ADV Production Modular Hardtop!

[huey]

Kinda curious, whatever happened to the Lite Brite/APG hard top? Haven't seen them around in a long time either.

good point - they were always popping up in my youtube algorithm

EDIT - just checked, still "putting out" content on their youtube channel
it seems its a mix of OF ads & wheeling

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[TheBroncolorian]

It’s a shame APG is just letting the hard top patent sit and collect dust during all of this, but I imagine they’re waiting until ADV is a complete TKO before proceeding in any direction.

 

[Cjdavis13]

So, this very morning was a "Meeting of Creditors" for ADV's bankruptcy case. It was held @ 8am PST over Zoom. If you are/were a creditor, you were likely mailed a notice of it a few weeks back.

Some notes from sworn testimony by Tim Gerwatosky (33% owner stake in the debtor, Advanced Fiberglass Concepts):
- roughly 1,100 deposits were collected for this hard-top between 2022 & 2024.
- roughly 600 outstanding deposits hadn't been refunded at time of bankruptcy filing. Amount of deposits that had been refunded roughly totaled $3.5 million.
- From 2022-2024, over $11.6 millions dollars collected/deposited by ADV in a specific operating account for the hard-top project. Half of that deposited amount spent on "advertising".
- Debtor indicated in the meeting/hearing that there are no assets left.
- Debtor, as Advanced Fiberglass Concepts, last operated at end of 2024.
- Currently ongoing ADV business was chartered/filed under "ADV Imagine".

The hearing/meeting led by the Trustee has a continuance set for June 5th @ 10am PST.

Edit to add: John Gerwatosky (acc. to his father Tim, also a 33% shareholder of ADV) will be made available for creditor questions at the 6/5 continuance.

 

[j_marinelli]

So, this very morning was a "Meeting of Creditors" for ADV's bankruptcy case. It was held @ 8am PST over Zoom. If you are/were a creditor, you were likely mailed a notice of it a few weeks back.

Some notes from sworn testimony by Tim Gerwatosky (33% owner stake in the debtor, Advanced Fiberglass Concepts):
- roughly 1,100 deposits were collected for this hard-top between 2022 & 2024.
- roughly 600 outstanding deposits hadn't been refunded at time of bankruptcy filing, roughly totaling $3.5 million dollars in refunds.
- From 2022-2024, over $11.6 millions dollars collected/deposited by ADV in a specific operating account for the hard-top project. Half of that deposited amount spent on "advertising".
- Debot indicated in the meeting/hearing that there are no assets left.
- Debtor last operated at end of 2024.
- Currently ongoing ADV business was chartered/filed under "ADV Imagine".

The hearing/meeting led by the Trustee has a continuance for June 5th @ 10am PST.

Yeah they have no problem popping on to Google to thank people for good reviews

 

[Beach_Bum]

So, this very morning was a "Meeting of Creditors" for ADV's bankruptcy case. It was held @ 8am PST over Zoom. If you are/were a creditor, you were likely mailed a notice of it a few weeks back.

Some notes from sworn testimony by Tim Gerwatosky (33% owner stake in the debtor, Advanced Fiberglass Concepts):
- roughly 1,100 deposits were collected for this hard-top between 2022 & 2024.
- roughly 600 outstanding deposits hadn't been refunded at time of bankruptcy filing. Amount of deposits that had been refunded roughly totaled $3.5 million.
- From 2022-2024, over $11.6 millions dollars collected/deposited by ADV in a specific operating account for the hard-top project. Half of that deposited amount spent on "advertising".
- Debtor indicated in the meeting/hearing that there are no assets left.
- Debtor, as Advanced Fiberglass Concepts, last operated at end of 2024.
- Currently ongoing ADV business was chartered/filed under "ADV Imagine".

The hearing/meeting led by the Trustee has a continuance set for June 5th @ 10am PST.

$5.5M for "Advertising"? I wonder how much was spent on green screen YT videos to string along existing order holders so they didn't ask for refunds?

 

[vrtical]

Of course they spent millions on advertising using deposits as a slush fund complete scam, they belong in jail.

 

[mcinfantry]

Advertising can include trips, events, etc

 

[j_marinelli]

$5.5M for "Advertising"? I wonder how much was spent on green screen YT videos to string along existing order holders so they didn't ask for refunds?

Wouldn't surprise me the least if it was a "marketing company" they also owned (aka move the money around)

 

[Beach_Bum]

Would love to know more about the sound deadening inside.

It is super quiet. One might say it is nonexistent.

 

[huey]

It is super quiet. One might say it is nonexistent.

 

[mcinfantry]

Advertising can include trips, events

So, this very morning was a "Meeting of Creditors" for ADV's bankruptcy case. It was held @ 8am PST over Zoom. If you are/were a creditor, you were likely mailed a notice of it a few weeks back.

Some notes from sworn testimony by Tim Gerwatosky (33% owner stake in the debtor, Advanced Fiberglass Concepts):
- roughly 1,100 deposits were collected for this hard-top between 2022 & 2024.
- roughly 600 outstanding deposits hadn't been refunded at time of bankruptcy filing. Amount of deposits that had been refunded roughly totaled $3.5 million.
- From 2022-2024, over $11.6 millions dollars collected/deposited by ADV in a specific operating account for the hard-top project. Half of that deposited amount spent on "advertising".
- Debtor indicated in the meeting/hearing that there are no assets left.
- Debtor, as Advanced Fiberglass Concepts, last operated at end of 2024.
- Currently ongoing ADV business was chartered/filed under "ADV Imagine".

The hearing/meeting led by the Trustee has a continuance set for June 5th @ 10am PST.

Edit to add: John Gerwatosky (acc. to his father Tim, also a 33% shareholder of ADV) will be made available for creditor questions at the 6/5 continuance.

i wonder why there was no question/answer on how much was sent to the developer? I mean wasn’t that the initial defense? They paid it ALL to the actual manufacturer?? I’m so confused

 

[j_marinelli]

Advertising can include trips, events

i wonder why there was no question/answer on how much was sent to the developer? I mean wasn’t that the initial defense? They paid it ALL to the actual manufacturer?? I’m so confused

The fact that you can look up court cases online and that there isn't one for ADV going after who they are accusing speaks volume.

 

[Cjdavis13]

The fact that you can look up court cases online and that there isn't one for ADV going after who they are accusing speaks volume.

But there is. See attached lawsuit from last year.

 

[j_marinelli]

But there is. See attached lawsuit from last year.

I do remember them sharing that but I just find it odd that there is no records of the court filing online (that I could find at least).

 

[mcinfantry]

I do remember them sharing that but I just find it odd that there is no records of the court filing online (that I could find at least).

I’ve never filed bankruptcy but wouldn’t you mention where the monies are, and the ‘fact’ a pending suit may recoup some of those monies that could be used to make the creditors whole? Or after bankruptcy would you just get to keep all the ‘windfall’ from that suit?

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