I know that there is some controversy about posting controversial business dealings on the board. I feel seeing how this is a matter of public record, I would like the public and the members of ACMOC to be aware that today I received a bankruptcy notice from Todd Tolletsrud. We give Todd $3,000 up front to do the painting and all the metal work on our high clearance 15, serial #1D4. Which was, thank God, retrieved from the Tolletsrud residence by Jim Zimmerman who did an excellent job in taking care of this crawler. I guess my point is business dealings such as these need to be posted on this page so that this same thing does not happen to other members of the club. We can also post a copy of the notice if board administrator, George Howard, feels that it is necessary. Long story short hope to see Todd again some day. Oh, and thanks Lisa, because Todd blamed you for pissing the money away.
Bob Stewart a/k/a Cat-Iron

Bob - It's good to hear that you managed to recover your advanced funds. It IS poor business practice to advance money, when no work has been done, despite how well-known the person might be to you.
It's not a policy I have engaged in, nor ever will engage in. It's bad enough doing work for people on the basis they are going to pay you .. and they go into bankruptcy. I, and no doubt, many others on here, have had that nasty experience.

I lost $11,000 to a company I transported goods for, at a time when I could not afford the loss of even $100, such was the poor condition of my finances at the time.
The return from the adminstrators of the bankrupt company was precisely zilch .. 0.00c in the $. It still hurts to even think about it, 10 years after the event. However, that risk, is a standard risk in doing business, it just needs to be well managed.
To advance money, when no service or goods have been provided, is a risk far greater than just going into debt with a creditor, and is one that must not be entered into, under any circumstances.

I don't think you are doing anything wrong, by announcing an event involving the financial standing of someone, that you believe is wise to publicise. You have merely stated facts, and it is up to the person involved to show the quality of his character by facing up to his creditors, and making attempts to restore his financial standing.

That's sound advice if you can get it but in today's economy, partial payment, up front material purchase, fuel surcharges and proof of funds are typical requirements if you want to get anything done, even with small time contractors and individuals which can get pretty scary........almost no recourse if things go south. Ain't it great;)

I'm not surprised that Todd has entered bankruptcy. I think there are several Cat people who lost money in business dealings with him. The name comes out of the past, since he hasn't done that work for several years. He owed George Rankin money for tin that was installed on one of my tractors. Ouch! I'm not exactly sure how Frank Buck came out with him. You know, it is unfortunate. Todd did really good restoration work. When he finished with a tractor, it was beautiful. Some folks don't ever learn how to handle money. I think he is one of them. GWH