35mmdelux Posted April 5, 2005 Share Posted April 5, 2005 As a follow-up to my previous communication about Leica's financial woes, it has come to my attention that the fiscal year 2005 financial blow is severe. While the company remains solvent - with assets exceeding liabilities, worldwide sales have declined to the point where Leica management has pointed out that such losses will lead to a loss in the amount of half of the registered share capital of Leica Camera AG. For non-accountants, this means that the company will lose half its value in the stock market. Not a good thing. Because of the poor performance and lack of management credibility on the part of financiers, as of several weeks ago bank credit lines were terminated. Generally, the termination of credit lines is the first step in a bankruptcy. Thus, a shareholder Extraordinary General Meeting is scheduled for May 31, 2005, to decide on what financial measures can be implemented to try to turn the company around. What stuns me most is that this small elite branded company can be brought to the brink of financial disaster. For starters, in order to turn the company around I would recommend the board immediately fire Leicas vice-president of finance and the vice-president of marketing. Paul Angulo, CPA Link to comment Share on other sites More sharing options...
Bill Blackwell Images Posted April 5, 2005 Share Posted April 5, 2005 Hello???!!! “When you come to a fork in the road, take it ...” – Yogi Berra Link to comment Share on other sites More sharing options...
blakley Posted April 5, 2005 Share Posted April 5, 2005 Long nap, Paul? Link to comment Share on other sites More sharing options...
paul t Posted April 5, 2005 Share Posted April 5, 2005 Liberace was gay! I never saw that one coming... Link to comment Share on other sites More sharing options...
rj Posted April 5, 2005 Share Posted April 5, 2005 He's not gay, just really really happy. Link to comment Share on other sites More sharing options...
notraces Posted April 5, 2005 Share Posted April 5, 2005 I had no idea... I double checked these figures on my Bowmar Brain -- astounding! Link to comment Share on other sites More sharing options...
alec1 Posted April 5, 2005 Share Posted April 5, 2005 Thanks, Paul. Now go back to sleep and contact us again next year. Link to comment Share on other sites More sharing options...
michael_kastner Posted April 5, 2005 Share Posted April 5, 2005 I'd say that if they survived over the last hundred years or so, then they'll go on for another year or two to come... Link to comment Share on other sites More sharing options...
chiswick_john Posted April 5, 2005 Share Posted April 5, 2005 "What stuns me most is that this small elite branded company can be brought to the brink of financial disaster" - their whole company is/was based upon a product which used 35mm film - a now or soon to be osolete medium for image capture for the mass market. Link to comment Share on other sites More sharing options...
__jon__ Posted April 5, 2005 Share Posted April 5, 2005 You are NOT doing my taxes. Link to comment Share on other sites More sharing options...
george_conboy1 Posted April 5, 2005 Share Posted April 5, 2005 "For non-accountants, this means that the company will lose half its value in the stock market." Rubbish. Losing half (or any other portion) of its net worth does not have any direct effect on a company's share price. Share prices are set by the willingness of an investor to pay. A few years back there were any number of internet-related companies with only nominal shareholder equity whose shares nonetheless were valued, briefly, in the stratosphere. Link to comment Share on other sites More sharing options...
roger_michel Posted April 5, 2005 Share Posted April 5, 2005 what this thread needs (at least for the purposes of ensuring deletion)is a fuller inquiry into precisely what that "CPA" at the end of paul's name REALLY stands for. Link to comment Share on other sites More sharing options...
jim_mcbride Posted April 5, 2005 Share Posted April 5, 2005 is that it is at least theoretically possible some day that I might be able to afford to buy the whole Leica company (via purchase of 100% of its common equity) but I will never again be able to afford to buy a new one of its M cameras. Link to comment Share on other sites More sharing options...
35mmdelux Posted April 5, 2005 Author Share Posted April 5, 2005 Before you ridicule you might want to analyze the financials and know what you're talking about. One of the worst financial cases I've ever seen, ever. Leica AG is puny compared to the finances I work on daily. I didn't realize ignorance ws so pervasive. Get the facts before you put hoof in mouth. As for me, I'm more interested in taking pictures. See ya! Link to comment Share on other sites More sharing options...
billsr Posted April 5, 2005 Share Posted April 5, 2005 Paul, FYI, Leica periodically sends out e-mail announcements to its fans and customers. I received the very same information you have conveyed in this thread approximately 2 months ago. I'm sure most of the members of this forum have already received the information as well. Those of us on Leicas' mailing list also received this news by postal mail, long ago. The problem has also been cited in Leicas' LFI publication, I'm told. Best regards, Bill Link to comment Share on other sites More sharing options...
rj Posted April 5, 2005 Share Posted April 5, 2005 Paul, if you are so interested in taking photos, than why are you starting a thread on a forum that essentially repeats an issue that has been beaten to death, and then in turn attacking others. Shouldn't you be out taking photos instead. Link to comment Share on other sites More sharing options...
mark_theken Posted April 5, 2005 Share Posted April 5, 2005 What is the current market capitalization of Leica AG? (I think this is determined by current price per share X number of shares outstanding.) Link to comment Share on other sites More sharing options...
larry d. Posted April 5, 2005 Share Posted April 5, 2005 Well, I don?t think anyone here on the Leica Forum could accuse Paul of ?Insider Trading? like ol? Marta Stewart huh? ;-)) Lar Link to comment Share on other sites More sharing options...
brambor Posted April 5, 2005 Share Posted April 5, 2005 Give the guy a break ;-) He's been doing taxes since January until now... Link to comment Share on other sites More sharing options...
jack_thistle Posted April 5, 2005 Share Posted April 5, 2005 Does this decrease the resale value of the "Ein Stuck" models to like $1,500 USD? Link to comment Share on other sites More sharing options...
robert goldstein Posted April 5, 2005 Share Posted April 5, 2005 This ridicule of a post indicating earnest concern (however delayed) for Leica's survival is nothing short of childish. So what if Paul didn't consult the archives before posting? He's hardly the first such sinner in the history of this forum. Link to comment Share on other sites More sharing options...
tito sobrinho Posted April 5, 2005 Share Posted April 5, 2005 I've been waiting eagerly, for the Charles/Camilla... M7 "Royal Wedding Commemorative"! Link to comment Share on other sites More sharing options...
johnny massey Posted April 5, 2005 Share Posted April 5, 2005 A Charles/Camilla commemorative model would need a 'stealth' mode. Link to comment Share on other sites More sharing options...
35mmdelux Posted April 5, 2005 Author Share Posted April 5, 2005 Thank you for your kind and noble words. I am surprised by the level of attack towards me from this community of photographers, especially by those labeled as heroes by the Forum. I was not aware of the archives since I am new here. The attacks are intended to silence the individual. The very thing Americans fight against in IRAQ and worldwide. I have worked with many photographers mostly in Hollywood and I have always done so with mutual respect as an artist and a professional. Again, thank you Sir, and I thank those who have contributed so positively during my week on this site. Semper Fi. Paul Angulo, CPA Link to comment Share on other sites More sharing options...
todd_phillips1 Posted April 5, 2005 Share Posted April 5, 2005 Paul, I hope you will hang around the forum for a while. There are a lot of personal attacks and some "harmless" sarcasm. But there is also a lot of information here as well as some great Leica gear to be sold. Try to ignore the bad comments...it's easy just to scroll over them and if they get TOO bad, the poster gets banned. That cools things down pretty quickly. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now