Archive for the ‘Bankruptcy Court’ Category

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Another Bankruptcy Tale : Marck Ecko

November 16, 2009
Marc Ecko Hosts "All In For Tikva" Casino Night

I didnt even seen it passing in my news channel, so many bankruptcy tales are going on thanks to the recession that  its  impossible to keep it up with all.While i was browsing the medialanscape to get my traditionnal morning news i stumbled up on an article from the NYP reporting the lost control of Marck Ecko’own brand last september of this year.

As reported the hip-hop clothing kingpin  signed over a 51 percent interest in the Marc Ecko brand to Iconix, a New York company that owns a slew of fashion brands including Joe Boxer, Candie’s, Rocawear and London Fog.Ecko this year had laid off workers and auctioned off his watch trademarks and Avirex brand to raise cash in order to pay creditors.

Why is that a surprise ? Marcko made his way through  fashion retailing because  at the time he had a very good concept and there was an untaped market for urban clothing.Since things has evolved, he became a big spending party boy wich itself has completely thrown him out of touch with the “real urban market”.As an economist told me once the sole key to make your business profitable is control and reduce small costs like paper, power, cars, leases, pen…its theses insignificants costs once managed that make your way to fortune.Hence why Si Newhouse canceled Conde Nast’s famous Christmas lunch for the second year in a row and  hired a crisis management expert to reduce drasticaly costs, read no more “Pellegrino, Orangina, Red Bull, Fidji water” for Condenast cafeteria.

Sources said Ecko is still struggling to lease out pieces of his luxurious 280,000- square-foot headquarters in Midtown, which houses everything from a recording studio to a basketball court.Basically, Marck Ekco is best single encapsulated by all the things you should avoid to do once you head a business.

“I’ve had a crazy, wild ride. I’ve done a lot of things that have been naive,” Ecko told The Post. “I’ll take my lumps for a lot of things that, in retrospect, were a little indulgent. Life happens. I don’t regret any of it.”

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Media Business ⇒ A Revolutionary Opportunity

November 12, 2009
San Francisco Chronicle Shifts To Glossy Look

It’s perfect time, the newspaper industry is in real trouble – a bunch are up for sale or miring chap 11 (bankruptcy). While Wall Street is remotely eyeing Washington for a cash deal, the medias business’ catastrophe is alone with nothing left but creative minds figuring out how they can reinvent themselves and dump some juicy news contents wherever, whenever we want. In case you missed the train , we are in the midst of real revolutionary times, a lot of things -Wall street’s financial “Coup d’Etat “, Iraq, Iran, Afghanistan- are happening around the world, which itself have been unthinkable one or two years ago.

Mario Garcia, The newspaper’s design goddess predicts that soon, a full media’s cadaver list as the market’s death kiss already brought out of whack The Rocky Mountain, The Seattle’s Sentinel and the San Francisco Chronicles will appear. A journalist by training, Mario has designed or redesigned over 547 newspapers during the past 40 years. He doesn’t only know how to stay fresh and edgy but also gives the most demanded tip in the business: staying healthy. In theses fantastic times for medias entrepreneurs, he urges us to rethink the way we operate and embrace news technologies. An openness that may lead us to do innovative products, hit the packs….

Here’s a hint of the fittest media business strategy for the next decade


Monday to Friday
: online contents & mobile news delivery would be the king
Week End : Premium Print edition

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Wall Street, a Ponzi Scheme and the North Pole

October 21, 2009

bernie_madoff_newyork1

Bernie Madoff,the man who masterminded the biggest-ever Ponzi Scheme, has swapped a cocaine snorting luxury life on the upper east side  for one behind bars where his roomates are a mafia boss and a convicted spy.The insight into the 71-year-old’s new life comes in papers filed by Joseph Cotchett, a lawyer who is representing about a dozen of Madoff’s thousands of victims. He interviewed Madoff at the Butner federal prison near Raleigh, North Carolina, in July.

Madoff’s main leisure activity is taking walks around the prison’s running track at night.It alleges that Madoff employed a member of staff from 1975 to 2003 to acquire cocaine for his workplace, an office known by co-workers as “the North Pole”

Among his companions are Carmine Persico, the convicted boss of the Colombo crime family known in his professional life as “The Snake”, and Jonathan Pollard, jailed for life in 1987 for selling military secrets to Israel.

source Thegardian

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Another Bankruptcy’s Tale : Yohji Yamamoto

October 11, 2009

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Saddled with a $76 million debt, Yohji Yamamoto has filed for bankruptcy protection in Japan.Thanks God, someone-an investor- believed that Yohji is too iconic and inspirational to fail that he offered to bail him out of the whole mess.Investment firm Integral Corporation will infuse the Yamamoto empire with cash and help with management.Being a Yohji Yamamoto’s devotee and ex employee for years I can surely tell you that he’s one of the best designer of all times but forced to admitt that he had to make a more “sellable collection”  to weather the recession.

Basically everyone is cutting back : Especially in Japan once the world’s most avid shoppers of luxury,Japanese women are turning fast to low-cost brands like Uniqlo or H&M that Versace announced that it would close its Japanese store and Louis Vuitton abandonned plans to open a 12-story store in Ginza.