I took a deep breath and signed on the dotted line. I am now the majority owner and President of my own company! Yes, we're small a $4.5 million a year machine shop/tool maker. They say buy on bad news, sell on good. Well, I bought on bad news. I purchased the company in bankruptcy. My other shareholder and I had been working with the bank and the previous owner to restructure this business for a couple of months. Finally, the bank relented took a haircut and cleared the final hurdle for the purchase. The union had previously agreed to work rule concessions and a small pay increase. This will make the manufacturing end of the business work very efficiently. We reaffirmed about 40% of the company's debt at 1% interest. (No personal guaranty!) Along with the money the other shareholder and I put in, the company's finances now look healthy. The bankruptcy court approved our agreement Wednesday and we emerged! All new management. Now, we'll see if I can sell machining, welding and tools as well as I could sell dances. LOL! I hope!
I have to give major cudos to the Bankruptcy Trustee. He is a complete genius at making deals. The Judge was great. He listened carefully to our proposal, he had some great insights and he was instrumental in helping the bank to understand that a going concern paying something was worth a lot more than an empty building and some land in a less than attractive neighborhood. The bank's lawyer was great, he understood making a deal. Can't say the same for his client. But, the Judge and the Trustee were able to make the bank see the light. Our own lawyer was cool and steady through the whole process. He was quick and deadly when an unscrupulous business broker tried to muck up the deal. He also found a great labor lawyer (I understand that good labor lawyers barely exist in the south) who was able to negotiate a deal with the union. The shop steward is a shrewd guy who understood better than most how important it was to get a deal done and was able to communicate so clearly. I also understand good shop stewards are hard to come by in the south. I don't know how I'm going to keep him, but rest assured I'll try!
Well, just wanted to share some thankful news on Thanksgiving.
XOXO to all!



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