Thunderbird Club

[PillO]

I take it that doesn't apply to Epiphone?

Epiphone is part of Gibson. It is part of the reorganization. But being a reorganization, all the parts will be kept running through the process, unless they need to be closed because they are burning cash. It appears that the electronics business is the part hemorrhaging money.

 

[JJR58]

You crazy bluesman you.

 

[PillO]

$3300 for a Les Paul Standard is fvcking ridiculous!

Maybe not. Just that YOU are not the target market...

 

[theFixer]

You crazy bluesman you.

 

[PillO]

If the new/next CEO has any smarts. My hope is that Gibson becomes competitive in the market somehow. And offers all the things we like about them, and eliminates what we don't like.
That's a big hope.

The successor to Henry is the one selling parts and separating the companies into functional parts. It will be his successor that you want to be smart and market savvy.

 

[Chucky Stiletti]

Epiphone is part of Gibson. It is part of the reorganization. But being a reorganization, all the parts will be kept running through the process, unless they need to be closed because they are burning cash. It appears that the electronics business is the part hemorrhaging money.

Any word on a new CEO?

 

[JJR58]

Ok Mikey. Especially for you. Massive Bad @ssness.

 

[Chucky Stiletti]

Yeah, but why did you want to put it on your ass?

Fix mistranslated. I said "I want the 18 year old wife to put it on my @ss"
Bar none best translations go to GonePlaid

 

[JJR58]

Fix mistranslated. I said "I want the 18 year old wife to put it on my @ss"
Bar none best translations go to GonePlaid

That's trouble enough right there.

 

[theFixer]

Fix mistranslated. I said "I want the 18 year old wife to put it on my @ss"
Bar none best translations go to GonePlaid

Wuddya know... that was the alternate translation

 

[GonePlaid]

Allow me to unpack some of this for all of you:



Chapter 11 is a reorganization, wheras chapter 7 is a liquidation. Chapter 11 allows a company to reorganize its finances (most important settle debts with equity or other consideration) while the business continues to operate.



They are selling off the electronics portion of the business that has sucked up all the cash flow from the musical instrument business. There is some new financing to keep enough cash in the bank to keep the company running.



Henry is gone. But he is not being fired as that would trigger severance. He was offered the choice of being put in a situation that would result in him being fired for cause (no severance and huge embarrassment) or take a 1 year deal that does away with severance and save face. His "consulting" will consist of things like "hey where did you leave the keys?"



KKR hates Henry and wanted him fired. They like the guitar business and hate the other businesses that he acquired.

Editorial - It is quite possible that from the start KKR hated Henry and liked the guitar business and handed him enough debt to hang himself. The long plan being that if he fails, they take the guitar business they like if he succeeds, they make good money on the debt.



They talked to everyone that might want to buy Gibson (and that likely included FMIC, the parent of 7ender). A lack of interest might indicate that for many, they are in similar circumstances and unable to raise new debt and worried about paying their own creditors.



At one or more meetings someone pounded the table and yelled "Fvck You!" and walked out.

Thank you for deciphering "legalspeak"

 

[PillO]

Mine are fairly snug...

Ahem.

 

[GonePlaid]

Maybe not. Just that YOU are not the target market...

Agreed. I don't even play guitar so obviously I'm not buying one. But, Who is? Are they being played or just collected/invested in? And what happens to all the ones that Don't get sold?

 

[PillO]

Any word on a new CEO?

From press:
Brian J. Fox, a managing director at Alvarez & Marsal who will serve as the company’s chief restructuring officer

During Bankruptcy, the Chief Restructuring Officer is the CEO.
Invalid Link Removed

 

[PillO]

Agreed. I don't even play guitar so obviously I'm not buying one. But, Who is? Are they being played or just collected/invested in? And what happens to all the ones that Don't get sold?

I think the target market are in their 50s, have a high paying job (dentist, lawyer, doctor, accountant, investment banker, CEO), and drive a black BMW 5 series.

 

[GonePlaid]

I think the target market are in their 50s, have a high paying job (dentist, lawyer, doctor, accountant, investment banker, CEO), and drive a black BMW 5 series.

Ah! none of the above.

 

[theFixer]

Ok Mikey. Especially for you. Massive Bad @ssness.

YEAH baby!!! There's a rocker! TBH... I've heard Jeff Beck play that song many times before and loved it. I honestly didn't care for his playing on this particular version. I love the tune, and prefer it played a little straighter. I like for the guitar work, to work with, and enhance the groove. In this version, his guitar "grooved" like a house fly in a Mason jar. I'm cool with that... I just don't care for it so much on this particular song, ya dig?

NOBODY does it like Freddie King did... and Jeff Beck would back me up on that!

 

[TBird1958]

@TBird1958, did you happen to see any of the May Day protests? Hope you were/are safe out and about in Paris.

Far-left anarchists smash windows in Paris during May Day rally

Thanks for your concerns, Paris was lovely yesterday, walked over 8 miles - ate snails as an appetizer

 

[Christine]

Thank god I was done, that visual would have sent me over..

Sorry I shouldn't have posted a link to that bridge, terrible thing to do

 

[Christine]

ehem

That's on general principles. We haven't had an official ehem for a while and somebody needed to do it, no matter how tenuously it's deserved.

Hint taken, I shall refrain from mentioning anything like that again, I had no idea we were that sensitive