Larry’s guns

Hi everyone just a reassurance I just spoke to a family member and probate is nearing end and plan is to do right by everyone involved

Just now seeing this, but Hallelujah! Thank you for the update.

I hope Larry's family is doing well. Not to rush things, but maybe I am, is there any word on another dealer picking up importation of Benelli pistols and parts? Both my pistols will be in need of a tune up soon, and if I can't find parts, I'll be stuck with two paper weights.

I wonder if this means that I can place an order?

My reading of this announcement indicates that NO, you should not risk placing an order. The wording "orders will be reconciled" suggests the intent is to complete transactions already in play (i.e. ordered a Rink grip that is already paid for, but never shipped), as opposed to entering into new transactions. My two cents worth!

Laura

I wouldn't not until they say it is OK.  I'd guess they will fill existing orders (prior to his passing) if they have the inventory but won't purchase any new inventory.  Most probate directives are about fulfilling obligations or reimbursing customers/vendors and & liquidating/distributing assets.  

I have a strong feeling based on the statement, "When he died, so did LGI" that they don't plan on continuing the business, but time will tell.
- Dave

KBarth wrote:I wonder if this means that I can place an order?

I'm not sure if that was meant as a joke or not, but based on other posts on the list, some folks do not have any experience with the probate process.  First off you are dealing with the courts, an arm of the government.  Have any of us thought, "Gee the government is just too efficient and moves too quickly!"    Have you ever wondered about the right to a speedy trial when you read about alleged criminals going to trial for crimes committed more than a year ago?  Anyone think that probate court was a priority during the government shutdown?  The process takes longer than you might think.

The first step in personal probate is to freeze all assets that are not transferable on death (as in the proper form was filled out to avoid probate). Next all the creditors must have a chance to be repaid.  This means legal notices in the newspaper and waiting a minimum of 90 days.  More paperwork, liquidate the all the assets, and then one can work on the distribution to the heirs (paperwork for that too). Of course State and Federal taxes have to be taken care of before any one else sees a dime.

Each state is different, some are easier than others.  Here in WI, getting through probate for a person with more than $10,000 in assets in 6 months is considered fast.  Obviously there is added complexity for a small business, and now you need to get the ATF involved as well?  Sheesh.

As far as orders being "reconciled", that may mean having your funds returned than the merchandise you ordered?  Way beyond my knowledge of how to keep a business "alive" during this process.

I'm not a lawyer nor an expert on this process (I've been an executor once and it took what felt like a long time for a simple, undisputed case).  I'm just trying to help set expectations.  Checking in every week is just going to leave you disappointed.

Good luck to those that have orders already placed, guns that were being repaired, etc.  I too would like to see LGI stay in business.

Doug

Doug Tiedt wrote:

I too would like to see LGI stay in business.

Doug

The whole long process you describe protects all the interested parties.

Beyond that, a lesson to be learned for all is have your will/testament in order and have "living wills" or powers of attorney in place so that your affairs can be handled by someone trusted if you are incapacitated and that your family/heirs aren't put into hardship due to incapacity or probate.

For business owners, this story should highlight the dangers of being a single ownership without a plan. How will your business and customers be affected by a stoppage due to incapacity or death? 

Can't say I know what steps could be taken by a one-man operation to ensure all customers are well treated and the business is either easy for the executor to wrap up or the business remains viable and can be sold as a valuable asset.

@Doug Tiedt is correct as far as he goes, but there is yet more sand in the gears of progress:

Larry's FFL died with him, too.  So none of the firearms can be dealt with until that situation is cleared up.  Possibly the Personal Representative can be cleared for an FFL; I don't know.

Certainly the BATF has dealt with this kind of situation before, but the people there that have done this will probably not make this particular FFL a higher-priority case than their other work.  I have a consignment gun at LGI and am just waiting patiently.  There is no alternative.

The estate can always use another local FFL to transfer any firearms.
- Dave