Employees receive letter from Crucible Materials

[Will Leavitt]

The current state of America's automotive industry is an embarrassment to all Americans, and is directly responsible for the injury to Crucible and many other otherwise excellent companies. What is ironic is that if you ever meet someone from the auto industry they can be so arrogant. Shmucks.

I work in the auto industry but for Hyundai..... if the big 3 employees are like the former management here then no wonder they're in the trouble they're in. Our Korean managment rotate every 2 years or so, the new big dog just finished a big blood bath in senior American managers.

 

[mike malosh]

So who has any of the CruForge V right now?

I purchased 4 sticks from Tracy and was ready to order some from our distributor here in Michigan and am now thinking twice. I forge O-1 now and was getting pretty gigged up about this steel. The thought going thru my mind now is I learn a new steel, but when the 80,000 lbs are gone its gone and it would almost be a waste of time. So I am stuck between purchasing the Cruforge V or just buying more of Aldo's 1084 as he seems to get a run at least once a year.

 

[sabre]

Mike, buy the CruforgeV. It has better wear resistance, extremely fine grain, and works beautifully. You will never make better forged blades. I promise.

Dan

 

[Don Hanson III]

Not good news! This failing auto business mess just might finish off the US steel industry:grumpy:

6 or 7 years ago I was told to stock up on knifemaking steels, especially simple high carbon steels. This was about the time 1084 was drying up and before Aldo. I'm still stock pilling!

 

[KnifeMaker.ca]

There is a lot of posturing going on these days - and a lot of failed companies as well. I'd like to believe Crucible is about posturing. Where would it leave homeland security if the the US had to rely on Sweden for high tech steels?

or China?

I'm betting on US spirit, pride and tencity.

Rob!

 

[cdent]

Ouch, I hope, in a nonpolitical way, that the gubment doesn't take over another company/industry in the name of security. Since Crucible is employee owned, the worker is entirely in charge of the company's future.

Take care, Craig

 

[Daniel Koster]

Well maybe I just prefer to think positively....

*shrug*



Let's not forget it's Chapter 11 Bankruptcy Protection ...

They're not going to go belly-up and down the drain (ie. Chapter 7 = liquidation)....the most likely course is restructuring...or an outright purchase....or both.

How many other companies (airlines included) have filed Chapter 11....and went through it with hardly a "bump" noticeable to consumers.

Let's not panic....yet.


Fingers Crossed!!


Dan





edited to add:
(from wikipedia.org)

The chapter 11 plan
Chapter 11 is reorganization, as opposed to liquidation. Debtors may "emerge" from a Chapter 11 bankruptcy within a few months or within several years, depending on the size and complexity of the bankruptcy. The Bankruptcy Code accomplishes this objective through the use of a bankruptcy plan. With some exceptions, the plan may be proposed by any party in interest.[3] Interested creditors then vote for a plan. Upon its confirmation, the plan becomes binding and identifies the treatment of debts and operations of the business for the duration of the plan.

Debtors in Chapter 11 have the exclusive right to propose a plan of reorganization for a period of time (in most cases 120 days). After that time has elapsed, creditors may also propose plans. Plans must satisfy a number of criteria in order to be "confirmed" by the bankruptcy court. Among other things, creditors must vote to approve the plan of reorganization. If a plan cannot be confirmed, the court may either convert the case to a liquidation under Chapter 7, or, if in the best interests of the creditors and the estate, the case may be dismissed resulting in a return to the status quo before bankruptcy. If the case is dismissed, creditors will look to nonbankruptcy law in order to satisfy their claims.

 

[JTknives]

I just really really like this company, thy allways help out us little guys and are more then willing to chat on the phone and answer my questions. as for the CruforgeV (1086 v hra )or what ever thy decide to call it. i see no reasion to not buy it and play around with it. you never know it could become such a big hit that lots of people start buying it and that just helps out the company we love. I am going to be buying it in 10 foot long bars of 1.125 round stock for 3.50 a pound i think is what thy sell it for. one bar is 42 pounds round about. so what that 150 bucks. i can spare that every few months and so in no time i will be stocked up. I'm not the kinda of guy that likes to just put his eggs in one basket so to speak by just using one steel. I like them all as thy all have there uses, but that becomes a problem for me when your trying to stock up on O1, O2, L6, S7, A2, D2, W2, 5160, 52100, 15n20, 1085 and now adding CruForgeV to the list just adds to the budgeting head ache

 

[Nathan the Machinist]

Well maybe I just prefer to think positively....

*shrug*



Let's not forget it's Chapter 11 Bankruptcy Protection ...

They're not going to go belly-up and down the drain (ie. Chapter 7 = liquidation)....the most likely course is restructuring...or an outright purchase....or both.

How many other companies (airlines included) have filed Chapter 11....and went through it with hardly a "bump" noticeable to consumers.

Let's not panic....yet.


Fingers Crossed!!


Dan





edited to add:
(from wikipedia.org)

Daniel,

I hear you man. I had been thinking the same way. But that was before the power company petitioned the court to turn off the power, they've failed to find a buyer, and their bank won't extend credit to maintain operations. They were forced to release a letter (required by law) indicating they see being done by the end of summer. Once that happens, I see no mechanism for them to come back.

I do, however, have my fingers crossed.