CNC Motors Update - Clay Filed for Bankruptcy!

well good morning youtube we have an  unfortunate update for the cnc motor saga so are you recording all of the nefarious  activities if your new channel my name is dan   and that is adam and that's bo and uh he is very  happy to be in the garage although it doesn't look   like he's happy at all that's right anyway we have  some updates on the cnc motor story yeah it looks   like uh clay filed for bankruptcy so it's not  a good thing and we're gonna explain why that's   actually a really bad thing yeah we'll talk about  that in just a second but real quick if you'd   like to support us please go visit normal guys  supercar.com there can buy parts and services for   your car use the code ngs10 it hooks you up with  10 off almost everything we sell and of course   please like share and subscribe that does help  us out so thank you to all of you that have done   that all right guys we're gonna jump right into it  because well it's ugly all right youtube i've got   the court documents right here on my cell phone uh  you can actually go pull this up it's publicly you   know accessible whatever public records voluntary  petition for individuals filing for bankruptcy   ooh chapter 11. clayton d tom is filing for  chapter 11 bankruptcy first thing you notice is   you scroll down and uh you get to the section that  says where do you live and it says withheld due to   threats yeah that doesn't surprise me yeah i mean  we know that there's a lot of pissed off people   right now and so i'm certain he's received threats  uh people's addresses shouldn't be in the public   domain anyway really i mean i i understand  why they have to put people's address in   a bankruptcy filing because if you're a creditor  you may not know how to get access to the person   but either way people shouldn't be making threats  go through the proper systems don't be a dick   like i get it like and i understand like if  you're not judging any of you who may be not   happy about it if i was in your shoes and i  was literally missing hundreds of thousands   of dollars i probably would be making threats too  i'm just realistically i probably would i'm just   don't admit to that on the internet i don't i'm  not missing any money so i'm not making threats   walking a thin line yeah have you filed  bankruptcy before in the last eight year no   bankruptcy cases penny no it's like got all these  check boxes right uh do you rent your residence   yes so yeah he sold his house if you didn't know  he sold the building sold his house probably sold   all of his assets here we go what kind of debts  do you have are your debts primarily consumer   debts meaning like i'm assuming credit cards and  stuff and it says no makes sense right are your   debts primarily business debts uh business debts  are debts that you incurred to obtain money for   a business or investment or through operation  of the business or investment yes make sense   okay yeah that's that's about what we expected so  far the lawyer seems to know what they're doing   right they check the right check boxes here's  where it starts to get a little bit interesting   how many creditors do you estimate that you  owe and again it's got little check boxes   little it's got ranges surprisingly enough one of  them's more than 100 000 you could actually owe   imagine if you owed more than 100 000 creditors  like the irs withholding people's tax returns okay i'm just gonna gloss right past that  he checked between 100 and 199 creditors   that's a lot of cars that's a lot of stuff that's  a lot of creditors i think i got like i guess i   probably have about 15 credit cards throughout  all the different yeah because i got like   four different businesses most those businesses  have two credit cards each plus my own personal   credit cards i have two really yeah you gotta  have a credit over here you got a credit card   a backup credit card well apparently we're living  wrong because jen and i have a credit card no you   gotta have two because what happens when one gets  you know like every year and a half your card gets   stolen there's like a false charge and then you  don't have a credit card for a week actually the   true thing is i have two credit cards because one  credit card i use for reoccurring purchases only   second credit card i use for everything else  if that credit card gets jacked all of like the   reoccurring shit just keeps going and you don't  have to like re-enter the kind of that way you   can watch your netflix and your hulu exactly the  important thing yeah yeah exactly those are on the   one credit card 100 hey tease me all you want  i think it's worked well for years how much   do you estimate your assets to be worth this  is how much he's got in assets he's got between   zero and fifty thousand dollars in assets if you  dumped your house and all your cars and all your   world repossessions and all that cash disappeared  i'm not sure if uh hookers and below is something   you can put on a legal document though well  they didn't ask where it went it just says   how much do you have okay here's the the big  the big one item number 20. how much do you   estimate your liabilities to be he checked  the box between 10 and 50 million dollars that sucks the reason that sucks is because that  is 100 to 199 people that are owed between 10 and   50 million dollars and they're probably  gonna get little to nothing of that yeah   especially since he's saying he's only got  fifty thousand dollars disappeared into thin air   yeah so at least ten million  dollars flowed through him and then   he's gone like a fart in the wind and there's  no physical assets to be backed up on that which   if you're running a car business and someone  gives you money to buy cars and then you buy cars   you would have physical assets to  retain that value all of it's gone   that sucks so the reason that we're so  disappointed in this news is because you know   that's a lot of people yeah a lot of money that  just vaporized and people got hurt yeah that's why   in my opinion i'm not gonna judge anybody who  feels differently than i do but in my opinion   if you're not one of these people who's owed any  of this money you probably shouldn't be happy   about it i wouldn't hold it against you and like  i said definitely won't hold it against you if   you're one of the people that's owed some of that  money but yeah yeah this is bad news all around   so then you scroll down a little further and  actually list the creditors and how much some of   them are owed it has like the really big creditors  starts off with like this mcr financing company   it's a business loan it's disputed and it's 2.3  million dollars i wonder if that's like the floor   what is it called the flooring plan yeah no well  one of those companies yeah it could be i saw that   company inventory yeah some of those companies  are listed here so most dealerships if you aren't   aware of finance their vehicles on what's called a  flooring plan yeah so you scroll down and a lot of   these are personal guarantees which i'm assuming  it's kind of like a personal loan basically like   hey bro signature loan yeah i got one of  those from a bank one time you literally well   not even a bank this is just like uh yeah well  i'm saying you can't get them yeah cause there's   a bunch of trust like you know family trusts  letting i'm not gonna list i'm not gonna publicly   disclose any of those people because i don't want  to out them certainly there's people who we know   there's people who have emailed me and i've  talked to who are on this list who are owed   substantial amounts of money so i don't want  to make that public so interesting enough   lotus cars usa he owes 1.5 million dollars  that's fascinating because you know lotus   had a big presence at his at his location so  that's like i think it was like their largest   dealership in the us apparently apparently he  owes them a bunch of money yeah mercedes-benz   uh a lot of there's some banks credit card it's  like that credit card he owes three hundred   fourteen thousand dollars on a credit card  that's a big limit that could be a business   credit card it could be that's damn that's a lot  of money you're looking at the dollar amounts like   2.3 1.65 million 1.5 million one point five  million one point one million nine hundred   fifty thousand six hundred thousand five hundred  thousand five hundred thousand four hundred eighty   seven thousand these are all huge dollar amounts  all these people and all these names and again   like i said we recognized like i know that  person i talk to that person over the phone   sucks at their own money yeah so that's kind  of the unfortunate cnc update yeah it's really   uh depressing i guess to kind of give a  little bit of positive news although it's   not nearly as awesome as how bad this is so  people who are on the like victims email list   that we created they started getting money from  the california motor motor recovery act or motor   recovery fund or whatever it's called anyway so  like they're getting up to 37 000 or so which i   know if you're owed like 200 000 and someone gives  you 37 000 it doesn't make it right but at least   it's something it's better nothing it's a lot  of hookers and blow to make your woes go away   i don't know you but i don't think that's the  appropriate time to talk about hookers and blow   and you're oh is there ever an appropriate time to  talk about location below yeah like if you're like   wolf of wall street you're able to do drugs during  the day and then still function still do your job   that's what you do this job cocaine and  hookers my friend right said to make your   woes go away it wasn't celebratory hookers and  blow well that's when you want hookers and blow   i would assume i don't know if the revolt  hookers have blown me there let us know in   the comments below how you have purchased your  what's the appropriate time for hookers and blood   i'm not trying to make light of the situation it  really is depressing terrible uh it just it's it   is what it is it sucks it sucks badly and uh  our heart goes out to all of you that are owed   a bunch of money and unfortunately the bankruptcy  is going to make it even more difficult for these   people to recover any of these money and of  note it's interesting is in the video where   we interviewed him he talked about it what do you  want bro what nama was all whining at us he's like   he mentioned specifically how he wasn't like going  to file bankruptcy and stuff and blah blah well   yeah that ship sailed obviously this has a  little bit to do with why we wanted to create   our dealership not necessarily because of this  directly but because we've seen a lot of business   practices and kind of sketchy dealerships  and stuff granted most of them have not been   flat-out situations like this but we wanted to  create a better environment so we're working on   that we have a bunch of bureaucratic red tape  to jump through so technically we don't have a   dealership license yet yeah but we're working on  that well hopefully we will by now it may be out   by the time this video comes out but that's why  there's no inventory on our website yeah we'll try   and help create a better environment that's not  like this and hopefully you guys will appreciate   that but that's all we got well youtube that's the  kind of do it for this video i know it's not the   greatest news and sometimes just gotta present  the truth even when it sucks so hopefully these   people can somehow recover something i yeah yeah  well that that'll learn you to have him jump up on   you like that you're using my dog's ears to wipe  off your hands it's his slobber there's like paper   towel right there well and his ear was right there  that's gross i'm not sure how i feel about this   i thought you were a dog lover i am that  doesn't mean i can't use his ear as a napkin   those are not napkins mo have you been violated  i think he has well youtube we will hopefully   be back to doing more interesting good positive  cool car stuff so like share and subscribe please   that does help us out and of course go visit  normal guys supercrowd.com buy your car parts   and accessories through us we do appreciate  that use the code ngs10 it hooks up a 10 off   i need to talk quick because moe's losing his shit  all right guys we're gonna be doing more cool car   stuff so you're gonna want to stay tuned there's  gonna be a lot of dog slobber apparently how do   you feel about that moe how was what do you think  of this huh he looks like he liked it he liked it   no he didn't like it he's like my ears my precious  ears that's one of my dominant features yeah you

Channel: Normal Guy Supercar

Views: 19,547

Keywords: normal guy supercar, cnc motors fraud, cnc motors, cnc motors bankrupt, clay thom, clay thom bankrupt, dealership fraud, dealership scam, cnc motors scam, cnc motors bankruptcy, file for bankruptcy, chapter 11

Id: 2bUrhJz37fU

Length: 12min 14sec (734 seconds)

Published: Thu Feb 10 2022