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Messages - Dave W

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Other Bass Brands / Re: BaCH Non Reverse Thunderbird Poll
« on: February 20, 2018, 03:30:02 PM »
I want more! Ps I also have a Bach Fenderbird

There won't be any more. IIRC Rob said that BaCH was advised by Gibson to stop.

Gibson Basses / Re: Dire financial situation at Gibson?
« on: February 20, 2018, 03:24:44 PM »
This is being posted elsewhere, although i can't find it online at Bloomberg yet.

Gibson Creditors Are Said to Want New CEO Before Funding Rescue

2018-02-20 13:29:13.97 GMT

By Emma Orr
(Bloomberg) -- Gibson Brands Inc.’s Chief Executive Officer Henry Juszkiewicz and his creditors both see value in the iconic guitar brand -- but that might be the only thing they see eye- to-eye on.

A group of bondholders advised by PJT Partners Inc. is pushing for a restructuring that would hand them ownership of the guitar maker and let them install new leadership, according to people with knowledge of the plans. The holders don’t expect Gibson’s earnings will be strong enough to attract new money for a refinancing to head off a default looming later this year, and creditors are reluctant to invest more funds while Juszkiewicz is still in charge, the people said. They asked not to be identified because the plans remain private.

The bondholders, who claim to control more than two-thirds of Gibson’s outstanding notes that come due in August, would allow management to keep a small ownership stake, according to the people. Juszkiewicz, who has run Nashville, Tennessee-based Gibson for more than 30 years, says he has no plans to give up majority control.

Some bondholders are “not looking to get paid back and get interest, but have other intentions that are not necessarily my intentions,” Juszkiewicz, 64, said in a Feb. 15 interview with Bloomberg News. “They’re trying to do everything possible to put the company in a worse position, and get us in a situation where they’re exclusively talking to us. But factually, we’ve made our interest payments, fulfilled our obligations, and our intent is to pay back all bondholders.”

Gibson is under pressure after loading up on debt for an ill-fated expansion into consumer electronics. Credit analysts have raised doubts that the company can repay borrowings coming due as soon as July. Gibson is working on a refinancing plan with investment bank Jefferies Group LLC, Juszkiewicz has said.

The company hasn’t been interacting with the organized group of existing bondholders, according to the people with knowledge of the proceedings. Instead, it’s trying to raise new money to refinance the entire capital structure and take out all of the existing debt, eliminating the conflict, the people said.

In addition to PJT, the bondholder group is advised by Paul Weiss Rifkind Wharton & Garrison, the people said.

Representatives for the advisers and for Jefferies didn’t comment.

“A lot of times bonds just get refinanced with the same group, but in this case we’re not too happy about doing that, so we’re looking at different financing options,” Juszkiewicz said.
“Some of them are single group, some of them are tiered financing. We’ve talked to lots of people, we’ve had interest, and some people have done initial due diligence.”

The company is facing a $375 million bond maturity in August, and a springing lien that could cause $185 million of debt to become current in July if the bond maturity isn’t addressed by that month.

Talks are underway, but there’s not yet a deal in hand or firm pricing, Juszkiewicz said. “We’re really trying to get the pricing right and get the best deal.”

Juszkiewicz bought Gibson from Norlin Corp. in 1986 with two of his former Harvard Business School classmates. According to his biography on the company website, he paid his way through school playing guitar in various rock bands -- a Gibson, of course.

Gibson Basses / Re: Dire financial situation at Gibson?
« on: February 20, 2018, 03:22:27 PM »
Even all Dutch news papers print about it and lots of Dutchies put it on facebook. But mostly rants without any knowledge.

I've seen lots this elsewhere. People either don't read the articles or don't understand where the debt came from. I've even seen a number of posts from people who hope Epiphone takes over Gibson.  :rolleyes:

Gibson Basses / MOVED: BaCH Non Reverse Thunderbird Poll
« on: February 20, 2018, 03:18:21 PM »

The Outpost Cafe / Re: So, what have you been listening to lately?
« on: February 20, 2018, 03:17:19 PM »

Neil Young on electric guitar is "arfully sloppy/noisy".  ;D

LOL! You're much too kind.

I still want to know what compromising info he had on Crosby Stills and Nash that they would let him play with them.

The Bass Zone / Sweetwater Used Gear Marketplace
« on: February 19, 2018, 09:44:35 PM »
Sweetwater just started a marketplace for musicians to sell used gear, with no selling fees.

You need an account with them to start selling. I've only bought small items from Sweetwater and paid by Paypal, never bothered to set up an account, so I don't know the rules and details. Just pointing it out in case anyone's interested.

Gibson Basses / Re: strange Grabber on Ebay
« on: February 19, 2018, 09:06:21 AM »
Could be. More likely that it was exposed to the elements.

Guitars Etc. / Re: New Gibson Guitars
« on: February 18, 2018, 02:49:45 PM »
Seen the Boogie Van Les Pauls?

I mentioned them on page 3 of the dire financial situation thread.

These are bound to turn Gibson's financial situation around.  :mrgreen:

The Outpost Cafe / Re: Craigslist transaction
« on: February 18, 2018, 02:45:53 PM »
I ionce placed an ad in a local musicians rag for a Jazz Bass and 1x15" combo. When the guy showed up at my house I sensed that he was a little goofy, but not threatening or anything. After deciding he wanted both pieces, he took out his checkbook and started to write. I told him that there was no way I was taking a check, but that there was an ATM up the block. Upon hearing that, he got very nervous and began farting uncontrollably (I'm not kidding). Shortly thereafter, he beat a hasty retreat and I never heard from him again.

On another note, a good friend of mine had the task of liquidating his place of work after the owner had a stroke. He ran an ad with a bunch of audio visual gear in the Want Ad Press, a legendary Jersey classified publication back in the day. He took a call from a kindly old gent named Red, who showed up wearing a hat and dark glasses, accompanied by his middle aged son. They looked over a bunch of stuff and told him they would let him know. A couple weeks later, he got a call saying that they wanted everything and that the son would pick it up at my friend's home. At that point "Red" revealed that he was in fact, Les Paul, and that anytime my friend and his family wanted to go to Fat Tuesdays (or later, to the Iridium) he had a personal invite from Les. He also told him that the next time he wanted a Les Paul (coincidentally, my friend owns several) that he should call and "get one from the man himself". Unfortunately, he never got to take Les up on that.

Great story (the Les Paul one, not the farting one). In the 30s Les went under the names Rhubarb Red and Red Hot Red.

Gibson Basses / Re: 53 EB Day
« on: February 17, 2018, 03:29:05 PM »
Wow! :o :o :o What a score and what a story! Congratulations!

What city did it come from?

The Outpost Cafe / Craigslist transaction
« on: February 17, 2018, 01:17:45 PM »

Gibson Basses / Re: Dire financial situation at Gibson?
« on: February 17, 2018, 01:16:48 PM »
Just a quick note - I started to Google "Gibson CEO.." and the first thing that came up was "Gibson CEO crazy".  :mrgreen:

Google autocomplete knows everything!  :mrgreen:

Saw this elsewhere:

Gibson Basses / Re: strange Grabber on Ebay
« on: February 17, 2018, 10:13:14 AM »
"IT HAS OF COURSE DINGS AND DONGS" -- not sure I want a bass with a dong, much less multiple dongs.

"NICE OLD GREAT SOUNDING DRY WOOD" -- is he referring to the dong?

Agreed, Grabber neck, Grabber pickup, non-Gibson body. Looks like a mahogany substitute, so probably from an Asian bass. Amateur strip and spray refinish. Not the worst thing in the world. I hope anyone who buys it understands what it is. OTOH anyone who would pay that asking price might not.

Rickenbacker Basses / Re: Cool Rics on eBay / Reverb / Craigslist
« on: February 17, 2018, 10:02:59 AM »
Now that's beautiful, and better than the original with the new truss rod and better pickup balance.

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