We have to wonder about the logic of investors who loans millions of dollars to a money-losing business and then ask for a piece of the floundering company when the loans cannot be repaid, but that is exactly what some of Intrawest ULC’s creditors are asking for according to a story on Bloomberg.com.
Fortress presented lenders including Davidson Kempner Capital Management LLC and Oak Hill Advisors LP with a plan last month to swap the loan for new debt maturing in 2015, according to the people, who asked not to be identified because the talks are private. Lenders rejected the proposal, which gave them the option to convert some of the debt to equity in five years. Some lenders want equity now so they can benefit if Intrawest’s business rebounds.
Guess if you were silly enough to sink millions is ski resort real estate in the first place you might miss the fact that Intrawest probably doesn’t have much rebound in its future.
Zinio, one of the first companies to put secure PDF versions online in a nearly unusable format, has just released an iPhone app that will allow Transworld Skateboarding digital magazine subscribers ($6.97) to stumble through a digital version of the mag on their iPhones.
Zinio’s CEO spares no hyperbole in his description:
“In one fell swoop, Zinio is mobilizing the entire publishing industry and moving it light years ahead,” said Rich Maggiotto, President & CEO, Zinio. “While many publishers are battling digital distribution with a platform-by-platform approach, Zinio has announced ‘Unity’ for consumers to explore and enjoy reading digitally regardless of their device from anywhere in the world.”
One fell swoop? It’s like magic for magazines. Who doesn’t love magic? There is one very cool function, however. It is called “read mode” and it makes it possible to view a “text-only” version of the magazine which can save loads of frustration with the magazine layouts.
After cruising around a magazine issue with the Zinio app ourselves we have to say it is smooth-running, nicely designed, and easy to use. In fact, it’s probably the best “digital magazine reader” we’ve tried so far.
Core mall retailer Zumiez apparently wasn’t happy with the performance of their store at The District at Tustin Legacy mall in Southern California’s Orange County, according to a post in the OC Register.
Kim Daskas, spokeswoman for Vestar, which owns The District sent me this statement: “The Zumiez closure comes at a time when many chains are downsizing and restructuring to meet the challenges of the recent economic downturn. As always, Vestar will take the lead role in finding an appropriate replacement store selected to improve and complement our retail mix.”
You gotta know when to hold ’em, know when to fold ’em.
Frankfurt, Germany’s skate and sneaker show Bright goes down this weekend. It’s a little late to book tickets, but if you live down the street check it out.
Tony Hawk: Trick Tips, an iPhone app that we haven’t even checked out yet, is reportedly the number one spot in Top Paid Sports on the iTunes App Store, according to a recent press release.
Hawk has been hailed for his creative online interaction with his fan base and this week reached a Twitter following of over 2 million. . . . “I am thrilled to be able to reach both new riders and loyal fans with these new apps. While I wish I could personally teach everyone who wants to learn. But for now, this is the next best thing,” Hawk said.
Wonder if people think this app will help them play Tony Hawk Ride?
Ken “Skindog” Collins had the VeeCo booth packed all day long.
Each winter sales rep organizations like the Western Winter Sales Rep Association host pre-shows where snowboard retailers can check out next year’s products without having to travel too far.
Today, we stopped by the WWSRA’s NorCal Pre-Show at Cal Expo in Sacramento, California and were lucky enough to get out with some photos of what’s coming up for winter 2011.
A bill that would “effectively ban manufacturers from dictating minimum prices to dealers” has been approved by the House Judiciary Committee according to a story on Sports One Source.
The Discount Pricing Consumer Protection Act of 2009, or H.R. 3190, was passed out of the full committee. The bill, sponsored by Rep. Henry Johnson, D-GA, currently has only two co-sponsors, including Rep. John Conyers Jr, D-MI. The Senate has yet to vote on a companion bill (S 148) sponsored by Sen. Herb Kohl, former head of the Kohl’s Department Store chain.
Will be interesting to see how this effects snowboard pricing next year.
Want to know how the skateboarding business works from the ground up? Ask Eastern Skateboard Supply’s Reggie Barnes. He has seen the skateboard business from pretty much every angle including, pro skater, shop owner, skatepark owner, distributor, and now with Birdhouse, a manufacturer. Surf Expo’s Sean O’Brien interviewed Barnes and you should probably read it now. Click the link.
Users will be able to download a free trial of the magazine when they download one of the Apps from apples iTunes App store. They will then be push notified when new magazines and offers are available allowing them to purchase individual magazines or subscriptions, as well as back issues. . . The App comes with interactive page flipping, where pages follow your fingers and a zoom feature, which overcomes the inherent problem of reading magazines on the mobile devices.
The magazine apps were created in partnership with Pixel Mags. We’re found most magazine apps to be almost unuseable and annoying for all kinds of reasons, but maybe Pixel Mags has done these right. Follow the jump for all the details. [click to continue…]
The week before the skate world gathered in Huntington Beach, California for The Berrics Agenda Show another gathering of skateboarders went down in Philledelphia, Pennsylvania at The Focus Show. Here’s a little video of the event. For more info click the link.
We have to wonder about the logic of investors who loans millions of dollars to a money-losing business and then ask for a piece of the floundering company when the loans cannot be repaid, but that is exactly what some of Intrawest ULC’s creditors are asking for according to a story on Bloomberg.com.
