Mid America Bankrupt

[Jimmy G.]

I was at Corvette Ezpo in TN this week and heard that Mid America (Mike Yager) was in Chapter 11. Can anyone confirm or dispute this?

[Ron L.]

Re: Mid America Bankrupt

Well if he is, at least he didn't go to DC to ask for, and receive a taxpayer bailout, then blow it all on "FunFest '09".

[William L.]

Re: Mid America Bankrupt

I hope not. Mike Yager and is Family are good people.

[Henry S.]

Re: Mid America Bankrupt

I don't believe it, I think it's all rumor. We live about 30 miles from Midamerica and Mike and his team have been gearing up for his 35th Anniversary at Midamerica. Our club was down there February 7th to help kick off the re-opening of a remodeled Showroom and My Garage area. They just posted within the last couple weeks their plans for Funfest 2009. They will still be offering GREAT DISCOUNTS so you can make up the cost of registration will be offset when you purchase something. I know in the past Funfest, a fan appreciation/loyalty celebration, has cost Mike to bring in acts like the Beach Boys and that caliber. To be able to put on an event at that level with anywhere from 10,000-14,000 Corvettes and offer EACH attendee a free goody bag including a couple shirts, discounts and free concert speaks volumes. Granted Mike makes some money back by selling parts during those three days but I'm sure it doesn't come close to paying expenses for Funfest. If you go to his website
(www.mamotorworks.com) you can see they have some changes for 2009, but with this economy who could blame them. In the past by giving away the free stuff basically ANYONE whether they owned a Corvette or not could come in, pick a couple free shirts, attend a concert and not cost them a dime. That was one of the reason they were charging for steel cars. Funfest is still one of the venues you can STILL BRING YOUR OWN FOOD AND DRINKS! He has been one of the leaders in keeping the Corvette hobby alive and I know he would do everything in his power to keep that frame burning. I know Mike and his team are still VERY APPRECIATIVE of all those that have supported Midamerica over the years and look forward to having all Corvette enthusiasts help them celebrate their 35th year in business at Funfest 2009!! Hope to see you all there!! Take care, Shooter

[Jim L.]

Re: Mid America Bankrupt

I was at Corvette Ezpo in TN this week and heard that Mid America (Mike Yager) was in Chapter 11. Can anyone confirm or dispute this?

Jimmy, i am a purveyor and know some others who provide products to MidA and invoices are falling into 6 months for payment! i asked their accounts payable the question of bankruptcy with a response of NO but chapter eleven presents its own problems as well for vendors without going into a lengthy dissertation of why. i at present have a PO to fill but not without legal counsel as i have been here before in business.

[Jack H.]

Re: Mid America Bankrupt

Court records are typically public. My just run Google search got no hits on 'Chapter 11' and 'Mid America Motorworks'....

The closest match was from the Northern Illinois Bankruptcy court pertaining to another 'Mid America' coporation that went this route back in 1998.

I'd say either this action happened 'yesterday' and it's still to be reported on (sort of unlikely...you'd think it would have made the newspapers) or your sources are wrong and this is a pure rumor...

[John S.]

Re: Mid America Bankrupt

Court records are typically public. My just run Google search got no hits on 'Chapter 11' and 'Mid America Motorworks'....

The closest match was from the Northern Illinois Bankruptcy court pertaining to another 'Mid America' coporation that went this route back in 1998.

I'd say either this action happened 'yesterday' and it's still to be reported on (sort of unlikely...you'd think it would have made the newspapers) or your sources are wrong and this is a pure rumor...

The bancruptcy may still be in the works. Being six months delinquent on unpaid invoices is not a good sign of a healthy company.