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Critic's Corner

Stereophile Parent Emerges from Chaper 11

12.169.244.100

To put minds at rest - particularly those of our competitors :-) - Source
Interlink's board issued the following communique yesterday:

"We are pleased to inform you that on Friday, June 20, 2009 our company
completed its reorganization. At the opening of business Monday morning,
we began business afresh as a private company with significantly less
debt and more capital resources."

As I said back in May, it will now not just be business as usual but
business _better_ than usual.

John Atkinson
Editor, Stereophile

Edits: 06/24/09

Follow Ups:

Great news,all the best! (nt) - Bill the K 10:07:22 06/28/09 (1)
nt
- Yes, and without a Federal bailout! :) -nt - E-Stat 06:40:44 06/29/09 (0)
  rw
Must be because I just subscribed. But at $8 for a year, maybe not. - ppopp 10:44:44 06/25/09 (0)
Reasonable read while in the smallest room in the house. I'd say it's worth what I'm paying.
RE: Stereophile Parent Emerges from Chaper 11 - zako 07:11:29 06/25/09 (2)
How much was your salery cut John???
- RE: Stereophile Parent Emerges from Chaper 11 - John Atkinson 16:58:34 06/25/09 (1)
  > How much was your [salary] cut John???
  
  Around 9%, if it's any of your business.
  
  John Atkinson
  Editor, Stereophile
  - RE: Stereophile Parent Emerges from Chaper 11 - roxymott 18:57:26 06/27/09 (0)
    Hey, You might actually have a chance at "Staying Alive" if you dumped your retarded music editor.
    
    You can readily find him giving BJs to a couple of artists that he seems to give more reviews to than their actual release output. LOL.
    
    (There is a lot more out there than this nearsighted turd realizes).
That was pretty quick. - Bruce Kendall 11:38:20 06/24/09 (11)
I'm glad to hear it all went well.
- RE: That was pretty quick. - John Atkinson 17:31:18 06/24/09 (10)
  There were a couple of hiccups - something about the new owners wanting
  to implement an employment test for audio reviewers - but I managed to
  persuade them that the hearing aids we all currently use were state of
  the art when I bought them back in the 1980s.
  
  John Atkinson
  Editor, Stereophile
  - RE: That was pretty quick. - hahax@verizon.net 20:10:24 06/24/09 (2)
    Do the hearing aids use chips or discrete transistors or perhaps even very, very small tubes?
    - RE: That was pretty quick. - John Atkinson 06:47:13 06/25/09 (1)
      > Do the hearing aids use chips or discrete transistors or perhaps even
      > very, very small tubes?
      
      EL34s in triode, for best small-signal linearity, running of a car battery.
      We each drag the whole thing round on a Radio Flyer wagon with the
      Stereophile logo painted on the side.
      
      John Atkinson
      Editor, Stereophile
      - RE: That was pretty quick. - jim.spainhour 03:44:55 07/01/09 (0)
        
        In Reply to: RE: That was pretty quick. posted by John Atkinson on June 25, 2009 at 06:47:13
        
        I have some flame decals from an old Big Daddy Roth model that would look great on that Radio Flyer!
  - LOL! (nt) - mkuller 19:50:44 06/24/09 (0)
    (nt)
  - THAT was unfair. - Bruce Kendall 18:45:30 06/24/09 (2)
    My wife had just opened up a new bottle of wine, a special anniversary bottle of wine, and I just spewed wine.
    
    I thank you, even though my nose hasn't cleared. As a courtesy to you, I'll deal with the spousal issues without mentioning a thing.
    
    Gawd that was funny!
    - Speaking of unfair... - kev313 19:44:21 06/24/09 (1)
      Doesn't your wife mind that you are cruising the Asylum on your anniversary? :-)
      - I was allowed 15 minutes...... - Bruce Kendall 19:50:54 06/24/09 (0)
        
        In Reply to: RE: Speaking of unfair... posted by kev313 on June 24, 2009 at 19:44:21
        
        then I snuck this one in. I'll pay for it, trust me. ;~)
  - Can we have some fresh batteries now? ;-) (nt) - Kal Rubinson 18:12:53 06/24/09 (2)
    - RE: Can we have some fresh batteries now? ;-) (nt) - John Atkinson 18:20:22 06/24/09 (1)
      We may have come out of Chapter 11 but we're still not going to throw money
      around like it was going out of style! Try warming the batteries in an oven
      to squeeze another couple of week's worth of juice out of them...
      
      John Atkinson
      Editor, Stereophile
      - RE: Can we have some fresh batteries now? ;-) (nt) - Peter Breuninger 11:54:26 06/25/09 (0)
        
        In Reply to: RE: Can we have some fresh batteries now? ;-) (nt) posted by John Atkinson on June 24, 2009 at 18:20:22
        
        John,
        
        Isn't it the Freezer?
        
        Peter
"....business _better_ than usual." Hmm. Exactly *what* about S'phile will improve..... - Rick W 09:38:09 06/24/09 (8)
now that your parent company has "reorganized"?
- I'm sure it will free up some capital for research - Bruce Kendall 11:40:12 06/24/09 (2)
  to find new and innovative ways of annoying audiophiles who suffer from irritable bowel syndrome. ;~)
  - Apparently its ok for you to insult me on this forum, but not the reverse. nt - Rick W 19:10:40 06/24/09 (1)
    nt
    - Didja see the smiley face? - Bruce Kendall 19:16:03 06/24/09 (0)
      There is a history, and I was making a general comment. I guess you'd have to be a regular to understand.
      Enjoy, Rick. No insult intended.....to you, at least.....dickw%%d.
      
      Edits: 06/24/09
- RE: Stereophile Parent Emerges from Chaper 11 - John Atkinson 10:25:37 06/24/09 (4)
  > Exactly *what* about S'phile will improve now that your parent company
  > has "reorganized"?
  
  I don't know why you put "reorganized" in quotation marks. It was an
  arrangement where the banks holding the debt exchanged most of that
  debt for ownership. See the General Asylum thread at
  http://www.audioasylum.com/cgi/t.mpl?f=general&m=543577 for earlier
  discussion of this.
  
  John Atkinson
  Editor, Stereophile
  - http://www.audioasylum.com/cgi/t.mpl?f=general&m=543577 (Open in New Window)
  - Hey, I hope S'phile lives long and prospers, but you diverted rather than answer my question. - Rick W 14:33:07 06/24/09 (3)
    I tend to agree with Chris O's last comment in the thread you linked. I put "reorganize" in quotes because your parent company's inability to pay its debt - leading to Chapter 11 and resulting in having a bank owning S'phile and SIM's other assets - does not imply "business_better_than usual" for those assets. Hence my question.
    Please don't react in a knee-jerk manner, as that self-appointed defender of the hifi industry Bruce did. My original question was not coming from an anti-Sphile agenda, nor am I anti-you.
    
    Edits: 06/24/09 06/24/09
    - RE: Hey, I hope S'phile lives long and prospers, but you diverted rather than answer my question. - John Atkinson 15:05:19 06/24/09 (2)
      > I put "reorganize" in quotes because your parent company's inability to
      > pay its debt - leading to Chapter 11 and resulting in having a bank
      > owning S'phile and SIM's other assets - does not imply "business
      > _better_ than usual" for those assets.
      
      As I said in the General Asylum thread I linked to elsewhere today, the
      reduction of the parent company's debt load from $1.5 billion to $500
      million dramatically reduces the pressure on each division to generate
      short-term revenue to meet debt repayment obligations regardless of
      adverse longer-term effects of that pressure. A manager like myself can
      thus return to spending more time looking outward rather than inward, to
      spending more time on strategic issues rather than tactical ones. Hence
      my use of the phrase "business _better_ than usual."
      
      John Atkinson
      Editor, Stereophile
      - Thanks, John. Now I understand. nt - Rick W 15:22:57 06/24/09 (1)
        
        In Reply to: RE: Hey, I hope S'phile lives long and prospers, but you diverted rather than answer my question. posted by John Atkinson on June 24, 2009 at 15:05:19
        
        nt
        
        You're welcome. nt - John Atkinson 17:28:00 06/24/09 (0)
        
        In Reply to: RE: Thanks, John. Now I understand. nt posted by Rick W on June 24, 2009 at 15:22:57
        
        John Atkinson
        Editor, Stereophile
How much money did creditors and suppliers and investors lose? - Richard BassNut Greene 08:10:35 06/24/09 (10)
We need to know the important details.
.
.
.
.

Richard BassNut Greene.....................................................................
The "Cliff Claven" of Audio
and the "Floyd R. Turbo of Bingham Farms Michigan"
- RE: How much money did creditors and suppliers and investors lose? - Frank I 15:41:13 06/24/09 (2)
  Why would you ask the executive of a corporation he still works for to answer a question like that. His first obligation is to the company he works for and he chooses not to answer that question. If your so hung up in getting an answer its public record why dont you do the research and find out if you need to know. You use We need to know no one else frankly gives a damn. If you had any brain you would ask something intelligent. I have noticed most of your post add nothing to this forum and perhaps you should find another venue where you ridiculous questions may gather you some attention or better yet go join Teresa you both deserve each other. If I was the moderator I would put your post in with the other winers.
  - You are a very hostile poster - Richard BassNut Greene 07:44:40 06/29/09 (1)
    The most important question one could ask about bankruptcy is who lost money, and who lost jobs.
    I asked a very relevant question.
    Chapter 11 bankruptcy, as you obviously don't know, is about financial restructuring of debts -- the owners and lenders and creditors of a corporation usually lose at least some money.
    If the corporation comes out of Chapter 11, there are often fewer employees.
    .
    .
    .
    .
    .
    
    Richard BassNut Greene.....................................................................
    The "Cliff Claven" of Audio
    and the "Floyd R. Turbo of Bingham Farms Michigan"
    
    Edits: 06/29/09
    - Ding Dong! UPS is at your door with something special! - Sordidman 19:02:32 06/30/09 (0)
      It's a box of mirrors!
      
      Just for you....
      
      But don't gaze too long, you might learn something: and we'd all miss you...
      
      Both sides of the river, there is bacteria; there must be meaning behind the moaning, is this living?
- RE: How much money did creditors and suppliers and investors lose? - John Atkinson 11:37:41 06/24/09 (1)
  I don't know, but my own stock options became worthless, of course.
  
  You could work it out if you look at the trading history for SORC stock
  and allow for the fact that there were 52 million shares issued.
  
  John Atkinson
  Editor, Stereophile
  - RE: How much money did creditors and suppliers and investors lose? - Myles B. Astor 16:14:38 06/24/09 (0)
    John,
    
    That really sucks...sorry to hear that :( Everyone is feeling the pinch to some extent or another. For what it's worth, u deserve better!
    
    Myles
    Myles B. Astor
- Do your own research if it is so important to you. - Bruce Kendall 11:25:53 06/24/09 (0)
  But remember, no one has ever been able to prove that one number sounds better than another.
- Why do you care? You're not even a subscriber... - mkuller 10:49:28 06/24/09 (2)
  ...seems like it's none of your business.
  - BassNut wants to compare any negative S'phile returns against his own portfolios' losses - keith_d 11:42:14 07/06/09 (0)
    I gather he's a financial whiz in addition to being an audio engineering and a climate change savant....
    After all, "benchmark" is not only a manufacturer of DACs.
    
    Edits: 07/06/09
  - It must have something to do with the new reviewer - Bruce Kendall 11:37:21 06/24/09 (0)
    screening test Richard has been working on.
- RE: How much money did creditors and suppliers and investors lose? - DustyC 08:22:47 06/24/09 (0)
  If you were an investor I'm sure you'll get your report. I've always gotten mine.

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