in all those deals by the various places he was selli ng to and the trucking firms that did get paid. With that many holes in the bucket it don't take long to run dry! There are some assets but by the time all the legal and court costs are covered, there will be a lot of empty pockets out there left over.
I wonder if he was taught the “new” math in school? It looks like to big of a train wreck for one young guy to have. Won’t be surprised if more turn out involved in it.
 
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FWurth

One Millionth Post
Mr Hansen was truly involved in the steam hobby, he was active in shows in the region ,I am told by other Stackers from the area that knew him. As to who was all on the benefit end of that situation, may never get all the details on that so we will let that rest for now. If his main goal was to have access to Steam engines to tinker with, I'm sure there are other owners that would have allowed him to come over and get busy on engines without all the issues now involved. We all enjoy when we have extra hands helping. I know that I would.
 

MPierce

Email NOT Working - Over Quota
:( No doubt. Even if any single producer didn't loose more than 25% of a single year's crop, that still could easily swing their books from barely eeking a profit, to substantial loss. That alone could take years to recover from; if some were in heavier, possibly never. :eek:



I know that's typical enough, but just where did all the money go in this case? Wasn't this operation owned by a single person? Just how do you blow through $11M, and not have assets worth at least 50% even at fire sale prices?
Also included, farmers who contracted crop, never delivered, and now are claiming loss of value because the market went down.
So, in these cases, they still have their crop, and no money was "used" by him. Just a lost in potential income.
 

FWurth

One Millionth Post
That's the thing that makes the commodities market so treacherous! As long as the guys make a buck all's well. but if the thing goes south, everyone wants their pound of flesh. I often wonder how the brokers manage to keep track of it all! Well maybe sometimes they don't! I well know that because I've been on the loosing end of a few broker / dealers that went bad. If I had listened to my mother I would have stayed away from the one as she had seen a news paper article on their shady deals. Cost me several thousand for that lesson. I went to the Missouri Dept of AG, who controls the traders. The trader wouldn't let the inspectors in the door! They instantly were suspended from dealing! One commodity trader in central Illinois stepped in front of a train to settle things last time the grain trade had a major long term downside. They all get in the mind set that they'll recoup all losses on the next deal, they forget that the government has the thumb on the scale! :rant:
 

Beth V

Moderator
While I find Hunter's predicament fascinating and confusing ( I just don't get theft by deceit/scam,) the continued discussion is better taken to a Smoke & Flames thread.

As far as the thread is concerned, I'd like the name of the new owner so I can update the thread. If they don't wish to be known publically, that's fine. The inclusion or not-and perhaps the fate of, the new boiler is pertinent to the thread. Has anyone been in contact with Oliver Boilers?

Personally, I'd love to see the restored 32 DS come to NTA next June for the Reeves feature. It would be great to see it sitting next to our 32 CS.

Beth
 

FWurth

One Millionth Post
If you want to move some of the above discussion, no problem. Sometimes it gets out of hand keeping things separated! Back to the real subject here, I think one would be very surprised by the relative size difference between a US Reeves vs a Canadian Special. I attended the show at Rushville last year and was amazed by the size of the 25 CC Canadian there compared to my US CC 25. The Canadian is easily 10%-15% larger in size. That 32 simple US likely a bit lighter that your 32 Beth. I always thought that improvements were mainly wheel construction and boiler type, but not so.
 

MPierce

Email NOT Working - Over Quota
If you want to move some of the above discussion, no problem. Sometimes it gets out of hand keeping things separated! Back to the real subject here, I think one would be very surprised by the relative size difference between a US Reeves vs a Canadian Special. I attended the show at Rushville last year and was amazed by the size of the 25 CC Canadian there compared to my US CC 25. The Canadian is easily 10%-15% larger in size. That 32 simple US likely a bit lighter that your 32 Beth. I always thought that improvements were mainly wheel construction and boiler type, but not so.
Except, the 32 DS has a bigger boiler than the cc, so would look same size next to a 32cc CS.
Mounts and things still lighter though.
 
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