#61
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Recall the CEO (Henry J) constantly bleating that "[Gibson] is not a guitar company, we are a music lifestyle company."
Now I'm please to see that, with his creditors twisting the hell out of his arm, he has now changed his tune to this [bankruptcy] is a "decision to re-focus on our core business, musical instruments." He is such a piece of work. Last edited by M19; 05-01-2018 at 02:27 PM. Reason: masked swearing |
#62
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Gibson
I'm probably going to get a lot of flak for this, but I won't miss them even if they do morph into an entirely different company and Gibson guitars are never the same again.
I had a 1964 J-45 nat adj and probably should have held onto it. I keep saying "If I'd gotten rid of the Ex-wife first, I'd still have my J-45." But I haven't liked any Gibson I've played since or after the Norlin debacle. This will have more of an immediate financial impact on the vendors and subs than on Gibson itself as a company. They are the ones who are going to have to absorb the losses that the bankruptcy court metes out. Some of the smaller ones may even have to file chapter 11 themselves due to what they'll have to write off. Gibson will continue under reorganization.....BUT, going forward it'll be interesting to see how many of their current vendors and subs stick with them. We'll just have to wait to see what the next "chapter" brings. (see what I did there? )
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1995 Taylor 412 1995 Taylor 612C Custom, Spruce over Flamed Maple 1997 Taylor 710 1968 Aria 6815 12 String, bought new |
#63
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Creditors and judgement holders are cheated every day by bankruptcies. |
#64
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Posted by Music Trades Magazine this morning--has a few more details than I've seen in the popular press articles:
(Sorry for the massively large pic; no idea how to resize that. From https://twitter.com/MusicTrades.) |
#65
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2019 Taylor Summer Ltd. GA Redwood/ Ovangkol |
#66
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I think all the criticism of Gibson is totally unfair, as is all the criticism leveled at Henry, who is doing a great job in the face of adversity.
Furthermore, I don't believe for one minute that any company, or individual, would ever fraudulently file for bankruptcy as a means of avoiding their financial obligations. |
#67
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It happens all the time, but I don't think anyone is saying that the intent was fraudulent, just that the creditors are the ones who take the hit financially. The smaller ones are less capable of absorbing it. There's a stigma to personal bankruptcy, but it's just another tool in the arsenal in the business world.
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1995 Taylor 412 1995 Taylor 612C Custom, Spruce over Flamed Maple 1997 Taylor 710 1968 Aria 6815 12 String, bought new |
#68
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Walker Clark Fork (Adi/Honduran Rosewood) Edmonds OM-28RS - Sunburst (Adi/Old Growth Honduran) |
#69
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Santa Cruz 000, Samick classical |
#70
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Gibson
I'm not bashing, just saying that they're not my cup of tea. Lot's of people love them and don't like what I do. No problem either way.
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1995 Taylor 412 1995 Taylor 612C Custom, Spruce over Flamed Maple 1997 Taylor 710 1968 Aria 6815 12 String, bought new |
#71
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Bloomberg's article was published at mid-day today and it echos some of this https://www.bloomberg.com/news/artic...uitar-business
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Wayne J-45 song of the day archive https://www.youtube.com/playlist?lis..._Zmxz51NAwG1UJ My music https://soundcloud.com/waynedeats76 https://www.facebook.com/waynedeatsmusic My guitars Gibson, Martin, Blueridge, Alvarez, Takamine |
#72
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Yeah, I wish ... nectar of the gods, but unaffordable over here ...
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I have close associates that have made millions legally filing for bankruptcy. Here's the way it works. Instead of paying taxes they invest that money in say a manufacturing plant. That's called tax abatement. Then after the plants up and running they show financial issues in the business and file for bankruptcy. In this manner they don't have to pay full price for the labor and materials they purchased from their contractors. They like to get involved with small contracting companies so they won't have the money to keep them in court to long. Normally some of them go out of business. To make the big buck it helps to be ruthless.
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Waterloo WL-S, K & K mini Waterloo WL-S Deluxe, K & K mini Iris OG, 12 fret, slot head, K & K mini Follow The Yellow Brick Road |
#74
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Be advised that Gibson will soon be a different company owned and operated by different people. Only the name will stay the same.
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Waterloo WL-S, K & K mini Waterloo WL-S Deluxe, K & K mini Iris OG, 12 fret, slot head, K & K mini Follow The Yellow Brick Road |
#75
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That's your opinion....IMO the 2002 L-130 I had was fabulous in all respects. The only thing I see about Gibson *been dead for decades* is all the fine workers who made 'em in the early part of the 1900's. |