Latts & Atts is GONE! - Page 4 - SailNet Community
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post #31 of 97 Old 06-23-2012
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From an outsider Im wondering if some of the issue might be the fact bob was running a business that was paid for making a profit. New owner comes in maybe not all that business savy maybe hoping that he can improve revenue. Fact remains hes making a mortgage payment and not operating payment free.

Not saying this is the case at all but sometimes peoples dreams are bigger than there head.
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post #32 of 97 Old 06-23-2012
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Re: Latts & Atts is GONE!

The thing is ... in addition to forcing half of the new ownership group out, Dolan didn't pay anybody anything. No mortgage payment. No payments at all.

BB never got paid for the sale and is looking at bankruptcy. Kim Paternoster (one of the two forced out after the purchase) lost all the money she invested. The printer didn't get paid. The company van's lease payments never got paid and it got repo'd. The Lost Soul's lease payments were never made and it got repo'd. The advertisers who actually bit on Doran's new requirement that they pay three months in advance (not an industry standard despite when he claimed, and I've made my career in publishing) are out three months' worth of cash. A lot of employees never got paid.

So, DJ, if you're reading this ... Where's the money? Where's the office equipment (and did you also take employees' personal items when you cleaned out the office equipment)? Where's the L&A intellectual property?
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post #33 of 97 Old 06-24-2012
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Re: Latts & Atts is GONE!

Wait a minute, i need more popcorn
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post #34 of 97 Old 06-24-2012
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Re: Latts & Atts is GONE!

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Originally Posted by Skip Wiley View Post
The thing is ... in addition to forcing half of the new ownership group out, Dolan didn't pay anybody anything. No mortgage payment. No payments at all.

BB never got paid for the sale and is looking at bankruptcy. Kim Paternoster (one of the two forced out after the purchase) lost all the money she invested. The printer didn't get paid. The company van's lease payments never got paid and it got repo'd. The Lost Soul's lease payments were never made and it got repo'd. The advertisers who actually bit on Doran's new requirement that they pay three months in advance (not an industry standard despite when he claimed, and I've made my career in publishing) are out three months' worth of cash. A lot of employees never got paid.

So, DJ, if you're reading this ... Where's the money? Where's the office equipment (and did you also take employees' personal items when you cleaned out the office equipment)? Where's the L&A intellectual property?
DJ - you might have missed one very important aspect of the whole M&A thing...

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post #35 of 97 Old 06-24-2012
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Re: Latts & Atts is GONE!

If BB made a sale and never got the money before signing over the business, then one has to wonder about his common sense. Seems BB was desperate and took the first offer.

I think that BB was very desperate to sell and the magazine wasn't making much money. High pulp and paper rates and lower subscriptions.

Also, I bet he was building his new Shannon boat by giving the building suppliers contra advertising. (free parts/labout for free advertising) It's not hard to see this when you look at his magazine. Then, BB wrote an article about him not being able to afford the new Shannon and he put the unfinished boat for sale. He got over his head and put L&A for sale and took the first offer...which was obivously conditional and went sour.

It will be hard to recover at his age. Really sucks for him. It's not like he didn't work hard to become a success and still make time to play.
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post #36 of 97 Old 06-24-2012
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Re: Latts & Atts is GONE!

I recall when the purchase of L & A was announced, I was a little stunned. These guys meet at a boat show and they're going to buy the mag, buy back the Lost Soul, let Bob & Jody sail around the world and write articles. My first thought was that these guys must have incredibly deep pockets. Now it appears that they were just scamming everybody. Just a shame.

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post #37 of 97 Old 06-24-2012
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Re: Latts & Atts is GONE!

Doing an internet search on DJ Doran and Joe Morales came up with, what I can only say, were a couple of guys who were trying the quickest way to make a fast buck to pay for their cruising.
A failed LLC in the State of Washington called Sabre from 2007-2009; what appears to be an online "magazine" and website for gay cruisers called bluq that, from what I can tell, never really went anywhere. A company called Sextant Publishing that didn't seem to have any "publishing" connected to it until the deal with Lats and Atts came through. As late as July 2011, they had blogged on their sailing blog that they were planning a world cruise. Why would they be planning a world cruise when they had so much "business" going on?
I think, maybe, business records for these two for the past five years need to be examined closely. I see "red flags" all over the place for financial trouble, spur of the moment decisions and instability even before the Lats and Atts deal.....and, yes, this is my own personal opinion from what I've researched on these two solely from the internet.
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post #38 of 97 Old 06-25-2012
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Re: Latts & Atts is GONE!

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Bingo. It's time had come and gone. And there are precious few ad dollars flowing around right now.
I dont agree. I am not a fan of Hunter sailboats, but would sad should they disappear. Why?, because they are part of the sailing community. Weather you like or dislike the magazine, it means one less source of info, one less publication which promotes sailing.
I believe the magazine "living aboard" was also taken over by Seafaring a few years ago, so that mag is likely also gone.

Not an event which should be cheered by sailors IMHO, whether you love or hate the magazine.
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post #39 of 97 Old 06-25-2012
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Re: Latts & Atts is GONE!

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I dont agree. I am not a fan of Hunter sailboats, but would sad should they disappear. Why?, because they are part of the sailing community. Weather you like or dislike the magazine, it means one less source of info, one less publication which promotes sailing.
I believe the magazine "living aboard" was also taken over by Seafaring a few years ago, so that mag is likely also gone.

Not an event which should be cheered by sailors IMHO, whether you love or hate the magazine.
I don't think anyone is cheering, merely giving reasons why it became commercially unsustainable and/or why its time had passed.

For mine I care not if it survived or not but if some folk want to read it then hey, that's OK by me. Even if the new owners were somewhat dodgey had L&A been making money I doubt they would have cut and run. Not as if they bled it dry, by the sounds of things their was not much cash in that particular cow.

L&A began on the smell of an oily rag. If it is a valid business model then it should not be all that difficult for BB & J to resurrect the thing. Capital involved not large though as a start up it would presumably be on a more modest scale than it was at the end. It might well be profitable enough to support a cruising lifestyle but I doubt it would be profitable enough to buy the boat itself and I don't mean the Shannon, more Lost Soul II.

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Last edited by tdw; 06-25-2012 at 10:32 PM.
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post #40 of 97 Old 06-25-2012
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Re: Latts & Atts is GONE!

Sounds like the next question is... so who's going to step up and fill the niche? LatsNAtts was special. Let's not not have something special.

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