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Author Topic: From what I heard, Barnes is out  (Read 8356 times)

JamesCube

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From what I heard, Barnes is out
« on: February 08, 2007, 10:43:52 AM »
When I heard today that Ebonite has purchased Columbia, I also heard that all pro staff working for Columbia and the other companies were dropped.  They will have to renegotiate deals or move to another company.  

If that's true, Barnes must be fuming because I do not think Ebonite will give him the same deal that Columbia threw at him.  I do not know how companies deal with something like this when the company itself changes hands.
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Djarum

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Re: From what I heard, Barnes is out
« Reply #16 on: February 09, 2007, 07:11:10 AM »
Barnes could always seek legal action.., but I doubt he'd win.

Dj
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qstick777

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Re: From what I heard, Barnes is out
« Reply #17 on: February 09, 2007, 07:19:11 AM »
quote:
It is a rare circumstance where a purchaser is responsible for the contracts of the company that they've purchased.



Unless we know the details of Barnes' contract, we can't say for sure.  There may have been wording to declare the contract void if the company was sold, declared bankruptcy, etc.

Have you never heard of company buyouts where the purchaser assume all assets and liabilities?  Barnes' contract would be a liability.

Now, that being said, the press release only mentions an agreement to acquire ASSETS:

quote:
Ebonite International, Inc. has entered into an agreement for an asset purchase of Columbia Industries, including the Columbia, Track and Dyno-Thane® brands of bowling equipment


So, it is possible that Chris is "gone."

Because both companies are privately held, we have no way of knowing any of the numbers.  It's possible that Columbia had 1 million dollars of debt, and 10 million in assets.  Columbia could sell off all the assets for less than current value and still have enough to settle their debts and put some cash in their pockets.

Remember these are private companies - you can liken the sale of their assets to somebody that fixes up an old car - they might have $10k invested in the car and it might be worth $25k.  They can sell for $13k and still be okay.
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qstick777

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Re: From what I heard, Barnes is out
« Reply #18 on: February 09, 2007, 07:31:50 AM »
Okay, and with all that asset talk being said in the previous post, I have to say this:

If everybody associated with Columbia Industries was let go, they were not let go by Ebonite International, they were let go by Columbia Industries.

I worked a part time job in retail about 10 years ago.  The company (Caldor) went out of business - couldn't compete with Walmart, Kmart, and Target.  The store where I was working was sold to a liquidator.

The store told us that our last day would be X and after that the liquidator would own everything.  If we wanted to continue working we would have to talk to the liquidator.  The liquidator came in and basically said this:  "As of next Tuesday, I am the owner.  I would like you to stay on and work until everything is sold.  I'm projecting 1 month.  If you'd like to stay please come talk to me, if not I understand."

So, I was technically let go by Caldor, because they went out of business.  I just happened to stay on for a few more weeks, but I was an employee of the liquidator and not the original company.

So, basically what I'm saying is that by selling everything to Ebonite, Columbia basically shut down it's business and let all the employees go.  If people are bitter about people losing their jobs (or not being told ahead of time), they should be bitter at Columbia and not Ebonite.
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ShoreLefty

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Re: From what I heard, Barnes is out
« Reply #19 on: February 09, 2007, 07:41:55 AM »
I could be wrong but I believe that Hammer went out of business, therefore, leaving WRW high and dry (awwwwww).  AFter beiung out of business, Ebonite bought the HAMMER brand name.  Again, I could be wrong, but I thought that is how it happened.  If so, a little different scenario than Ebonite straight up buying Columbia.
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clintdaley

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Re: From what I heard, Barnes is out
« Reply #20 on: February 09, 2007, 07:46:21 AM »
That could be possible....I don't know the specifcs from 5 years ago.....
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golfnutFL

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Re: From what I heard, Barnes is out
« Reply #21 on: February 09, 2007, 09:04:43 AM »
They no longer exist, they are gone. The Columbia Corporation no longer exists. The Columbia name (and assets) are now owned by Ebonite International but the entity that was Columbia is gone.  


quote:
quote:
Technically the corporation that signed them no longer exists. That should void all contracts.


Who said Columbia no longer exists? When Ebonite purchased Hammer way back when, they didn’t just stop existing.


What about the sales reps to pro shops and wholesalers. Ebonite might want to use there own people there. As well as moving manufacturing to KY.

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golfnutFL

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Re: From what I heard, Barnes is out
« Reply #22 on: February 09, 2007, 09:07:43 AM »
Having been in business related activities for more than 20 years I disagree with this statement 100%. In my experience the purchaser almost NEVER assumes the business obligations of the company purchased, unless they are beneficial to the purchaser.


quote:
I disagree with the concept regarding contracts.  Almost
always the purchaser assumes the business obligations
of the company purchased, including contracts entered into
prior to the sale.

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SplitKing

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Re: From what I heard, Barnes is out
« Reply #23 on: February 09, 2007, 09:23:21 AM »
Interesting...Go to Columbia's website and guess what is missing.  They no longer have any inforamtion or links to anyone on Colimbia's bowling staff.  I would say that is a good indication that they are all done.
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Rev_O

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Re: From what I heard, Barnes is out
« Reply #24 on: February 09, 2007, 09:32:03 AM »
quote:
Interesting...Go to Columbia's website and guess what is missing.  They no longer have any inforamtion or links to anyone on Colimbia's bowling staff.  I would say that is a good indication that they are all done.


Same thing on Tracks site, Click on Domestic staff, no pictures or names at all. They still have all of the international staff listed though!
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ShoreLefty

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Re: From what I heard, Barnes is out
« Reply #25 on: February 09, 2007, 10:27:19 AM »
Why wouldn't you still run "a" tournament, jsut base the prize fund off of entries.  All you would need to do is find someone, if not yourself to run brackets.  If you already have the software, you still make a little money there, and take out some of the entry in lineage as was already going to be done.  If you get 60 entries and with as little as $50 going to the prize fund you can still pay $1000 for first, pay 1:5,and 12th would get $100 back.  As a proprietor try to make the best out of a bad situation that wasn't casued by you and guess what, it will help your business in the integrity department.  Plus, if you were in a position to offer the bowlers say a little buffet, or free drinks, or a free meal, oh my gosh, what that would do for your centers rep.!!!
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Fluff E Bunnie

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Re: From what I heard, Barnes is out
« Reply #26 on: February 09, 2007, 10:29:39 AM »
Does this mean I won't have to see that annoying YOU DO THE MATH commercial anymore?  That would be the only positive thing to come out of this buyout.
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dpunky

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Re: From what I heard, Barnes is out
« Reply #27 on: February 13, 2007, 11:45:57 AM »
Another example of the contracts not being automatically transfered to to the acquiring company is World Championship Wrestling (WCW).

When WWE bought WCW from AOL TimeWarner in 2002, WWE only bought the trademark and the tape library of WCW.  They did not buy the contracts of the WCW wrestlers.  These contracts remained property of AOL TimeWarner.  WCW wrestlers that wanted to jump to WWE needed to either void their contract with AOL Timewarner, or wait at home and not work for another wrestling company until their contract ended.  

Ebonite I believe structured the same deal with Columbia with buying the rights to the Columbia name and ball technology, and voiding all Columbia contracts.  But I don't know the terms of the Ebonite deal with Columbia, so my insight is just speculation.  I'm not sure where this leaves Chris Barnes.
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Xfest

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Re: From what I heard, Barnes is out
« Reply #28 on: February 13, 2007, 12:14:42 PM »
quote:
Another example of the contracts not being automatically transfered to to the acquiring company is World Championship Wrestling (WCW).

When WWE bought WCW from AOL TimeWarner in 2002, WWE only bought the trademark and the tape library of WCW.  They did not buy the contracts of the WCW wrestlers.  These contracts remained property of AOL TimeWarner.  WCW wrestlers that wanted to jump to WWE needed to either void their contract with AOL Timewarner, or wait at home and not work for another wrestling company until their contract ended.  

Ebonite I believe structured the same deal with Columbia with buying the rights to the Columbia name and ball technology, and voiding all Columbia contracts.  But I don't know the terms of the Ebonite deal with Columbia, so my insight is just speculation.  I'm not sure where this leaves Chris Barnes.
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dpunky

"Now rolling Columbia, and old school Faball and Brunswick"
Too Cool for School


When comparing a fake sport to get entertainment, and having bowling as a very individual sport. I would conclude that wrestling has nothing to do with bowling.

Thats like comparing apples to oranges.
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dpunky

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Re: From what I heard, Barnes is out
« Reply #29 on: February 13, 2007, 12:22:31 PM »
quote:
quote:
Another example of the contracts not being automatically transfered to to the acquiring company is World Championship Wrestling (WCW).

When WWE bought WCW from AOL TimeWarner in 2002, WWE only bought the trademark and the tape library of WCW.  They did not buy the contracts of the WCW wrestlers.  These contracts remained property of AOL TimeWarner.  WCW wrestlers that wanted to jump to WWE needed to either void their contract with AOL Timewarner, or wait at home and not work for another wrestling company until their contract ended.  

Ebonite I believe structured the same deal with Columbia with buying the rights to the Columbia name and ball technology, and voiding all Columbia contracts.  But I don't know the terms of the Ebonite deal with Columbia, so my insight is just speculation.  I'm not sure where this leaves Chris Barnes.
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dpunky

"Now rolling Columbia, and old school Faball and Brunswick"
Too Cool for School


When comparing a fake sport to get entertainment, and having bowling as a very individual sport. I would conclude that wrestling has nothing to do with bowling.

Thats like comparing apples to oranges.
--------------------
"Do you NV me?"
Ebonite Total NV Ebonite Angular One
Hammer Black Widow Storm Pyro
"Ey, Yo Crank! What ball was that?"



This topic was talking about how companies that get aquired deal with employee contracts, not comparing wrestling to bowling. I provided an example (which happened to be non-bowling) to illustrate the example of what a corporation may do to contracts.  Since ebonite is a corporated company, and it aqcuired Columbia (another corporated company), my example is valid.
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dpunky

"Now rolling Columbia, and old school Faball and Brunswick"
Too Cool for School
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