The mini shreds in the Quiksilver King of The Groms 2010 actually make Disney’s Typhoon Lagoon look fun. Then again, maybe it is. . .
[Link: Mountain & Wave]
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June 2010
It was exactly a year ago that the Rhone Group (a private equity firm specializing in “leveraged buy-outs of trans-Atlantic businesses“) bailed Quiksilver out to the tune of $150 million. We knew they were serious when they required two seats on Quik’s board. Now, according to a press release the Rhone Group is trading $75 million of that debt in for 16.7 million shares of Quiksilver stock at $4.50 a share.
The closing share price of the company’s common stock on the New York Stock Exchange on June 14, 2010 was $4.47. In addition, under the agreement, Quiksilver has an option, exercisable in its sole discretion, to require Rhone to exchange up to an additional approximately $65 million of the remaining outstanding principal amount of senior secured term loans for additional shares of common stock at the same price per share. This option is available for a 60-day period following execution of definitive documentation relating to the transaction.
If Quik decides to have Rhone act on all its options then Rhone would own 30 percent of Quiksilver. Bob McKnight says this is a good thing for shareholders.
“This exchange offer is an important step toward further de-leveraging our balance sheet and will provide us with additional operating flexibility in an improving business environment. Additionally, the Rhone offer demonstrates a real vote of confidence by a major investor who is willing to commit to a further equity investment amid a volatile stock market. We believe that stockholders will recognize the substantial value of this endorsement.”
It is also a great example of how debt translates into a loss of equity and how patient leveraged buy-out firms cooly and calmly leverage their buy-outs.
Follow the jump for the entire release.
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The Transworld Skateboarding Awards were last night (June 15, 2010) in Hollywood, California at the Avalon Theatre. If you missed them, Ben Kelly (or one of his workers) was kind enough to live blog the entire evening. How nice was that? It’s much less painful to follow the awards online, believe us. Scroll through it and you might even be able to figure out who won the awards (or just click here for the entire list).
[Link: Transworld Skateboarding]
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For the duration of the Ron Cameron’s Dismantled Hope art show at the Encinitas, California Library (June 9- July 16, 2010), the Encinitas-based stye shop UNIV will be selling six of Ron’s limited edition t-shirts featuring iconic graphics from throughout his career. We’re thinking about buying one of each. Get ’em while they’re around.
[Link: UNIV]
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Canadian Emerica team rider and Black Russian Skate Shop owner Josh Evin, 29, died early June 13, 2010 after he “failed to negotiate a turn” and “flipped his motorcycle into Kootenay Canal” in Nelson British Columbia, Canada according to a story in the Castlegar News.
“It looks the like the motorcycle was going too fast to negotiate the corner,” says Inspector Henry Paivarinta with the Nelson Police Department. . . The motorcycle’s passenger was able to swim to shore, but an extensive shoreline search by Nelson Police, B.C. Ambulance, Beasley Search and Rescue and representatives from B.C. Hydro failed to locate Evin.
Evin’s body was eventually found and recovered yesterday (Monday, June 14, 2010) by a RCMP dive team. Our thoughts are with Evin’s family and friends.
[Link: Castlegar News]
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A 59-year-old woman went after Bam Margera with a bat on Saturday morning June 12, 2010 after she had complained about noise at his bar The Note.
Elizabeth Ray, who lives on the same block as the bar, attacked Margera with a bat at around 2 a.m. on Saturday. . . She was arrested and charged with one count of aggravated assault, two counts of simple assault and two counts of reckless endangerment. She posted $10,000 bail shortly after her arrest.
Bam was taken to the Chester County Hospital intensive care unit, but was released a couple hours later, according to a story on MTV.com. Bam always could take a beating. . .
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Transworld and Group Y have crawled into bed for the summer panel discussion season, now Agenda and Shop-Eat-Surf are joining the media/B2B love fest as partners on Agenda’s print show guide.
Shop-eat-surf will publish business profiles in the show guide of the show’s featured artists, plus brands exhibiting at the show and retailers attending the show. The guide also includes product showcases from exhibiting brands, maps of the show floors, event listings and messages from show sponsors. . . “We’re happy to partner with Agenda and its audience of top brands and retailers,” said Shop-eat-surf President Andrew Horan. “Agenda is an important trade show for the action sports, street and fashion industries, and we’re excited to present our style of online business news and information to a print publication, and to this audience.”
It’s a perfect collab when you think about it. What better venue for Shop-eat-surf’s old web content than a trade show brochure? Follow the jump for all official details.
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Think you’ve had a rough life? The Master of Disaster Duane Peters puts nearly everyone (who is still alive) to shame in the barely standing department. Click play for stories from the punk rock skate lifestyle and DP’s thoughts on everything.
[Link: Shred Or Die via Tony Hawk]
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Don’t miss Dismantled Hope: the art of Ron Cameron at the Encinitas Library June 9- July 16, 2010. Cameron has played a much larger roll in the creation of the skate art esthetic than most know. Having designed logos and brand identities for nearly everyone in the action sports business, Cameron is best known for his work with Blockhead Skateboards (Nothing is Cool) and RVCA (The Artists Network).
The opening party is Friday, June 11, 2010 from 6 PM to 9 PM and features a special live performance by Jason Lytle of Grandaddy.
Encinitas California Library Community Room, 540 Cornish Dr. Encinitas, CA 92024
[Links: Dismantled Hope and Ron Cameron via The Skateboard Mag]
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