Njoy is back

[Mazinny]

I wonder if they might have gotten word that the PMTA process won't be as difficult under the new administration as many of us speculated it might be?

http://upshotservices.s3.amazonaws....49ce/ec5a89e0-f51c-42ef-b3ac-e7f5cc1ddade.pdf

So apparently this wasn't a factor, the winning bid came at an auction on Nov 2, six days before the election.

 

[zoiDman]

Who gets stiffed in bankruptcy proceedings ? The creditors. To the tune of $200m in this case.

...

How was this Amount established?

I thought I read that njoy had around $30M of Outstanding Debt at the time they went Belly Up.

 

[Lessifer]

I've never owned any of their products. But, I indirectly owe them a debt of gratitude: Christmas 2009, a co-worker received an N'Joy kit as a gift and showed it off at work. She failed as a vaper, but my interest was piqued. In two weeks, I'd received my first cigalike and had smoked my last cigarette.

All vapers indirectly owe them a debt of gratitude, for keeping the FDA from killing vaping in 2009.

One of my first forays into vaping was an njoy King disposable. I've enjoyed their Artist Collection, and they offer good products for people first making the switch, which is important.

I hope they do well. They made some bad business decisions, and it's hard to plan a business model when it's unclear whether or not you'll be able to sell any of your products in two years.

Just because the FDA isn't directly shutting people down now, that doesn't mean businesses aren't shutting down due to the cloud of FDA regulation hanging over the industry.

 

[Mazinny]

How was this Amount established?

I thought I read that NJOY had around $30M of Outstanding Debt at the time they went Belly Up.

You are correct, they had outstanding debt of $32m as of the tine of filing. They had $235m of accumulated deficit, which i mistook for debt. The $235m is their net loss over the course of the business. So the big losers are the investors. The creditors will get about half of what they are owed apparently.

Independent Ecigs manufacturer NJOY declares bankruptcy | Vaping Post
Bankrupt E-Cig Co. NJOY Gets OK For Nov. Auction - Law360

 

[kbeam418]

Will they have their products registered with the FDA, by June?

Nope, they'll either sell them on Ebay or quit. That's a good year from now so like I said they're not going to stop selling until then.

 

[Eskie]

Nope, they'll either sell them on Ebay or quit. That's a good year from now so like I said they're not going to stop selling until then.

Ah, June is in 3 months. the registration deadline was extended from January of this year by 6 months until June. However, registration isn't terribly burdensome, and in doing so could at least continue another 18 months until the PMTA deadline submissions kick in. Assuming there are no further changes in policy.

 

[Lessifer]

I personally think we need as many "big vape" companies as we can get, as they're more likely to fight for the industry.

 

[zoiDman]

I personally think we need as many "big vape" companies as we can get, as they're more likely to fight for the industry.

In your Opinion, was the modern day NJOY one of those Companies?

 

[fiddleshe]

My friends husband owns that company. I started vaping because she gave me all the free NJoys I wanted. Wonder how she's doing.

 

[Lessifer]

In your Opinion, was the modern day NJOY one of those Companies?

I'm not aware of any legal action they've taken recently. That's not the only way of "fighting" though. I've always thought that if any non BT companies were going to submit PMTAs and possibly have a chance, it would be njoy. Having a player at the table who isn't BT is important, IMO. Right now, I consider any vapor company that isn't cutting and running as part of the fight.

ETA: They have tweeted out info about vape news, like this:

 

[kbeam418]

Ah, June is in 3 months. the registration deadline was extended from January of this year by 6 months until June. However, registration isn't terribly burdensome, and in doing so could at least continue another 18 months until the PMTA deadline submissions kick in. Assuming there are no further changes in policy.

Yes the registration deadline is in three months, the actual "ban hammer" is in one year I believe.