Probably the owners of Tentec, one retired, the other just retired as I
understand it, are probably not self aggrandizing bozos like the management
of banks with shareholders to, if not deceive, at least placate. IIRC,
First Interstate was about to go under and like bank mergers often are, it
was in effect a liquidation without FDIC intervention. My guess, expressed
here at the time, is that this is how the founders of TenTec liquidate
their ownership, their exit strategy to use modern parlance, with no
inference of distress or imminent closure like First Interstate.
One possibility is that RF Concepts acquired all the shares of TenTec,
intending to keep them as separate entities, so that TenTec is a wholly
owned subsidiary of RF Concepts, with its own management, a board of
directors chosen by RF Concepts the shareholder. The present CEO
apparently is still there, and may remain or not depending on how things go
here on out. I don't see anything sinister in how this unfolded, two
private companies, one buying the other upon the retirement of the
principals of the acquired company. Every small business faces this
eventually and a common solution is to be acquired by a competitor,
although TenTec and RF Concepts are not competitors strictly speaking.
I've seen quite a few of these over the years, actually.
73 de W6OGC Jim Allen
On Mon, May 19, 2014 at 10:57 PM, John Rippey <w3uls73@gmail.com> wrote:
> In my working life, long since past, I was a spectator at dozens of
> mergers of banks and bank holding companies, all of which in the first
> instance were accompanied by boiler-plate promises of how beneficial
> the mergers would be. Not all were. The Wells Fargo-First Interstate
> merger is one that comes to mind that created huge problems for Wells
> before management got it all sorted out.
>
> The opening sentence of the RF Concepts press release is not typical
> of merger announcements, nor is the absence of any quote from the
> Ten-Tec side typical. Usually both sides engage in glowing
> self-congratulation.
>
> The date of May 9 on the release is a puzzler. If the merger was
> imminent, and details had been settled, why not schedule a presser at
> Dayton, with both CEOs in attendance, thereby gaining maximum exposure
> in the ham community? Judging by the information in the press release,
> attendees were supposed to visit the two companies' stalls to find out
> more. Not exactly an optimal way to spread the word. And why were the
> stalls not combined?
>
> Seedman is identified as chairman of RF Concepts. Is he also president
> and CEO of the combined entities? Many questions, few answers. Sorry,
> but as a Ten-Tec owner, it is hard for me to be optimistic about this
> development.
>
> 73,
>
> John, W3ULS
> _______________________________________________
> TenTec mailing list
> TenTec@contesting.com
> http://lists.contesting.com/mailman/listinfo/tentec
>
_______________________________________________
TenTec mailing list
TenTec@contesting.com
http://lists.contesting.com/mailman/listinfo/tentec
|