I've heard the part about the ex-wife getting Epiphone, but Epi is still wholly owned by Gibson so AFAIK that's completely false. Never heard a thing about a divorce anyway.
It's possible that Gibson isn't in good shape. Moody's recently downgraded them. I don't believe there's been any default or things would be worse than this:
October 29, 2009
Source Moody's Downgrades Gibson, Warns of Further DowngradeMoody's downgraded Gibson Guitar Corp.'s corporate family rating to B3 from B2 largely due to Moody's expectation of weaker than expected 2009 operating performance versus 2008.
The ratings are on review for possible further downgrade.
The one notch downgrade in the corporate family rating to B3 from B2 reflects the company's expected diminishing operating performance in 2009 versus 2008 and Moody's view that operating performance will likely continue to be pressured for the near term. The downgrade also reflects Moody's concern over Gibson's continuing delay in issuing its 2008 audited financial statements and the risks associated with the company's corporate governance structure.
"The review for downgrade reflects Moody's concern over Gibson's liquidity position as the company no longer has access to its revolving credit facility because of the delay in issuing its financial statements by the waiver deadline" said Moody's.
The review for downgrade also reflects Moody's concern about the company's ability to comply with financial covenants over the next few quarters as the covenants contractually adjust.
Moody's review will focus on the company's liquidity position, including the cushion for covenant compliance and operating cash flow.
Headquartered in Nashville, Tenn., Gibson manufactures and markets acoustic and electric guitars under the Gibson and Epiphone brand names. Revenues for the twelve months ended June 28, 2009 were approximately $300 million.
