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Thread: Altec Lansing: 1853-2007, RIP

  1. #21
    Inactive Member MikeInNH's Avatar
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    Originally posted by Old Guy:
    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by MIkeInNH:
    Bosch owns JBL now???
    <font size="2" face="Verdana, Helvetica, sans-serif">Don't think so. Bosch owns EV/Telex.</font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">
    I was just asking the question...because on the last line in Tod Whites post at the top of the page.
    <font size="2" face="Verdana, Helvetica, sans-serif">Well, Sid Harmon (who recently sold JBL to Bosch), and Bob Pabst should be happy - they got what they wanted...

  2. #22
    Inactive Member MikeInNH's Avatar
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    I think everybody here would love that- but it would take millions just to buy the name back. i don't think the profits are there to support it.
    Sadly I think we are headed for lots more of the same....
    <font size="2" face="Verdana, Helvetica, sans-serif">That's why I said it would have to be someone who LOVES audio and the Altec products. They'd have to take a loss for years. If I ever won MegaMillions......but then again I'd probably have to buy a ticket to win.

  3. #23
    Senior Hostboard Member
    Altec Lansing: 1853-2007, RIP


    Old Guy's Avatar
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    Originally posted by MIkeInNH:
    That's why I said it would have to be someone who LOVES audio and the Altec products. They'd have to take a loss for years. If I ever won MegaMillions......but then again I'd probably have to buy a ticket to win.[/QB]
    <font size="2" face="Verdana, Helvetica, sans-serif">I DID buy a MegaMillions ticket tonite- I'll know at 11.

    Fat chance though. But we could dream...

  4. #24
    Inactive Member bfish's Avatar
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    Fresh news on Harman;

    Equity Firms Back Out of Harman Buyout
    By DAN CATERINICCHIA ? 55 minutes ago

    WASHINGTON (AP) ? Two private equity firms on Friday backed out of their $8 billion buyout of upscale audio equipment maker Harman International Industries Inc., marking the latest such deal to sour amid tightening global credit conditions.

    Kohlberg Kravis Roberts & Co. and Goldman Sachs Group Inc.'s private equity unit told the company they are under no obligation to complete the merger because "a material adverse change" in its business had occurred, Harman said in a statement.

    Harman, whose audio equipment brands include Infinity, JBL and Harman Kardon, said it disagreed, but did not make clear what action, if any, it would take.

    Investors punished the stock all day long as word dripped out that KKR and GS Capital Partners were attempting to nullify the deal. By the end of the day, Harman shares had plummeted by more than 24 percent.

    A person familiar with the negotiations who asked not to be named because he was not authorized to speak publicly told The Associated Press that the private equity firms sought to squash the deal over questions about Harman's financial health, not because of any financing difficulties in a tight credit market. The person said the effort to back out was not a negotiating tactic.

    Representatives for KKR and GS Capital Partners did not immediately return phone calls Friday evening.

    Shares of Harman dropped $27.25, or 24.3 percent, to $85. In the past year, the company's stock has traded between $79.98 and $125.13, which it hit after the deal was announced in April. KKR and GS Capital Partners agreed to pay $120 per share in cash for Harman and the company's board approved the deal, which was scheduled to close at the end of the year.

    The once-booming private equity industry has stumbled during the past few months as tightening credit conditions have caused investors to balk at funding the deals. Buyout firms ? which snap up companies and then take them private ? had grown used to easy credit, but recently have had a difficult time persuading banks to underwrite their takeovers.

    While KKR on Friday had success in attracting investors to a $5 billion loan used for its acquisition of First Data Corp., the company originally planned to raise $14 billion but faced reluctance by Wall Street.

    Cerberus Capital Management in July had to inject more equity into its takeover of Chrysler Group from Germany's Daimler. More recently, Home Depot lowered the sale price on its wholesale supply unit by 17 percent to complete its sale to private equity firms.

    The Harman deal's collapse comes a day after SLM Corp., commonly known as Sallie Mae, issued a statement saying it expects the investors seeking to buy it for $25 billion to honor their commitments. The Sallie Mae deal includes a $900 million breakup fee compared with a $225 million termination fee in the Harman transaction.

    About two hours before Harman announced late Friday afternoon that the buyout was off, NYSE Euronext Inc. issued a release saying the exchange had asked the company if there were any events to explain unusual trading of its stock. Harman said at the time that its policy was not to comment on unusual market activity or rumors.

    Shortly before 4 p.m. EDT, however, the company issued a terse press release, explaining what had happened.

    The credit crisis caused four of Wall Street's top investment banks to report this week that they wrote-off some $4 billion of loans during the third quarter. In some cases, the banks weren't able to find funding for the loans ? or they plunged in value as investors retreated.

    There also has been a number of reports that major investment and retail banks have approached private-equity firms about calling deals off. The banks have offered to pay the breakup fees to keep the large loans off their books.

  5. #25
    Inactive Member grasshopper's Avatar
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    What has happened to this country? Consumers used to set the standards for manufacturing excellence. The collective power of the buying dollar used to be something that manufacturers paid close attention to.

    Now we get stuck with all the **** offshore products they *think* we want. When we speak up about it- they forbid us to adopt children from their country, and we're lucky if OUR kids' toys won't have lead in them....or date rape drugs. Sheesh!

  6. #26
    Inactive Member dr.joe's Avatar
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    A bit off-topic, but...welcome to globalization...when transnational corporations, not national governments, run the world and call the shots.

    Cheers,

    Joel.

  7. #27
    Inactive Member whitebroncoii's Avatar
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    The A7 offered by Altec Lansing Technologies Inc is assembled from original 511B horns made at the Oklahoma City plant, HF drivers and woofers from Great Plains Audio, a "spec" 828 cabinet, and a spectacular crossover network designed by Charlie Hughes. The crossover is at 960Hz and the system sounds better to the today's ears than any original A7. Everyone here would like the way they sound.

    The problem is Altec wants an arm and a leg for them! Price has limited sales to the point of extinction. Chalk one more up for corporate America against Altec Lansing.

  8. #28
    Inactive Member bfish's Avatar
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    Thank's for clearing that up. Till now, lacking a single user review, I doubted their existence in production form.

  9. #29
    Senior Hostboard Member dhook17322's Avatar
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    Two questions:
    1. Aren't they priced that way because they needed to to justify their keeping the VOT name, and they never really intended to sell many.
    2. Why cross over at 960Hz with a 511 horn? Kind of a waste?

  10. #30
    HB Forum Owner Todd W. White's Avatar
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    I think they did it purely for show - ALT actually thinks THEY ARE Altec!

    The crossover frequency makes NO sense to me at all...

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