Quantegy buyer: http://www.cannonventures.com/quantegy Article from: http://www.wtvm.com/Global/story.asp?S=2819915&nav=8fapVHkH Quantegy has a prospective buyer with ties to Opelika. Race Cannon grew up here, and his grandfather was partners with John Herbert Orr when the company began. Cannon said he'll get the company back on its feet, and do it with the now-former workers. "These employees are the people that know how to make the tape," said Cannon. "This tape can only be made in Opelika because you can't take a factory and put it somewhere else and try to retrain employees." He wants to implement an employee stock ownership plan and hopes to build a museum on-site with vintage audio equipment. It will also include a recording studio, with the possibility of current music artists coming to Opelika. ï¿½However, in order to keep the company competitive, the bankruptcy issues need to be dealt with quickly. "The sooner the better in this instance. They're not making any tape right now with the gates locked, and people need this tape," Cannon said. "If they wait too long to complete this transaction then that may reduce the demand for tape once the company is back up and running." Cannon said the analog tapes manufactured by Quantegy are not being replaced. ï¿½The tapes offer more of an original sound than digital media. ï¿½However, he intends to gradually add digital products along with the tape. Cannon said one downside to Quantegy is the corporate heads are not in Opelika. ï¿½The company has lacked local leadership, and Mayor Gary Fuller couldn't agree more. "That's how the whole thing started to begin with, with local folks. That would be even better, but the most important thing at the moment is to try to get someone in there," said Fuller. "If it's Race, that'd be just terrific. That'd be great news." So far, Quantegy owes around $25 million to creditors. ï¿½Once the bankruptcy filings are complete, that's when Cannon will offer a fair asking price. Cannon is looking for feedback from employees laid off over the holidays. He says it's crucial to making this work if he successfully aquires Quantegy. He has set up a web site where employees can anonymously send comments. ï¿½You can reach that page at http://www.cannonventures.com/quantegy.