Thursday, March 29, 2012
MVP RV ASSETS TO BE SOLD AT AUCTION ON APRIL 19
From Julian Gothard of the RVing Examiner:
CMA, a non-profit bankruptcy and asset liquidation company, announced this week that the assets of the former Inland Empire-based recreational vehicle manufacturer MVP RV Inc., will be sold at public auction on Thursday, April 19, 2012. The auction – which will be overseen by the Los Angeles-based Piatelli Company - will be held at the former corporate offices of MVP RV at 5300 Via Ricardo, Riverside, California.
The assets to be sold include industrial buildings - with an estimated value of $20 million – situated on two parcels of land (on Via Ricardo and Fleetwood Drive) totaling 1,600,000 square feet. The auction will also include factory equipment, inventory, offices, and intellectual property. If bulk offers are not accepted, the Piatelli Company will hold a piecemeal auction on April 26, 2012.
MVP RV first saw life back in 2008 as the MVP RV Acquisition Corporation when an affiliation of top executives from Thor California, Inc., partnered to acquire Thor California, Inc’s., Moreno Valley-based subsidiary for $18.6 million. MVP RV manufactured recreational vehicles including Wave, Summit and Jazz travel trailers and fifth wheels along with Tahoe and Vortex toy hauler lines, previously produced by Thor California.
The MVP management team – which initially included Brad Williams (CEO), Roger J. Humeston (CFO) and Pablo Carmona (COO) – was later supplemented by Chinese entrepreneur Winston Chung who became chairman of MVP RV after pledging a $310 million cash infusion. Chung’s stated goal was to export over 10,000 Class A motor homes and 20,000 Class C motor homes to China (worth an estimated $5 billion) over a 3-4 year period.
The partnership between Winston Chung and MVP RV was celebrated by The White House during Chinese President Hu Jintao’s state visit to the USA in January, 2011. Unfortunately the 1,200 jobs that Chung claimed would be created never materialized and nor did the bulk of his promised $310 million investment.
MVP RV closed its doors and laid-off its workforce in January, 2012 some seven months after an RVing Examiner report predicted such an outcome. The company was subsequently placed in the hands of the Burbank, California-based Credit Management Association (CMA). The closure of MVP RV brought to an end almost four decades of RV operations at the Riverside location. The facility was previously a unit of Fleetwood Enterprises Inc.
A preview of the MVP RV auction items will be held on April 17 & 18, 11:00 am - 3:00 pm or by appointment.
CMA, a non-profit bankruptcy and asset liquidation company, announced this week that the assets of the former Inland Empire-based recreational vehicle manufacturer MVP RV Inc., will be sold at public auction on Thursday, April 19, 2012. The auction – which will be overseen by the Los Angeles-based Piatelli Company - will be held at the former corporate offices of MVP RV at 5300 Via Ricardo, Riverside, California.
The assets to be sold include industrial buildings - with an estimated value of $20 million – situated on two parcels of land (on Via Ricardo and Fleetwood Drive) totaling 1,600,000 square feet. The auction will also include factory equipment, inventory, offices, and intellectual property. If bulk offers are not accepted, the Piatelli Company will hold a piecemeal auction on April 26, 2012.
MVP RV first saw life back in 2008 as the MVP RV Acquisition Corporation when an affiliation of top executives from Thor California, Inc., partnered to acquire Thor California, Inc’s., Moreno Valley-based subsidiary for $18.6 million. MVP RV manufactured recreational vehicles including Wave, Summit and Jazz travel trailers and fifth wheels along with Tahoe and Vortex toy hauler lines, previously produced by Thor California.
The MVP management team – which initially included Brad Williams (CEO), Roger J. Humeston (CFO) and Pablo Carmona (COO) – was later supplemented by Chinese entrepreneur Winston Chung who became chairman of MVP RV after pledging a $310 million cash infusion. Chung’s stated goal was to export over 10,000 Class A motor homes and 20,000 Class C motor homes to China (worth an estimated $5 billion) over a 3-4 year period.
The partnership between Winston Chung and MVP RV was celebrated by The White House during Chinese President Hu Jintao’s state visit to the USA in January, 2011. Unfortunately the 1,200 jobs that Chung claimed would be created never materialized and nor did the bulk of his promised $310 million investment.
MVP RV closed its doors and laid-off its workforce in January, 2012 some seven months after an RVing Examiner report predicted such an outcome. The company was subsequently placed in the hands of the Burbank, California-based Credit Management Association (CMA). The closure of MVP RV brought to an end almost four decades of RV operations at the Riverside location. The facility was previously a unit of Fleetwood Enterprises Inc.
A preview of the MVP RV auction items will be held on April 17 & 18, 11:00 am - 3:00 pm or by appointment.
