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smbassman.
Hello Guys, Ive scoured the Net looking for what happened yesterday with the Genmar Bids, does anyone have any factual info? Brannon
not yet? IBI Magazine The auction of Genmar Holdings was scheduled to begin this morning in Minneapolis. It is expected to conclude this afternoon or Friday.The number of bids submitted to the bankruptcy court are unknown. The only known bidder is Platinum Equity, based in Beverly Hills, California. It became the stalking horse bidder with a bid of US$55m for a portion of Genmars assets. They include the Four Winns, Ranger, Stratos, Champion, Wellcraft, Larson and Glastron boat brands. Platinum Equity also bid for manufacturing facilities in Cadillac, Michigan; Flippin, Arkansas; and Murfreesboro, Tennessee.Former Genmar chairman Irwin Jacobs earlier told IBI that he was putting together a bid for the facilities in Little Falls, Minnesota, and Pulaski, Wisconsin, as well as VEC technology. The brands built in Little Falls include Larson, Glastron and Seaswirl. Carver and Marquis are built in Pulaski. Jacobs said his bid would include other assets, but did not elaborate.A hearing to approve the sale is scheduled for January 13, 2010. Genmar Holdings, which filed for Chapter 11 bankruptcy protection in June 2009, will cease to exist as of Wednesday, January 20 as part of the proceedings.Last edited by Bass Cat Boats on January 8th, 2010, 4:34 pm, edited 1 time in total.
Can I bid $20.00 for Irwins toupee?C.O.D. Jr. III
http://www.tradeonlytoday…nmar-has-multiple-buyers Here guys. Sold pending Judges approval.Last edited by Bama96 on January 9th, 2010, 3:28 am, edited 1 time in total.
….in the Star Tribune—Jacobs on got the yacht companies–NO bass boats at all. Ranger, Champion Stratos all went to Platinum Equity, the stalking horse bidder, for $70MM. Jacobs and a partner bought Carver and another company for about $6.1MM HydraSports was bought separately for $1.0MM. Way too early to know what Platinum will do with the bass boat companies, but the single certainty is that there is now much uncertainty, and it may not resolve itself before the Classic. Could be weird being at a BMC event with NO Ranger boats on display. Mike Whitten/Germantown, TN
Ranger has a display as does Stratos in Birmingham. There is some uncertainty in the certainty. The Judge should approve this and it will be some time before we know what the intent is of Platinum. They could trade companies, support some well, close some they determine to be losses, sell a company for a portion of return invested, or they could do all of the above. There is an intent committing Irwin to build VEC boats in November and the filing mentioned by Bass Fan not accepting the FLW contract was filed just before Christmas. Platinum has been shrewd, calculated and entreprenueristic in varied prior puchases of failed companies. This is what they do and it will be some time before we know what they do with varied entities of Genmar they have purchased. We are pleased to see their purchase if they stay involved.
It is amazing to me that Irwin runs this company into the ground, files bankruptcy, and then gets to buy them back for pennies on the dollar. Something just dose not seem right about that.
Isnt that Iriwins Platform? Kind of like other Boat Builders, build it up, sell it when the Crap is coming, sounds like smart business to me. Does anyone think that these “big Wigs” that fly to the Turks and Caicos at Xmas, really care about the people really involved? Hell no, they care about Losing .25%, or tax breaks that are in %s. I think alot of Americans need to wake up, when the Cleanest Sports guy in the Country is Hittin 12 women at once, we all need to wake up. Tiger is not Immortal, Genmar is GONE, Irwin does not care about the Chopper Gun Operator at Ranger. Many of these affected folks would love to be affiliated with a company like BCB, heck even Familys like BCB make Cuts, its BUSINESS……. I hope the folks at Marquis and Carver get back to work, 6million for a Yacht Company sounds good to me, but Im just a E-TEC Slinger from Wis……….Good Luck Prior Genmar Brands, I hope Warrantys are handled like a family, but do not think that will happen, that .25% thing may come into play, not Customer Service…..Sincerely, Brannon
I think the approach of an equity corp like platinum is simple. Buy cheap. Sell at a profit. Do it as fast as you can. Therefore- neglecting warranties has a cost. I think the cost of neglecting warranties significantly affects their goal- sell and make money for investors/pay dividends. My prediction is that platinum will support regular Ranger customers completely, the service will be slower(due to some layoffs- mostly upper end though), the production will be less, and the prostaff will be FAR less. They will sell as soon as they can turn a profit. At this point Irwin will bid again if he survives.C.O.D. Jr. III
I am with a company that was almost bought by Platinum Equity. Based on my research, they do buy companies when they are at their lowest, but usually only companies with a quality brand and something they can build on. There specialty seems to be fixing companies so they can be profitable no matter what the economy is like. I see them as no different than Irwin Jacobs, except maybe more qualified in turning Ranger around in this economy. It will be tough for the employees of Ranger and the other manufacturers because business decisions will be made based on $ and not loyalty, people will be let go, and a lot of things will change – but I have no doubt the Ranger and other companies will stick around with PE running the show.
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