Info Aqualung Financial Troubles

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None of the "first world" countries can plead innocent to the charge of arrogance. It just seems like sometimes some folks go out of their way to screw themselves with their own attitudes. Unfortunately, some folks seem to think having lots of money gives them the unlimited right to be arrogant. In business this can lead to making a small fortune...
from a LARGE fortune!
🐸
 
None of the "first world" countries can plead innocent to the charge of arrogance. It just seems like sometimes some folks go out of their way to screw themselves with their own attitudes. Unfortunately, some folks seem to think having lots of money gives them the unlimited right to be arrogant. In business this can lead to making a small fortune...
from a LARGE fortune!
🐸

What you are saying is true but in the case of France, they take it to a higher level. I deal with French companies regularly, outside of dive business, and they are arrogant. Germans come off as arrogant but they are just set in their ways and don't accept being flexible in contrast to the French who insist on being arrogant. This isn't to say that they are all like this but there is a much higher percentage of them that act this way. If they don't change their attitude with me, and I don't take shiit from anyone, I promptly turn into a rude New Yorker.
 
Its not "rude New Yorker". Its just "New Yorker".

And we aren't rude. We are just assertive and impatient.

My brother, I lived in NY for 20 years (Brooklyn, LI, Westchester, Rockland), there are winners there, RUDE beyond regular "assertive and impatient" New Yorker :)
 
What you are saying is true but in the case of France, they take it to a higher level. I deal with French companies regularly, outside of dive business, and they are arrogant.
I've spend a lot of time in France, meet many French people traveling and had French house mates back in the day. Can't remember any bad experiences or arrogance. I think it might be you.

I see how many Germans come across as arrogant for many Americans. Germans generally don't like small talk as much as Americans do and think it's superficial friendliness that's not genuine. In a business meeting your supposed to get straight to the point. It's frowned upon to chit chat during work hours. It's just a cultural difference you're misunderstanding when you're not aware of it.
 
The French are friendly and often speak English if you try (however poorly) to speak French first. On the other hand, if you speak English first, they often loose all ability to speak or even understand English and may become rude.
 
The French are friendly and often speak English if you try (however poorly) to speak French first. On the other hand, if you speak English first, they often loose all ability to speak or even understand English and may become rude.
I don't speak French. I just asked if they can speak english. I think what you describe aboves only applies when people are being aholes from the get go and expect that they speak your language.

Oh, and pro tip. Don't wear Trump shirts out in public when you're in Europe.
 
I've been reading up on Aqualung (AL). There's nothing fundamentally wrong with the core AL as an equipment maker, it's just that they are overburdened with debt. The problem is that their original parent Air Liquide had to sell them off to raise cash for a big acquisition in their core business. The purchasers, Montagu Private Equity, were typical private equity sharks who paid for the company with borrowed money. They then stripped out as much cash as they could by selling off AL's real estate and other profitable bits. They also greatly reduced costs by firing everyone possible which made their revenue from operations look better. This plan was to sell the company after a few years (before the lack of qualified employees completely cratered the company). The higher revenue numbers should have resulted in a sale for more then they paid, so they could pay off the loans and keep the rest.

It was all going to plan until COVID hit. Even with reduced costs, they weren't producing enough revenue to meet their interest payments. And then when they thought they were through the worst of it and scuba sales started to pick up, interest rates shot up. They are now so far in the hole that Montagu is essentially handing over the company to their largest lender, Barings.

So what happens after Barings takes over? Barings is not going to want to be in the scuba equipment business so will get what they can by selling it as soon as possible. Ironically, Montagu's asset stripping might end up saving it as a company since it has to be worth more as a going concern than if it were to be liquidated. Best case for AL fans is that it gets bought by someone who wants to keep manufacturing most of their products, either a rival or the other, rarer, type of PE firm that makes their money from the revenues of their businesses rather than asset stripping and financial manipulation. Worst case is that it's bought by a rival who only wants the brand names and dealer network only and shuts down any remaining manufacturing. The likelihood is that it's somewhere in the middle, with the most profitable lines continuing.

Apeks is a bit of a wild card. It's a much more attractive business than the rest of AL and might end up being sold off separately.
 
Worst case is that it's bought by a rival who only wants the brand names and dealer network only and shuts down any remaining manufacturing. The likelihood is that it's somewhere in the middle, with the most profitable lines continuing.

Apeks is a bit of a wild card. It's a much more attractive business than the rest of AL and might end up being sold off separately.
very unlikely bought by rival that wants network, their actual rivals share already. Easier and cheaper to let AL go under IMHO

yeah, not even close to accurate regards Apeks
 

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