Quote:
Originally Posted by jeffk
My understanding of this is that anyone that has been paying on budget or did a prebuy is at risk. How about price cap insurance? Any money that came in for those things would be used to satisfy primary creditors. I think that any such pre payments would be considered debts in the form of oil owed. I would be VERY concerned about the result of the court action. Plus, my bet is that Sprague will lose money on this. They are not going to extend credit to Fuller for a while. That will keep pressure on Fuller's ability to supply oil.
LOTS of unknowns. LOTS of risks.
I moved to Stafford and I am SO GLAD that I did.
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I agree that folks who paid for pre buy oil are at risk. The state is most definitely involved in the bankruptcy court trying to orchestrate a sale of Fred Fuller's caracas to a stronger buyer and you can bet it is negotiating to have potential buyers assume the pre buy obligations. I did read in the newspaper that there is good news for Fred Fuller in that its the most recent sexual harassment suit which was scheduled to go to trial this week has been postponed.
Let's hope this company is sold soon before the heating season kicks into full gear.