Fuller Oil and Propane

PaugusBayFireFighter · 11-11-2014, 02:10 PM

But Sprague is just one creditor among thousands. In the bankruptcy filing, Fuller Inc. said it estimates the number of creditors at 1,000 to 5,000 and its assets at $10 million to $50 million.

The company's liabilities are also estimated to be $10 million to $50 million.

The filing also stated that after exempted property is excluded and administrative costs are paid, there will be no money left over for unsecured creditors.

Foster said it's his understanding that there are several potential buyers for the company, but the sale, if it comes, would take weeks.

Fuller Oill released a statement saying, "Service to customers should not be disrupted. … At this time, the company expects that customers will receive their oil deliveries and other services as scheduled."

codeman671 · 11-11-2014, 04:31 PM

At this point anyone that keeps them as their provider is crazy. The writing is on the wall...You can say what you want, but the fact that they are in this position in the first place indicates poor management and business practices.

Reorg or liquidation, doesn't matter to me. People and/or businesses will get burned no matter which path they choose. Why take the risk? There are plenty of other reputable providers out there.

ishoot308 · 11-11-2014, 04:40 PM

Quote:

Originally Posted by codeman671

At this point anyone that keeps them as their provider is crazy. The writing is on the wall...You can say what you want, but the fact that they are in this position in the first place indicates poor management and business practices.

Reorg or liquidation, doesn't matter to me. People and/or businesses will get burned no matter which path they choose. Why take the risk? There are plenty of other reputable providers out there.

I agree! Even though I had no complaints and good service with Fuller, I saw the writing on the wall a while ago and made a change. Very happy with the change I made!

Dan

jeffk · 11-11-2014, 07:43 PM

Quote:

Originally Posted by PaugusBayFireFighter

...
The filing also stated that after exempted property is excluded and administrative costs are paid, there will be no money left over for unsecured creditors. ...

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.

secondcurve · 11-12-2014, 06:39 AM

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.

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.

Rusty · 11-12-2014, 06:41 PM

Saw this comment in a news article about Fuller Oil:

"If you are still a Fred Fuller customer you deserve to freeze solid."
.
.
.

LIforrelaxin · 11-13-2014, 09:27 PM

Quote:

Originally Posted by Rusty

Saw this comment in a news article about Fuller Oil:

"If you are still a Fred Fuller customer you deserve to freeze solid."
.
.
.

Out of curiosity, What news source?

fatlazyless · 11-14-2014, 01:53 PM

....donta-u-know that the Fred Fuller Company's white Ford pickup with the NH vanity license plate "HEAT" could be considered a company asset .... the license plate I mean ..... and possibly one of the other NH businesses in the business of selling heat might be interested in shelling out the big bucks for the opportunity to use the "HEAT" vanity license plate on their big boss' vehicle ..... so .... how much do I hear for the "HEAT" plate ........ do I hear an offer .... after all...... vanity plates here in NH are what it's all about?

... so ..... there goes the "HEAT"? ...... Fred Fuller Oil .... in business since 1968 or so?

camp guy · 11-16-2014, 01:06 PM

On the surface of things, and not knowing and of the details, it looks like Rymes Oil and Propane stepped up to the plate to buy Fred Fuller. To the former Fuller customers I guess this comes as a relief to their winter heating needs.

As I said, I know none of the details, but it looks as if Rymes, Fuller, and the State collaborated to solve the problem (at least for the near term).

VitaBene · 11-16-2014, 03:19 PM

Quote:

Originally Posted by camp guy

On the surface of things, and not knowing and of the details, it looks like Rymes Oil and Propane stepped up to the plate to buy Fred Fuller. To the former Fuller customers I guess this comes as a relief to their winter heating needs.

As I said, I know none of the details, but it looks as if Rymes, Fuller, and the State collaborated to solve the problem (at least for the near term).

I guess we are Rymes customers now- I had been procrastinating!

laketrout · 11-16-2014, 06:02 PM

If you use Propane for heating check out either Energy North or Dead River, We had a few neighbors get into a buying consortium and are getting $1.91 a gallon from Dead River. No prebuy, pay 15 days after delivery and pay early get 3 cents off that price.

11-11-2014, 02:10 PM	#1
PaugusBayFireFighter Senior Member Join Date: Sep 2012 Posts: 837 Thanks: 361 Thanked 674 Times in 264 Posts	Not very encouraging But Sprague is just one creditor among thousands. In the bankruptcy filing, Fuller Inc. said it estimates the number of creditors at 1,000 to 5,000 and its assets at $10 million to $50 million. The company's liabilities are also estimated to be $10 million to $50 million. The filing also stated that after exempted property is excluded and administrative costs are paid, there will be no money left over for unsecured creditors. Foster said it's his understanding that there are several potential buyers for the company, but the sale, if it comes, would take weeks. Fuller Oill released a statement saying, "Service to customers should not be disrupted. … At this time, the company expects that customers will receive their oil deliveries and other services as scheduled."

11-12-2014, 06:41 PM	#6
Rusty Senior Member Join Date: Oct 2010 Posts: 2,028 Thanks: 603 Thanked 687 Times in 425 Posts	Saw this comment in a news article about Fuller Oil: "If you are still a Fred Fuller customer you deserve to freeze solid." . . . __________________ It's never crowded along the extra mile.

11-14-2014, 01:53 PM	#8
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,961 Blog Entries: 1 Thanks: 308 Thanked 1,061 Times in 774 Posts	....donta-u-know that the Fred Fuller Company's white Ford pickup with the NH vanity license plate "HEAT" could be considered a company asset .... the license plate I mean ..... and possibly one of the other NH businesses in the business of selling heat might be interested in shelling out the big bucks for the opportunity to use the "HEAT" vanity license plate on their big boss' vehicle ..... so .... how much do I hear for the "HEAT" plate ........ do I hear an offer .... after all...... vanity plates here in NH are what it's all about? ... so ..... there goes the "HEAT"? ...... Fred Fuller Oil .... in business since 1968 or so? __________________ .... Banned for life from local thrift store! Last edited by fatlazyless; 11-16-2014 at 06:51 AM.

11-16-2014, 01:06 PM	#9
camp guy Senior Member Join Date: Apr 2004 Location: formerly Winter Harbor, still Wolfeboro Posts: 1,206 Thanks: 310 Thanked 537 Times in 300 Posts	Fuller Oil and Propane On the surface of things, and not knowing and of the details, it looks like Rymes Oil and Propane stepped up to the plate to buy Fred Fuller. To the former Fuller customers I guess this comes as a relief to their winter heating needs. As I said, I know none of the details, but it looks as if Rymes, Fuller, and the State collaborated to solve the problem (at least for the near term).

11-11-2014, 04:31 PM	#2
codeman671 Senior Member Join Date: Jan 2005 Posts: 3,554 Thanks: 222 Thanked 838 Times in 505 Posts	At this point anyone that keeps them as their provider is crazy. The writing is on the wall...You can say what you want, but the fact that they are in this position in the first place indicates poor management and business practices. Reorg or liquidation, doesn't matter to me. People and/or businesses will get burned no matter which path they choose. Why take the risk? There are plenty of other reputable providers out there.

11-16-2014, 06:02 PM	#11
laketrout Senior Member Join Date: Aug 2008 Location: Long Bay/ Paugus bay Posts: 115 Thanks: 131 Thanked 13 Times in 9 Posts	If you use Propane for heating check out either Energy North or Dead River, We had a few neighbors get into a buying consortium and are getting $1.91 a gallon from Dead River. No prebuy, pay 15 days after delivery and pay early get 3 cents off that price.