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Vintage Asylum Classic gear from yesteryear; vintage audio standing the test of time. |
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In Reply to: Bit of a Confusing Story posted by Brian Levy on November 25, 2014 at 17:04:27:
If you read more than a few sites, it states the brothers bought the company from Saul and not what I stated above. This story started almost as soon as the brothers foreclosed. While in undergrad school in an accounting course, I dinners with Saul. At this time I explained the difference between a cost accountant and a cost control accountant. After dinner he dusted off some of the audited financial reports for his company. On the balance sheet, it showed 3rd party loans with footnotes stating the loan was to Superscope and secured by his stock ownership. The last statement he has had a clean letter but a going concern notice. This notice is a flag that the auditors believed the company could not stay in business in the forest seeable future. It appears, as in war, the victor can rewrite history.
Saul was not broke as the shares not securing the loan had to be purchased. The loan was nonrecourse, seemed the brothers planned for the take over but wanted to avoid litigation and Saul still had assets plus his wife was pretty well off. He did not completely retire but became a consultant or partnered with others on projects. When his covenant not to compete expired he came close to introducing a new preamp, power amp and, integrated but it was right at a time of a slight economic slump and financing could,do not secured.
Don Brian Levy, J.D.
Toronto ON Canada
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Follow Ups
- To Clarify - Brian Levy 17:31:43 11/25/14 (1)
- RE: To Clarify - Brian McGowan 20:42:24 11/25/14 (0)
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