Good news for Gibson

[Dave W]

Gibson Guitar Fans at KKR Lead Rock Icon Out of Bankruptcy

The future looks bright.

[ajkula66]

The future looks bright.

Sorry I just had to...

[westen44]

Very good news for a change. 

[Basvarken]

Nice!

[gearHed289]

That does sound good. Favorite quote - "This is a great American brand that sort of lost its way."

[ajkula66]

That does sound good. Favorite quote - "This is a great American brand that sort of lost its way."

Indeed, like so many of them. I would really, truly, like to see a re-vamped "no nonsense" Gibson...both their employees and their customer base deserve better than what was bestowed upon them for quite some time...

[clankenstein]

Yes, it does sound positive doesn't it.Bring back the Mudbucker!

[westen44]

Yes, it does sound positive doesn't it.Bring back the Mudbucker!

Amen

[Alanko]

Yes, it does sound positive doesn't it.Bring back the Mudbucker!

[Chris P.]

 

[Basvarken]

Yesterday the article wrote that Henry J would still be an advisor for Gibson.
But apparently Bloomberg rewrote the article. That passage is gone.
Now it just reads:

Juszkiewicz and co-owner Dave Berryman will see their equity stakes canceled. Both will get a consulting agreement that bar them from making negative comments about Gibson for three years

[Pilgrim]

I'm betting that their total responsibilities under that consulting agreement are to keep their mouths shut.

[Dave W]

Yesterday the article wrote that Henry J would still be an advisor for Gibson.
But apparently Bloomberg rewrote the article. That passage is gone.
Now it just reads:

Juszkiewicz and co-owner Dave Berryman will see their equity stakes canceled. Both will get a consulting agreement that bar them from making negative comments about Gibson for three years

I'm betting that their total responsibilities under that consulting agreement are to keep their mouths shut.

Interesting bit about prohibiting negative comments. Makes you wonder what they may have been saying in the bankruptcy proceedings.

Henry has been CEO in name only since the Chapter 11 was filed. That's typical in these situations. He had no power to do anything besides continue current operations.

I'm guessing that the gist of the consulting agreements is that they'll be consulted if new management has a question. Otherwise, they're done. The original filing gave them the right to purchase 2.25% equity each in the new company after a period of time, that may still be true.