“As part of the leadership changes, Mr. Chris Rebentisch has departed the Company and will no longer serve as CEO, and Ms. Ester Vigil will no longer serve as President.:”
The extraordinary dumpster fire that 1933 Industries ($TGIF) has become claimed a couple more bodies on the top floor as the President and CEO were shown the exit, with all the ceremony of the quote above given to them for their service. What it doesn’t say is why it took so long, and, why two people half way out the door were allowed to stage a showdown with debenture holders. A move like that is a one way street. I mean, anyone who comes after would be somewhat handcuffed, and placed into an adversarial stance with long-term creditors.
$TGIF sees the solution in hiring 2 guys with nothing to do previously with the outfit to solve an 8 quarter debacle. Brayden Sutton has always had a tight, tight hold on the shop. From Day 1. If there’s a problem at 1933, I don’t think anyone has to get too creative to find it. Look to the last guy, who was hand picked, and gave himself and Brayden a half-million shares shortly after getting the job.
This thing, gads. Guard-rail to guard-rail. And what we have now is debenture holders with an ultimatum in their hands, and 2 new commanders. Perhaps the firings are what the debenture holders’ price was to go forward.
In any case, $TGIF should no longer have any excuse for continuing on the extended 3-Stooges skit they’ve been performing for the past couple of years. Shouldn’t anyhow. My mind goes to wondering how Brayden will cock this up too.
The preceding is the opinion of the author, and is in no way intended to be a recommendation to buy or sell any security or derivative. The author holds no position in $TGIF
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