Stay tuned... (UPDATED - Gibson files Chapter 11)

[uwe]

"Gibson's existing equity will be canceled under a proposed Chapter 11 plan, which requires court approval, but Mr. Juszkiewicz will stay on as $2.1 million a year consultant to the new owners. Mr. Berryman is being retained for one year at a salary $3.35 million. Both men will each receive 5-year warrants for up to 2.25% of the reorganized company's stock. "


In ousted management currency, that is a pittance of a golden handshake, especially for Henry. A bribe to make him cooperate, nothing more. He is history.

I think I'm not unpacking my RD Artist Reissue then, the last NOS instruments of the "pre-insolvency era" will become worth gazillions!!! 

Also, try as I might, but that "bankruptcy estate of"-after market-decal that is now to go above the "Gibson" on the headstock looks kinda crowded to me ...

[Dave W]

...

I think I'm not unpacking my RD Artist Reissue then, the last NOS instruments of the "pre-insolvency era" will become worth gazillions!!! 

Also, try as I might, but that "bankruptcy estate of"-after market-decal that is now to go above the "Gibson" on the headstock looks kinda crowded to me ...

Congratulations, you have one of the last of the genuine Henry-era Gibsons! It would be worth even more if it had a lawsuit-era G-Force. 

[Dave W]

Here's the filing: https://new.reorg-research.com/data/firstday/437046_0.pdf

A list of the 30 largest unsecured creditors starts on page 15. This doesn't mean they were all past due as of yesterday, but it's eye-opening. I had heard that they had refused to pay their largest hard wood supplier when things got tight and essentially said "sue us" -- now I see that they list $971,000 due to Pacific Western Timbers.    They list $133,000 owed to GHS -- that's a lot of strings! And $118,000 to L.R. Baggs. As unsecured creditors, some of these companies will likely really get screwed.

[wellREDman]

Damn came here to post the same meme

[uwe]

Flash thought: After we had a Mon(k)ey Bass some time ago, perhaps it's time for a new model?

Gibson opens a new chapter (11) in its history ...
Unleash the Administrator in you: Introducing the Bankruptcy Ba$$!!!

First 100 shipments delivered with hard case in unique coffin look at no
extra charge!!! Built from 100% certified unholy unpaid wood ...

[gearHed289]

they list $971,000 due to Pacific Western Timbers.    They list $133,000 owed to GHS -- that's a lot of strings! And $118,000 to L.R. Baggs. As unsecured creditors, some of these companies will likely really get screwed.

How do you keep shipping materials to someone that owes you so much money???

[Dave W]

How do you keep shipping materials to someone that owes you so much money???

Hard to say. For all we know, they may have owed millions at one time.

Flash thought: After we had a Mon(k)ey Bass some time ago, perhaps it's time for a new model?

Gibson opens a new chapter (11) in its history ...

Unleash the Administrator in you: Introducing the Bankruptcy Ba$$!!!

First 100 shipments delivered with hard case in unique coffin look at no
extra charge!!! Built from 100% certified unholy unpaid wood ...

Is that the new Max Schreck Signature Model?

[Pilgrim]

Is that the new Max Schreck Signature Model?

Every one signed by Count Orlock!

http://www.hpwood.net/blog/2016/6/3/the-real-story-count-orloff

[4stringer77]

Wonder what RD stands for anyway? At this point perhaps it means refunds denied. I love my $ bass and I think Uwe must have appreciated it enough to put the resources into converting one to fretless. If they only kept making them, perhaps things would be different.

[uwe]

I think we established at one point with the help of a former Gibson employee that RD stands for Research & Design. Other theories such as that is was the initials of Ray(mond) Dietrich (the Detroit auto designer that designed the original reverse TBird) were discarded though what became the RD was initially slated as a new - modernized - Thunderbird.

[Pilgrim]

Interesting. I thought it might stand for Relic by Default. 

[planetgaffnet]

Wonder what RD stands for anyway? At this point perhaps it means refunds denied. I love my $ bass and I think Uwe must have appreciated it enough to put the resources into converting one to fretless. If they only kept making them, perhaps things would be different.

Isn't the key sentence here, 'If they only kept making them...'?

There's quite a few instruments that they should have continued with, on the bass front, Grabbers, Rippers, RDs, Thunderbirds, EB3 and the EB2s as well.  These should have formed their core range and become as synonymous with bass players as Precision and Jazz basses.  Sadness is that it took Kris Novoselic and Nikki Sixx to open kids eyes to RDs and Thunderbirds.  I really don't remember seeing anyone big using an RD (although I'm certain there were).  On the guitar front, they should have been making the entry-level Les Paul Juniors, Melody Makers forever; Les Pauls and SGs aside, they're as important as Explorers and Firebirds.

[uwe]

I don't think that bass marketing policies are the source of Gibson's troubles. They have always tried to sustain models that sold reasonably and were not just niche: in the 60ies the EB/SG as the work horse (TBirds just didn't sell back then), in the 70ies the Ripper/Grabber/G-3 family, in the first half of the 80ies the Victory/Q-80/Q-90 line, after Henry took over they reintroduced the TBird in 87/88 (and kept producing it to this day), much of the 90ies were dominated by the LPB-1, -2 and -3, come the noughties and beyond, they introduced a wealth of basses, but only the SG Bass as the second coming of the EB-0/-3 proved a durable success (and that did stay  in the catalogue together with the TBird). Other models have come and gone, but having established two iconic bass guitars (and as radically different as a TBird and an SG Bass to boot - you know how most non-bassists can't really tell a Jazz from a P!) - ain't bad. And both reintroduced during Henry J.'s tenure.

[Dave W]

Basses have nothing to do with Gibson's troubles, and for all Henry's bizarre ideas, their guitar business is still sound. I can't help but think that will improve under new management.

Henry posted a message on Gibson's FB page assuring everyone that their warranties would still be good, prices weren't going up, etc. etc. -- just what you would expect in a situation like this, a smooth transition. It's really discouraging to read a lot of the responses, people who can't comprehend what the problem was. Not as discouraging as reading idiotic YT comments, but still, if you think that Gibson's prices are the problem despite every article explaining the additional debt from the "lifestyle" company acquisitions, maybe you should just lobotomize yourself and be done with it.

[4stringer77]

If we get some basses from Gibson under the new management, fingers crossed, I wouldn't mind paying a little extra if the quality of the product improves. Leave it to Epiphone to pander to the masses for low cost options.
I don't actually believe more long scale Les Paul basses could have helped Gibson's predicament. I just wish there were still more in the market now that I'm gassing for a backup.