CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        Lenders Take Notice

        Lenders Take Notice - A New Bankruptcy Subchapter Goes Into Effect February 19, 2020 - Increased Filings Expected

        The Small Business Reorganization Act (SBRA) goes into effect on February 19, 2020. The SBRA creates a new Subchapter V to Chapter 11, expanding access to bankruptcy relief for small businesses. With a debt ceiling of approximately $2.75 million, small business owners can take advantage of the new subchapter’s streamlined procedures and powerful tools to achieve an effective reorganization.

        Key changes in the SBRA:

        • Debtors have the exclusive right to propose a plan, in contrast to traditional Chapter 11’s provisions for a competing plan process.
        • No Creditors’ Committees are appointed, reducing administrative costs.
        • Company owners may retain their interest in the company without committing substantial new value or other assets to the plan.
        • A plan may be confirmed even over objections by all creditors so long as all projected disposable income is committed to the plan payments for a period of three to five years, which is similar to the streamlined Chapter 13 requirements for individual debtors.
        Changes under the SBRA eliminate many of the prohibitive costs and roadblocks for traditional small business debtors. As a consequence, lenders should expect to see bankruptcy filings rise for their small business borrowers. 

        To learn more on this topic, please contact the Commercial Restructuring, Workouts & Asset Recovery Practice Group at Partridge Snow & Hahn.