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View Full Version : Interesting read on found on mastercraft


cbryan70
02-22-2009, 03:57 PM
Found this on another site and thought it was an interesting read


"Some Speculation... Mastercraft is, I believe, owned by Penske (31%), Charlesbank Capital (31%), and other (38%). The other comprised primarily of mgmt? Charlesbank is an MBO fund and currently has a fair amount of exposure in this particular fund (Fund V) though some strong performers as well. They will only pour more funding in to Mastercraft if they are nearly certain of a turnaround and that their return on the new investment will be greater than investments needed by other struggling companies in this fund (eg, they're not likely to invest more in Mastercraft). My guess would be that the 'other' funders do not have the cash to buy them out and that Penske would be reluctant to unless purely for love of boats. So, depending on Mastercraft's internal numbers (cash on hand, debt, inventory turnover, supplier agreements) Charlesbank will either allow the company to stick it out to the extent that they can effect a turnaround with no additional funding, or liquidate their position in Mastercraft which would likely mean ceasing all ongoing operations and liquidating assets. My guess would be that Mastercraft would then continue as a non-operating entity (investors own name, patents, molds, goodwill) until someone was interesting in purchasing it and restarting.

As to recent new boat announcements. It's not unusual for investors to keep a company going full throttle and then suddenly pull the plug. Given the rumors I've heard though I'd guess they will slim down dramatically this year and continue operations hoping for a turnaround next year."

TX.X-30 fan
02-22-2009, 04:06 PM
Tick Tock.

sand2snow22
02-22-2009, 05:01 PM
That is an interesting read. Always wondered who owned MC. Harold are you part of the 38%?

cbryan70
02-22-2009, 05:07 PM
mod please edit the title to this thing.....i screwed it up

TX.X-30 fan
02-22-2009, 05:11 PM
I just thought that's how you boys thunked. :D

cbryan70
02-22-2009, 05:37 PM
says the guy from texas........nuff said? :-)

TMCNo1
02-22-2009, 05:44 PM
That is an interesting read. Always wondered who owned MC. Harold are you part of the 38%?

I'm afraid not!

Maristar210
02-22-2009, 06:35 PM
Edit it yourself.

Click edit post and then click on go advanced and you can edit the title.

Lazy pig ****er

cbryan70
02-22-2009, 06:37 PM
well **** that was easy. Thanks Steve

cbryan70
02-22-2009, 06:56 PM
Hey steve....it didnt change it outside of here...any ideas now smart ***?

Jim@BAWS
02-22-2009, 07:11 PM
That is an interesting read. Always wondered who owned MC. Harold are you part of the 38%?

Please...he owns SKIDIM! It is bad to see speculation brought over from
another website then turn into a rumor. MasterCraft is not going anywhere!

Jim@BAWS

TMCNo1
02-22-2009, 07:14 PM
That's it, back on the ignore list!

Jim@BAWS
02-22-2009, 07:16 PM
I just got out of the DOGHOUSE last week...Oh well !!!

SkiDog
02-22-2009, 07:53 PM
I just got out of the DOGHOUSE last week...Oh well !!!

OK boy's, thats enough! Go to your rooms!

Jorski
02-22-2009, 08:50 PM
1) Equity holders are not going to put their own company out of business

2) If the bank has also lent them money (debt) it would be pretty silly for them to pull the plug on their own equity position, so they won't.

3) Mastercraft, would never go out of business there are plenty of potential buyers out there with money; although not underfunded individuals backed by a private equity fund...think Brunswick etc.

Finally, you said:
"It's not unusual for investors to keep a company going full throttle and then suddenly pull the plug."

It is extremely unusual!

I can't think of a company operated in this fashion even while under chapter 11 bankruptcy protection. That is what debtor in posession financing is. By the way, there are indeed many vulture funds out there with cash in search of troubled assets - if MC is indeed a troubled asset.

TX.X-30 fan
02-22-2009, 09:33 PM
Once again you guys are set straight from north of the border. 8p

kycat2007
02-22-2009, 09:54 PM
Funny thing is last week a rumor about Malibu came out. It was basically debunked as it was all real estate related. Then something about Tige and their rent on their building. Funny how they start so quick in bad economies.

coz
02-22-2009, 09:55 PM
If they go under do our boats become collector items? :confused: I dunno? just asking :rolleyes:

kycat2007
02-22-2009, 10:06 PM
I think this thread will go away before the parent company:D

mccobmd
02-22-2009, 10:17 PM
Maybe the guy who wrote the article is just trying to write something people will read and talk about??

TMCNo1
02-22-2009, 10:58 PM
The sky is falling, the sky is falling!:rolleyes:

SunCoast 83
02-23-2009, 12:10 AM
Economy is bad alright, But I heard from a reliable source that Master Craft of Orlando sold 7-8 boats at the Convention Center this weekend.....people are still making good investments..:)

JimN
02-23-2009, 01:29 AM
Funny thing is last week a rumor about Malibu came out. It was basically debunked as it was all real estate related. Then something about Tige and their rent on their building. Funny how they start so quick in bad economies.

If Tige actually rents their space, that says bad things to me about their business. I've been past the place they had in '01- it wasn't particularly impressive. The guys laying up the fiberglass constantly tossed the resin cups in the trash, causing fires, even though they had barrels of water specifically for them. The resin was mixed hot enough that when it was in contact with paper, it would start a fire and the Abilene Fire Dept would be there about once a week.

AussieMC
02-23-2009, 01:48 AM
The word gets around fast:)
MasterCraft actually closed today, according to this forum post.
http://www.thewaterskiforum.com/cgi-bin/bbs53x/webbbs_config.pl?read=51169

JimN
02-23-2009, 02:04 AM
The word gets around fast:)
MasterCraft actually closed today, according to this forum post.
http://www.thewaterskiforum.com/cgi-bin/bbs53x/webbbs_config.pl?read=51169

Have that nimrod name his source. The fact that he didn't means there's no credibility to his post but that probably won't keep someone from believing it as Gospel.

Ed needs to think before he posts rumors.

AussieMC
02-23-2009, 02:12 AM
Schnitz! has the rumor on his wesite too.

Witness140
02-23-2009, 09:21 AM
Schnitz also practically predicts the end of the world on his website, FWIW, including raising conspiracy theories related to state sovereignty.

JohnE
02-23-2009, 09:25 AM
I think all these rumors are TRUE. They have to be, I read it on the internet.

6ballsisall
02-23-2009, 09:29 AM
I think all these rumors are TRUE. They have to be, I read it on the internet.

Tru Dat. We can all thank Al Gore for the wonderful "truth machine" known as the internet. 8p

Witness140
02-23-2009, 09:38 AM
FWIW - Schnitz openly predicted weeks ago the big 3 would close. He has now seemingly based his 'closure' on a Skifly rumor. Steve loves this stuff. Of all the places on earth that do NOT have credibility, SkiFly is pretty high on the BS scale. There is no need to post real email addresses or be at all accountable on that forum - and it is the site for the worst gossip mongering in the waterski world on the internet. Some of the best keyboard wars can be found there, makes for a hilarious read. There are some valuable posters, but I believe they are in the minority. When people can post with a different and appropriately cute name each and every time, that tells you something.

http://www.websitetoolbox.com/tool/post/rogerellis/vpost?id=3314206

JimN
02-23-2009, 10:09 AM
Looks like someone needs to call the company today and ask.

Maristar210
02-23-2009, 10:14 AM
It sure is winter. If only Chad were here to join Jorski and really set us straight....

Sodar
02-23-2009, 11:23 AM
I am not believing the rumors until I have reason to believe otherwise. However, how many of these rumors have you heard about the competition? I have not heard anything about Malibu, Correct Craft or Skiers Choice going under... perhaps I have just not seen it, but to me there comes a point when you hear a rumor the first few times that you can blow it off, but when you start hearing it several times from different sources that you start to believe it or at least start to realize the possibility of it. The fact is that none of us know... not even the dealers. Only time will tell whether they will live on or have the same fate that Weekend Warrior RV's did.

Gonzo
02-23-2009, 11:41 AM
Omg! How Will I Ever Get My Cash Rewards On My 91 Prostar!!!!

ski_king
02-23-2009, 11:46 AM
:popcorn: . :popcorn: .

JimN
02-23-2009, 11:49 AM
With yesterday being Sunday, who would you have expected to delete it? The mods didn't really have a reason to, since nobody actually said anything derogatory and I don't think management spends much time here, so....

ski_king
02-23-2009, 11:55 AM
It is now almost 3 hours into the work day on Monday. I assumed sombody at Vonroe would have seen or heard about this thread and either disputed it or deleted it.

Could be one of the following:
1: Nobody is there to disput or delete.....
2: Nobody there reads this website.
3: UMP headed a hostile corporate takeover

scott023
02-23-2009, 11:55 AM
Is it just me, or are we fueling the fire with this thread? I have heard rumors about other manufacturers (on TT) as well, so I think that the rumor mongers are causing a lot of BS for everyone. :(

JohnE
02-23-2009, 11:58 AM
Lets start another cash rewards thread. If it gets deleted, they are still in biz.:D

scott023
02-23-2009, 11:58 AM
It is now almost 3 hours into the work day on Monday. I assumed sombody at Vonroe would have seen or heard about this thread and either disputed it or deleted it.

Could be one of the following:
1: Nobody is there to disput or delete.....
2: Nobody there reads this website.
3: UMP headed a hostile corporate takeover

Has anyone (other than moderators) from MC every posted on TT? I am fairly new on here!

It would be nice if they could/would quash the rumors if they were untrue. Would go a long ways towards bolstering brand confidence, IMO.

Sodar
02-23-2009, 11:59 AM
Let's just all relax.

MasterCraft is still in business.

Thread Closed.