On what date was the bankruptcy case of Ryan O'Quinn, the Managing Member of Bombs Away, closed?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
Our Managing Member, Mr. Ryan O'Quinn filed Chapter 7 personal bankruptcy; Northern District CA; Ryan O'Quinn – Case No: 1850878.
Filed 4/20/18; discharged 7/17/18; closed 7/18/18
Source: Item 4 — Bankruptcy (FDD pages 8–9)
What This Means (2024 FDD)
According to Bombs Away's 2024 Franchise Disclosure Document, Ryan O'Quinn, the Managing Member, filed for Chapter 7 personal bankruptcy in the Northern District of California. The case number was 1850878. The bankruptcy case was filed on April 20, 2018, discharged on July 17, 2018, and closed on July 18, 2018.
This disclosure is important for prospective franchisees as it provides transparency about the financial history of the key individuals leading Bombs Away. While a past bankruptcy does not automatically disqualify a franchisor or its management, it is something that potential franchisees should consider as part of their due diligence. It is essential to evaluate the circumstances surrounding the bankruptcy and assess whether it could impact the franchisor's ability to support its franchisees.
Franchise candidates might want to inquire about the reasons for the bankruptcy and what steps have been taken to ensure financial stability moving forward. Understanding the full context of the bankruptcy can help a franchisee make an informed decision about investing in a Bombs Away franchise. This information is disclosed in Item 4 of the FDD.