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. �However, 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. �The tapes offer more of an original sound than digital
media. �However, 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. �The 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. �Once 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. �You can reach that page at
http://www.cannonventures.com/quantegy.
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Comments
Analog tape is not something that I would like to see go the way
Analog tape is not something that I would like to see go the way of the DODO bird and disappear. However it is a niche market and we as recording and mastering engineers need to be able to tell the producers and retailers how much we need it and how much we need in a given year so they don't overproduce (which I understand is not currently a problem since there is much more demand than there is product).
One problem that is facing Quantegy is that they are really far in dept. If they had started letting everyone know earlier they were looking for partners it probably would have been easier to find someone to help out.
Since Quantegy is the only manufacture left in the states it is like a rare species on the verge of extinction and should be receiving help from the federal government (since they are a large user of data and logging tape and do not, I am told, have any other source.)
I don't think the current administration cares one way or the other. I guess they think the Chinese will simply start making it and we can all buy it from them so NO PROBLEM.
Lets hope that this is settled quickly and that Quantegy can start making the tape we all love and use.
MTCW
-TOM-