An Era has ended.

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freebyrd 69

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The complete misstep of the G-Force / Auto Tune and the 2015s relative the the problems at Gibson are very minor.

The leveraged purchases of all the other " Music Lifestyle " companies Henry bought killed the company's cash flow and the bondholders got increasingly worried and demanded higher and higher interest on the notes. Simply got to the point HJ could not pay the Vig. Notes approaching 9% they could not recast. So.... Henry has to hand over the keys.
Yep. I was responding to the quoted message in that post about Henry knowing how to sell guitars in spite of Gibson's issues.
 

ehb

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HankieJ saved Gibson from being weeks away from shutdown probably.
HankieJ built Gibson back to the top.
HankieJ got power drunk and started buying up companies I guess so he could continue the age old tradition of Gibson buying a company and dirt sammiching em...
In the process, drove the entire bus right off the road into the deep end of the tar pits.

Gibson has never had a good track record with purchased brands...
Legend Amps went from badass to gone-ass... Killer amps, still have one...
Trace Eliiot was road drug to death and thankfully was resurrected in Meridian by Hartley and I have read, left to their own to drive their boat.....


How many brands does Gibiphone own? Geeze...

It don't take Sigmund Floyd to recognize bat shit crazy...
HankieJ lost ALL focus and drove a company into the ground...
It doesn't make a damn that the guitar part is stable,
he jeopardized the the entire bus INCLUDING the guitar division with his mondo stamplickery...
That is bat shit crazy....


It's kinda like:

"Yep, I lit the backfire to stop the fire in the woods. Yep, I stopped that brush fire all by my own self...."
- Yep, you stopped it alright. Your backfire burned the whole damn city to the ground and half the county before we could put it out....
"Your welcome."
- That was not a compliment, dumbass.


I coulda got me a tattoo yesterday but for all the waiting on pins and needles up in here.....

No big news flash and I still ain't got a tattoo....
 

bulletproof

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From IG's link:



[Emphasis added -- Thump]

Looks to me like the writing's on the wall for him.

No doubt he'll land a fat package, though.
When the Colonel goes mad,no other recourse but to take him out in a way that enables him to retain some dignity.
Despite all the fvckered up changes and such,I would like to remember that the ole boy,at one time,stepped up and saved our beloved guitars.


I’m gonna say it now.....Goodbye Henry,what a long strange trip its been.
 

strat1701

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where immediately or a year from now or sooner, HJ's days are numbered. Even in pre-pack filings usually, but not all the time CEO and CFO are the first to go post bankruptcy. They may keep in place to transition, but I surely hope they don't offer him any KERP to see it to exit of Chapter11. That would be very unfair to those who are left and to those who have been let go.
 

Dave_W

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Translation: Gibson is getting out if its hole via a debt-for-equity swap administered through a painless Ch 11. Nothing unexpected there. Biggest surprise is that HJ was not booted. Article says he holds or will hold 39%, but doesn't mention how much Berryman owns, so it's unclear whether the VC will have actual control or not.

No real news in the shedding of dead consumer electronics brands; even Henry has admitted those were dead weight.

EDIT: KKR represents 69% of the secured debt holders and will have control of the company. Maybe I missed it, but I don't see anywhere that HJ and Berryman will still have any interest in the company when this is completed. Even if they do, they won't have a voice. And the Bloomberg article says that court papers call for a one-year consulting deal for HJ. He'll be gone after that, and the consulting deal will be in name only.
 
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cherrysunburst00

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Really?

There is a "Norlin Era".
There is a "Vintage Era"
1986-2018 will be known as the "Henry Era"™

This IS the end of an era.

The best era of guitar-making in the history of Gibson, I might add. For all the whining of robots tuners and such, I would be willing to bet Gibson made more fine-quality Les Pauls in the last couple years than all the Les Pauls ever made, pre-1962.


That's right, I said it..... the Henry Era was the best thing that ever happened to Les Pauls.
Well, with the exception of my LP Deluxe and SG Deluxe, every other Gibson I own has been from the Henry Era. And I love my Lesters
 

SpawnedX

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I don't see the one thing I want to see, Henry being gone.
 
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