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I know it for a fact because I knoew many in the biz including some that had first hand knowledge of the books. By the end of the summer out of desperation, the figure had hit 500k to 600k, Jon then shopped the sheet to every service he thought could absolrb. That included Chris, Heritage and evry other frickin outfit out there. To also mention... actually I will not mention the rest. It does no one any good...Comment -
Bubba... I like you. Do you really want to feel sicker over money you will never have returned... I will think about it...Comment -
i personally would like as much info as possible. I could not be more upset than I am over the situation and maybe more details as WTF happened will help me, doubt it would hurt. if you dont want to post it here than I would accept info in PM form too (if my PMS even work havent used in a while). thanksComment -
Well Bubba... I have not been allowed to PM for over a year. The reality is a few including me knew what the books were as of March/April and they were a quarter mil in the red. This is not really that big of a deal in our biz especially if you have been around a long time with credit lines you can tap or additional infrastructure to divert revenues streams from to make up for a bad postup season. What should of happened was the brakes put on and toughed it out instead of running up more sharp debt just for deposits. Everyone in the biz knew by the end of the summer because Jon had shopped the sheet at so many places and the figure then was between 600k and 900k. Also, no standup shop was gonna work with Jon and take on this type of debt with the amount of sharp action on the sheets. Also, no one trusted the true figures and thought they could be much worse than initially disclosed, which was true as well as the straight square cherry action had already been offloaded for rev splits. So, there was nothing to work with and no one wanted to work with Jon because none of us in this game long enough are that stupid... the dog was dead and the last hope was make it to NFL and maybe have a good season to help right the ship. Well, we all know how the season went... one of the worst six weeks in the last decade... THE END... and SBR, hey the shop paid for a long time. In the end they had a tiger by the table and there was nothing they could do but hope for a bailout. To get a bailout they had to say nothing and that is what happend. So, SBR is on the hook for knowing for 6 weeks and kept quiet hoping for a miracle.... big deal in this business.Comment -
Sorry... meant tiger by the tail...Comment -
My hint in December...
12-07-12 05:51 PM#19<div class="postdetails"> touchback
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They, SBR... were probably not privy to what was exactly going on in evry detail and again I might point out that a quarter million in this business is not a whole lot of money. You could bang ten times that much out in a good season and a large enough handle. So in my opinion it was a non issue at the time even if SBR knew which I am not saying they did. The situation was precarius yes but manageble by the right guy or team possible. If everything could be done wrong it was... where is JON now... HAHAHA, thats what everyone wants to know. My guess is comfortably numb trying to collect off any packages he has got in with anyone... just an educated guess.Comment -
This is why I only use big booksComment -
OH YA... how did I know and SBR did not in April. A high level manager I know was privy to the books sheets numbers and he told me.... I thought about the infratructure or lack there of and how it was being run and it made sense. What can I say.... I hoped they pulled it around but when they hit 900 I knew they were finished with the sharp liability and lack of other resources larger older shops have... it was the frickn Titanic...Comment -
No... only a select few knew the real numbers in April... all of Costa Rica knew by Septmeber/August....Comment -
Thats when the real shopping of the sheet hit the whole town, not April...Comment -
got it, thanksComment -
is it normal for a book with such a few number of employees to be rated so highly by sbr? i figure almost every legitimate book has more staff than betislands had. i only realized after i was stiffed how small they were (like 12 people at there peak and often many fewer full time emplyees as low as 4 or 5??)Comment -
It is what we call a skin under separate management... there are more than you think. I will leave it to you to figure out whats what. Not all skins are bad, some are owned by the infrastucure, just multi brands. Some are a few guys renting space trying to run a book on a shoe string and maybe a decent backer...Comment -
Ratings... no comment... other than generally B or A books are safest even with the BI meltdown...Comment
