Riverman
Artist / Performer
Posts: 7,348
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Post by Riverman on Feb 21, 2018 21:18:21 GMT
Akquarius, I know you’re the fastidious type, so I’m sure that when you’re 83 years old you’ll be entirely grime and dirt free. Not sure the same can be said for the rest of us though...
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leoroberts
C.O.G.
Posts: 24,663
My main instrument is: probably needing new strings
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Post by leoroberts on Feb 21, 2018 22:56:12 GMT
Mojo. Pah. Mojo is nothing but a synonym for grime and dirt found on a guitar whose owner is just too lazy to keep it clean and tidy. What you saying, Akquarius?
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Akquarius
Cheerfully Optimistic
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Post by Akquarius on Feb 22, 2018 7:45:30 GMT
Mojo. Pah. Mojo is nothing but a synonym for grime and dirt found on a guitar whose owner is just too lazy to keep it clean and tidy. What you saying, Akquarius? ask Naomi
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Post by andyhowell on Feb 22, 2018 8:38:12 GMT
Some people who play Gibsons get real upset if you if you post this news i have found. Gibson themselves simply point out that they are able to make their debt payments. I suspect this obsessive internet thing makes it all worse.
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Post by andy3sheds on Feb 22, 2018 22:46:02 GMT
I quite warm to the idea of repurposing the word mojo particularly with regards to e.g. Knees it would be far more acceptable in polite society to declare that ones knees had acquired a high degree of Mojo than to say they are fuc**d. I did hear someone recall the other day, the time when knees were referred to as left and right rather than good and bad
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Post by jubbo on May 2, 2018 15:29:49 GMT
Well... It finally happened. Although in the US Bankruptcy is a very different thing.
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Akquarius
Cheerfully Optimistic
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Post by Akquarius on May 2, 2018 17:12:24 GMT
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Post by andyhowell on May 2, 2018 18:47:19 GMT
Nothing new here. Gibson will survive!
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Akquarius
Cheerfully Optimistic
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Post by Akquarius on May 2, 2018 19:08:20 GMT
not that I would care much. I never was a fan
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Post by scorpiodog on May 3, 2018 15:33:33 GMT
Right! Here's the goods. Gibson Guitars hasn't filed for anything. Their holding company has not filed for bankruptcy, they've filed for Bankruptcy PROTECTION under Chapter 11 of the US Bankruptcy Code. That means that nobody can make them bankrupt for a period of time allowing them to reorganise their finances. This might sound quite mad on the face of it, but it generally means that there is a much better chance of the company/corporation to continue trading and thereby safeguarding jobs and (less importantly) the funds of trade creditors.
In the case of Gibson Brands Inc (the holding company), they borrowed a bitching lot of money seeking to diversify into consumer audio products, among other things. Some of those loans have now matured, but in any event the interest burden has become unaffordable. This happens more often than you would think. We here in the UK call it a gearing problem. In the States they call it leverage.
As far as I can tell, Gibson Guitars (and Epiphone and Dobro which are owned also by Gibson Brands Inc) are not in difficulty. So the guitar businesses have two chances to come out of this. The first (and most likely) is that the restructuring will work. The loan holders in the holding company will become the owners of the business, thus reducing the gearing (leverage) and the business will raise a further 135 million dollars in additional equity (ie not loans). It is possible that the new owners will attempt to "asset strip" the business, but it is much more likely that they will attempt to sell their equity.
The second bite of the cherry (and this will work whether the restructure fails or the new equity owners asset strip) is that the brands Gibson, Epiphone and Dobro will be sold to somebody else. So will their production facilities and supply arrangements (we call that assets and undertaking).
Either way, Gibson is not at risk as a brand. And the new owners would be really stupid to make such major changes that their history and viability are allowed to dissipate (sadly, there are some really stupid people in this world, and some of them are rich - look at the President!). So while it is not impossible for the Gibson brand to go the way of all flesh, it still might. But, in my opinion that's unlikely.
Now this is a complicated thing. I have tried to make it as simple as I can. I haven't touched on the difficulties of an oversaturated guitar market, or changing fashions in musical tastes and delivery which also have a bearing.
But to misuse some of the words of Mark Twain "The reports of Gibson's death have been greatly exaggerated".
I know there are other accountants as well as business managers on the forum. Please, if you think I am wrong in concept or detail, feel free to correct me.
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Akquarius
Cheerfully Optimistic
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Post by Akquarius on May 3, 2018 15:45:29 GMT
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