Red Trumpet has filed for bankruptcy under the laws of Chapter 7. The inventory and assets are no longer under Rick's control, but in the hands of the attorney. Unlike the protection/reorganization laws of Chapter 11 (airline industry), Chapter 7 pretty much means the end.
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As a bankruptcy attorney, I can tell you that the assets of Red Trumpet would be frozen upon the filing of a Chapter 7 petition, and a bankruptcy trustee will administer the assets on behalf of the creditors of the estate. Most likely, the inventory will be sold as a whole or in "lots". If anyone is out any money, they will have to take steps through the Bankruptcy Court to file a claim and then hope that there is a recovery.
I would *definitely* call the credit card company and attempt to have them stop payment. The chances of getting anything out of the court are slim to none. Way too many vultures ahead in the pecking order awaiting to extract their pennies on the dollar.
And here's a guess: what do you want to bet a place like Music Direct is licking their collective chops in anticipation of the inventory firesale...
if what jmslaw is saying is true then instead of wishing rick flynn the best of luck we should be wishing him jail time!
how could any decent person accept payment for gear that they knew full well would never be shipped to the buyers? im not a bankruptcy expert but i refuse to believe that something like bankruptcy just sneaks up on a business & the owner didnt have some kind of idea that his customers would never get anything but still took orders & accepted payments & deposits.
i dont know about anybody else but im wishing the best of luck to the customers of red trumpet not the owner.
Red Trumpet was a wonderful site to peruse (especially the short and well-written r & r news of the past), their prices were reasonable, shipping was nominal or free (depending on cost of the order), their selection of vinyl and import cds was outstanding, and their customer service was excellent. For all you budding economists, what lessons are to be gleaned from the demise of Red Trumpet?
I remember going to Rick's home in Virginia during the early days, listening to music and, walking out with many purchases. I also was "let loose" in the York warehouse a few years ago.
I'm saddened by the end of Red Trumpet. Rick's honesty will be missed. I can't tell you how many times he talked me out of a purchase, saying " the version you have now is better. You'll be disappointed. Don't buy it." I don't run into that much (if ever) in this hobby.
I could be wrong, but I thought that your card was only charged when the order was shipped. I know that was the case for music orders, but it could be different for gear.
People with pending music orders should have nothing to worry about.
I had recently stopped using Red Trumpet because of lagging service and better pricing/service from another site.
Thanks for posting the message about the bankruptcy.
jesus it seems like every other day somebodies posting a new thread asking if so & so is out of business,there's a new one allready today.
i dont care how good a peice of gear sounds if they are not an audio institution then im not buying anything they have as i have seen way too many people scramble to try & find somebody to fix thier gear or to get replacement drivers after a manufacturer goes belly up.
I know Rick from way back, during his Quality Vinyl days in Virginia. He is an AWESOME guy--I'm proud to call him a good friend--and his presence on the Web will be sorely missed. My wallet may be happier, but I'm not. Red Trumpet was the site I always dreamed would come along. I wish it would've ended better for Rick, but he's got a new career, and despite this setback, things are looking up for him and his family.
So, any further word? When I first saw Slipknot's response I emailed Rick because I, also, have orders pending. I have never heard back. If Rick has moved on to something else, who is running the site? As has been noted above, orders can still be placed, indicating that the operation is still alive. If Chapter 7 proceedings have been initiated the site should indicate this...or, at the very least, the new management/owner should acknowledge the transition.
Hmm. I had placed an order from them about 8 weeks ago, but charged a partial charge to my CC, never received any shipment or confirmation. I just assumed it was back ordered. I noticed a couple weeks ago, the charge was reveresed, assuming, again, it was a backorder thing.
Well at least I'm not out anything!
I liked red trumpet as they were selling Classic Records or XRCDs a few dollars cheaper than other companies, and had good shipping policies. The others I have perused - elusivedisc, Acoustics Sounds etc, all seem to sell at recommended retail only. Are there any other online-companies who offer discounts?
I bought two Toshia Japanese Beatles CDs from them a few years ago. Sound quality is very good and 10-15 times better than the Beatles crap currently available. The CDs we can get now are pretty much unlistenable.
Anyone know where I can get some more of those Japanese Toshia remasters? I've tried everywhere I can find - nothing.
The site offers an English language option if you click a link in the upper left of the home page. I've never bought anything from them but I have bought a bunch of vinyl from HMV UK's web site without any problems. The Beatles CDs listed as "Japan edition" are on Toshiba, judging from the few examples I looked at.