Other Guitars

Gibson Files For Bankruptcy Protection: May 1

2

This is pretty much what I thought would happen even though I know mostly nothing about corporate legalities. Thanks for posting this.

3

From the article, sounds like the creditors want ol' Hank outta there. I don't know enough about how the company is run to make a statement, except to say that judging from the condition, I'd say it has not been managed very well. I know Gibson used to make some of the finest guitars in the world, and now, not so much. I hope they get it all sorted out, but it's going to be a long, hard road regardless.

Fred and Dinah, along with the gang at Fender, seem to be doing a wonderful job with our favorite brand. Kudos.

4

I wonder if Colt's owner and big time guitar collector Jim Irsay would be interested in Gibson? My hope is that the creditors at least bring in the right people to run things. It's an iconic brand that deserves better.

5

Isn't Jim Irsay beyond trying to run a guitar company at this stage of his career? That probably sounds like "hard work" to him right about now.

My guess is that the trustee in bankruptcy, along with a select group of individuals representing the largest lenders, will be tasked with recruiting new management.

6

Heard tell that J. Bonomassa is looking at buying the rights to make 335’s and LP’s. The rumor mill is up’n runnin’.

7

Henry J. is reported to own something like 36% of Gibson Guitars, so he's not going to be completely away.

8

Quoting the article "The Chapter 11 filing on Tuesday in Delaware keeps Gibson in business but gives ownership to noteholders, replacing stockholders that include Chief Executive Officer Henry Juszkiewicz, the company’s leader for more than three decades." So it looks like Henry is out......with some sort of settlement package I'm sure. These guys fail but they always seem to end up on their feet unlike the average working stiff who gets laid off.

9

Pay him out and kick his sorry ass out the back door.

10

Henry J. is reported to own something like 36% of Gibson Guitars, so he's not going to be completely away.

– lx

He owns 36% of a bankrupt company and 100% of a bad reputation. At this point, he's at the mercy of Gibson's creditors. And the reports are that the mercy he's being shown is a one-year gig as a consultant to facilitate the change in management and an undisclosed severance package. He's definitely going away.


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