Founded in 1894, it is a mark of their long-term brand success that Gibson has become such a large and far-flung international organization. In a cursory review of documents submitted to the court as part of their bankruptcy filing shows, legendary performers such as Muddy Waters, BB King, Elvis Presley, Pete Townsend, Keith Richards, Duane Allman, Elvis Costello, Lenny Kravitz, Slash, Dave Grohl, Joe Bonamassa all used various Gibson products that, in some cases, became a signature of that performer. And yes, the bankruptcy filing promotes these iconic names.
Management
Gibson Brands Files for Bankruptcy
BREAKING NEWS
Filing Pre-Negotiated with Bondholders, CEO & Pres Stay thru Transition
Gibson Brands Inc. announced today that it has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Chapter 11 denotes the company plans a reorganization and the company says it has reached an agreement with certain existing bondholders called a “Restructuring Support Agreement.” This agreement is with holders of more than 69.0% of the debt due in 2018
See more on this anticipated development… [Read more…] about Gibson Brands Files for Bankruptcy
Amazon’s Latest Secret Project Could Change Our World
Can Amazon Scoop the Industry a Second Time?
Amazon has a super secret project that just might change the world…again. I have long said that the brilliance of Amazon’s Alexa-based Echo and Dot devices comes from their realization that voice control belonged in the home. While Apple (Siri) and Google (OK Google) digital voice assistants in the past were viewed predominantly as a hands-free voice assist for when you’re driving – Amazon took a different route…right into the American living room. Brilliant, and now Google and Apple are playing “catch up.”
Now we learn that there’s a new project in Amazon’s secretive Lab126 that could once again change our world.
See what we’ve learned about Amazon’s secret project… [Read more…] about Amazon’s Latest Secret Project Could Change Our World
Surprise Look at Nest Numbers: Smaller & Poorer
Look Quickly, You Likely Won’t Ever See These Numbers Again
For the first time, because of a change in Google’s accounting, we get a look at the real financial numbers of Nest and analysts are truly surprised. It turns out, according to a report by Recode, that Nest is both smaller than many thought, and is losing a lot of money on an operating basis – so much so that it appears that any hope of profitability is far off in the future…if at all.
See what we’ve learned about Nest’s true operating financial results… [Read more…] about Surprise Look at Nest Numbers: Smaller & Poorer
A Gibson Pile-On: Now Hit With a $50 Million Lawsuit
Gibson Brands CEO Henry Juszkiewicz has been very busy lately as he scrambles to arrange a $550 million bailout package in a desperate attempt to avoid bankruptcy for the storied brand. But he’s about to get a little busier as one of Gibson Guitar’s vendors, Tronical of Hamburg, Germany, sues the company for $50 million it says it is owed.
So now Tronical gets in line behind Gibson bondholders seeking payment… [Read more…] about A Gibson Pile-On: Now Hit With a $50 Million Lawsuit
TCL Multimedia Obtains Global Rights to Onkyo Brand
In an announcement out of Hong Kong and reported on by Bloomberg News and others, TCL Multimedia, the large Chinese manufacturer of mostly inexpensive televisions, has announced it has obtained the rights to the Onkyo brand name which it intends to use to create Smart AV products. The company says it has the rights to the Onkyo brand globally, in all markets except Japan.
See more on what we know about this TCL Multimedia and Onkyo partnership… [Read more…] about TCL Multimedia Obtains Global Rights to Onkyo Brand
Ex-B&W President Finds New Home at JL Audio
It was only a matter of months ago that Strata-gee broke the news that EVA Automation founder Gideon Yu, the new owner of Bowers and Wilkins (B&W), had dismissed Doug Henderson, President of the B&W Group North America. It was a move that was to send shock waves around the industry and presaged a round of additional staff departures (and additions) as Yu worked to restructure the company.
Now we can report that Henderson is the new Senior Vice President of Home Audio at JL Audio, the scrappy upstart that launched first in the 12-volt business, but has since expanded into the marine, powersports, and home audio segments as well.
See more on this new role for Henderson… [Read more…] about Ex-B&W President Finds New Home at JL Audio
Options Narrowing as Gibson & KKR Talks Fail
We learned last week that talks between Gibson Brands and deal making king KKR Credit Advisors fell apart in a dispute over “the appropriate consideration for the various parties involved,” according to a statement from Gibson Brands. As yet another bail-out opportunity slips by them, Gibson Brands sees their options narrowing, with an August deadline on a required financial restructuring of more than $500 million of debt rapidly approaching.
See more on this dire situation at Gibson Brands… [Read more…] about Options Narrowing as Gibson & KKR Talks Fail
Newly Flush Sony’s Smart Employee Pay Strategy
Big Raises and Record Bonuses for Sony Employees in 2018
Sony Corp. is said to be planning to raise their employees pay rates by a very substantial 5 percent – and to pay record bonuses, according to a report by the Japan Times. This move is seen as a smart strategy by the company, newly flush with record profits after their successful turnaround by outgoing CEO Kaz Hirai, as it battles to secure top talent in a highly competitive hiring environment.
See more on how Sony is pressing their advantage to attract top talent… [Read more…] about Newly Flush Sony’s Smart Employee Pay Strategy
Far From Legally Dead, Monster Slugs Back at Beats
Beats Gets More Awarded; But Monster Wins a Key Ruling Too
When we last visited this legal clash of the titans, a jury had just found that Monster must pay Beats nearly $8 million to reimburse them for the legal expenses in fighting the lawsuit that Monster had brought against them in 2015. Now, we have learned that the judge in that case has increased the judgment with an additional “directed” verdict. And in the matter of a separate case, Beats vs. Monster filed late last year, Monster has filed a countersuit and won a key ruling.
