That's what folks are reporting on the message board over at Rich Cuddihy's site. And the Gearbox website is gone. If it is true...get em' while you still can. Seems strange since they just re-did the Crown Vic mold, but who knows what happens overseas!

We should realize that all of these models are made at plants in Red China. HQs of firms like Gearbox are located in the USA, but the manufacturing wing from which they contract the work is overseas. They may shut their doors here, but the molds and necessary equipment to produce models still exist. There is always the possibility that someone else will just buy out, or start up the line again, just under another name.

Time to buy shares in First Response

More information from an Iowa newspaper article. Still seems like there is some hope...

ARTICLE:

More on the Alpha International - Gearbox Toys Story from today's Cedar Rapids Gazette Ex-husband's firm buys Alpha debt By Dave DeWitte The Gazette An investment firm owned partly by Alpha International co-founder Jody Keener has bought the closed Cedar Rapids company’s mortgage and other debt from its primary lender. Keener said Friday while on a business trip to Hong Kong that Panda Investments bought Alpha International’s debt, partly to protect the financial interest he obtained in the company through a divorce judgment, and because the company’s assets should be more than sufficient to pay the debt. Panda’s purchase of the multimillion- dollar Alpha debt is the latest installment in a four-year divorce that appears to be the downfall of the once-successful toy business. Keener and CEO Connie Hung started Alpha in 1992. It expanded to include Gearbox Toys, Empire Toys, Big Wheels, Grand Champions and other brands. Most of the toys were imported from manufacturers in Asia and distributed internationally. Alpha laid off most of its employees at the end of June and has closed. In one employee’s letter of termination cited in court records, Hung cited the divorce. She was ordered by the Iowa Supreme Court to pay Keener $4.28 million for his share of Alpha. Attorneys for Keener recently filed a motion to hold Hung in contempt of court. The motion said Hung is behind on her latest $725,000 divorce settlement payment, due to Keener on May 1, and recently refused to turn over stock in the company to a sheriff’s deputy. Concerns that assets of Alpha would be shifted to entities outside U.S. jurisdiction motivated the decision, Keener said. He was concerned that some trade names owned by the company had recently been shifted to another corporate entity. ‘‘Through Panda, I have some influence and thought it would be best to get in the best security position, and we do intend to ask her to put back everything that was financed through the bank,’’ Keener said. ‘‘ If she puts everything back like it’s supposed to be, we will try to work something out to allow her to continue to run her business,’’ Keener said. ‘‘We may even consider, if she has a decent business plan, providing her some financing to do that.’’ It was unclear Friday how many employees have been affected by the closing. Keener said a toy business he operates, J. Lloyd International, has hired some former Alpha employees. Iowa Workforce Development officials said they had received no request for assistance from the company for any laid-off employees. Keener said Friday he regrets the impact of the closing on Alpha’s employees. ‘‘This has to be the most bizarre divorce in Iowa history, and I just wish I was watching it on TV instead,’’ Keener said. Hung and her attorneys were not available for comment Friday.

Manny's Diecast has on his homepage a note stating that "sadly" Gearbox has gone out of business.

Jeff, that article seems to show that the company has been in a whole lot of trouble for some time. It also reads like a script from "Desperate House Wives"

I think the ex-husband just didn't want to be "Hung" out to dry. LOL

Sorry for the pun.

All is not lost. Gearbox will be probably be back, hopefully soon. More to follow when it becomes available and approved for release.

Art and Teri

951-485-6828

Location: Moreno Valley, CA

Way to go Chuck....Hung flung Dung...