GETFISHED !!!
so by out they mean fired? Or they aren't letting him buy it?
I am not sure just what this means... Out as CEO ,etc. But it seems he is still able to bid/buy.
We are still going to have to wait...
Read on gents:
http://twincities.bizjournals.....html
Butch
See ignorance daily
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote »</TD></TR><TR><TD CLASS="quote">Apparently, Jacobs isn't the only one bidding on the boat maker's assets. Last week, the U.S. Bankruptcy Court approved the grant by Genmar to give certain exclusivity and expense-reimbursement rights to an unnamed bidder not affiliated with Jacobs or Genmar, according to the Manchester press release.</TD></TR></TABLE>
It would appear that Jacobs isn't the exclusive unnamed bidder.
In fact, it looks like he wants to take his VEC technology and venture into something else
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote »</TD></TR><TR><TD CLASS="quote">Earlier this year, Jacobs said he planned to get into the wind-turbine business through his subsidiary VEC Technology, which has a new process for manufacturing fiberglass blades.</TD></TR></TABLE>
sounds like 2 things are possible, Jacobs resigns so it doesnt look like an inside job if he bids and wins or he has decided to walk away from the whole thing and let the new bidder buy Genmar holdings. Boy I wish they would just move forward and get this thing done. This sounds just like healthcare reform alot of closed door backroom wrangling when it should be open to the public to see what is going to transpire. The sooner everyone knows the sooner the employees of the boat companies will know there fate. In the end I think any of the boat companies that were showing a profit and market share will survive.
Read the article and now I know I'm over my ski's intellectually. This is high stakes corporate poker and I can only play black jack.
I'm now tapped out: Its wait and watch from here on out.
Butch
See ignorance daily
See ignorance daily
Wow!! what a mess, there seems to be this unknown bidder who wants control. Why are these things so secret when you deal with public courts. I would assume whoever is bidding has some knowledge of the boat business and will have a huge market share when it is announced. My guess is Brunswick or BPS.
Thanks, Butch.
Don, the article says a California based entity called Platinum Equity is the stalking horse. It also suggests the stalking horse could be an associate of Jacobs. A stalking horse places a bid high enough to discourage low-ball bidders...but still leaves the door open for higher bidders such as Jacobs.
Boy I guess I didnt see that. Either way this matter needs to get resolved. My interest is like everyone else what is going to happen to R/S/C. Lets hope a final verdict will come quickly.
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Lea »</TD></TR><TR><TD CLASS="quote">A stalking horse places a bid high enough to discourage low-ball bidders...but still leaves the door open for higher bidders such as Jacobs. </TD></TR></TABLE>
I learned something today.
Greg
Edgewater 245CC
If its Platinum Equity then we are doomed. I was part of a buy out that they did on a Telecom company. They sold all the assest, bleed it dry and shut the doors. They are known for this such of thing. Basically a holding company with no interest or care about anything other than a quick buck. It cost me and many others are jobs. They basically roll companies and are a bunch of blood suckers. JMO..
Platinum Equity=
I will wait and see what happens I guess.
Does the name Gordon Gecco mean anything to anyone!!!!!!!!!!!!!! Please dont let Ranger/Stratos/Champion be the next Blue Star airlines?
It is certinally time for some fresh faces To head these companies in a positive direction
Richard you Sir are spot on!
Butch
See ignorance daily
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ChampioNman »</TD></TR><TR><TD CLASS="quote">Earl Bentz. </TD></TR></TABLE>
Where did you get that from?
The Platinum Equity thing might just be to allow Jacobs to buy. We still have to sit back and wait. Not easy, I know!!!
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