Latts & Atts is GONE! - Page 6 - SailNet Community
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post #51 of 97 Old 06-26-2012
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Re: Latts & Atts is GONE!

Speaking of subscriptions I just got a renewal letter in the mail today, The big question is if the mail is that slow or that someone who still holds the keys to the PO box is trying to fleece more people out of their money.
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post #52 of 97 Old 06-26-2012
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Re: Latts & Atts is GONE!

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Ad revenue was actually up close to 9 percent this year ... commercially unsustainable, huh?
Well something sure as hell went wrong. Even if you are a complete and utter crook you do not close down a profitable business in that manner. Did the new owners (NOs) bleed the company dry living the high life and squandering the companies assets ? From what I've read thus far the piggy bank was pretty much empty to begin with, dare I say it because of BBs drive to build the new boat. Now maybe he thought that the magazine could pay for that dream, my guess is largely through contra deals, but whatever the reason the place was not up to producing that kind of revenue.

Now again, I am guessing. Nothing more because I have no insider information but to an outsider it looks to me as if the NOs took this on thinking that it was more profitable than it really was and having realised that was not the case they cut and ran. A very poor way of dealing with the situation yes indeed and they should be condemned for their actions but I'm sticking with my theory that they simply realised the business model was unsustainable. Remember of course, that even if revenue was up by 9% costs would also have undoubtedly risen and the NOs would have also had to factor in whatever they would need to pay BB and J plus the costs associated with leasing back the old boat.

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post #53 of 97 Old 06-27-2012
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Re: Latts & Atts is GONE!

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it looks to me as if the NOs took this on thinking that it was more profitable than it really was and having realised that was not the case they cut and ran. A very poor way of dealing with the situation yes indeed and they should be condemned for their actions but I'm sticking with my theory that they simply realised the business model was unsustainable.
Given what happened to a couple of friends of mine who recently sold their businesses, I find this quite (albeit surprisingly) plausable. Both of my friends were selling their businesses because they felt the market for their services was tanking (one of the businesses was a local photo processing facility), and they wanted out before they went under. Both businesses were bought by seemingly intelligent people who did a great deal of research on stability, cash flow and market conditions. Both businesses failed within a year of the sale. I must admit, I just don't get it.

And let's not forget that whatever blind spot the NO had on the business end of things had to be magnified by the "boat" factor. Everything related to boating is by definition a "bad investment"; we stay involved because we love it, not because it is a cost-effective recreational activity. I would be surprised if the NO's analysis of the L&A business outlook wasn't significantly colored by his love of boating and cruising.

I don't know enough about what happened to assign blame here; in my experience, there's usually enough to go around for all. I do feel badly for Bob and Jody. I met Bob briefly at the Miami Boat Show one year, and thought he was a hoot. And as I mentioned before, I found the editorial content and thrust of the mag to be a breath of fresh air.

I hope that Bob and Jody bounce back.
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post #54 of 97 Old 06-27-2012
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Dont forget that they had advertisers pay 3 months in advance the last month then never printed the mag. They also stiffed the printer for three months prior never paying them then got a new printer and stiffed them. On top of that they never payed the staff and didnt pay bb for the mag tobegin with nor did they pay the owner of the lost soul for its use.

So i really dont care what they walked into the deal with they took in advertising money for 6 months and another 3 months after that from willing advertisers.

At this point bb couldnt restart the mag if he got it back simply because they ran up insane bills with vendors and bailed the bills would follow the mag.

Im goimg to miss the mag and gonna miss liveaboard mag as well honestly they were the last two sailing magazines i enjoyed reading. As someone else stated i really have no desire to read about stories and boats that i have no way of ever owning. Unless so eone can direct me to anither magazine that has articles destinations and boats that the average person can or might be able to afford ill sub to it. Lat wasnt the best written mag honestly but at least the contributors i felt like i could relate to.

Oh well its a moot point the mag is gone wont come back because of months of back bills allong withit cruising mag went with it down the toilet since they folded the two together a couple months before. At this poimt i have no subs to anything guess ill just have a little extra money in my pocket.
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post #55 of 97 Old 06-27-2012
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Re: Latts & Atts is GONE!

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Dont forget that they had advertisers pay 3 months in advance the last month then never printed the mag. They also stiffed the printer for three months prior never paying them then got a new printer and stiffed them. On top of that they never payed the staff and didnt pay bb for the mag tobegin with nor did they pay the owner of the lost soul for its use.
Point taken, from all that we have seen thus far the NOs appear to be scumbags but I don't know if they set out to deceive. Hey, maybe they did but I cannot figure out why. I wish I knew how much advertising revenue L&A took in each month it would give a better perspective but as a deliberate con, if it was a deliberate con they sure as hell aimed low.

I'm reminded somewhat of that old joke with the punchline "We have established what you are, madam. We are now merely haggling over the price." If I was to rip you off i'd at least want to do it for a decent sum of money.

I do feel sorry for BB and J but the whole thing has an air of desperation about it. Commission the building of a big expensive yacht when you don't have the cash to pay for it then default losing both boat and whatever you have already poured into it ? Sell the magazine with no money upfront ? Lease your boat to someone with no money up front ? Pay advertising three issues in advance ? Print a magazine when you are already owed two months back ? Print a magazine for a new customer with no money up front ?

Hey, I know things are tough out there but every one of those decisions has the word DUMB stencilled across its forehead.

So that why my guess is at it is. The NOs didn't have any capital to begin with and thought they could be cashflow positive right from the start while BB and J were desperate to escape their own financial meltdown. (see above under DUMB). When they realised they had well and truly cocked up and had zero chance of pulling it off they, the NOs, sleazed their way out as best they could but I betcha there was not much in the tank when they did. As a further guess, the advert money in advance went to pay the printers bills from four and five months back.

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Last edited by tdw; 06-28-2012 at 12:22 AM.
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post #56 of 97 Old 06-27-2012
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I think the crappiest part of it in my opinion is the fact they locked up the building emptied it WITH all the office personels personal stuff in there. Add to that from what i understand they hadnt made payrole for some time.

I also find it odd that on there personal blog website they talk over and over about taking there circumnavagation as soon as they got enough money put together. That may just be dreams as everyone does but its still seems odd. Oh well..

I dont know the details on the deal bb was getting from the deal but im wondering ifmit wasnt something like he didnt really sell it per se but something like hed get a paycheck do what he limed cruise and write his little articles and do the shoes while the new guy runs the show and bb is like a silent partner or something.....thats just me thinking outloud.
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post #57 of 97 Old 06-27-2012
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Re: Latts & Atts is GONE!

Unless BB had a dope for an attorney, he should be able to get license back on the brand for default of payment, but not have to take the corporation back to do it (ie, it's liabilities).

He would need the capital to start from scratch. I think the bigger problem is that the mag seemed like it was marginal to begin with and rebuilding marginal would take a lot of enthusiasm.


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post #58 of 97 Old 06-30-2012
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Re: Latts & Atts is GONE!

Just wanted to say, "one of my favorite sail magazines" had more of a real life aspect to it for me. Not a die hard boater by no means but out of all them I enjoyed Latts and Atts the most. Still have This Old Boat keeping the dream alive.
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post #59 of 97 Old 06-30-2012
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Re: Latts & Atts is GONE!

TDW has the best angle I've seen . I think he's about right. Latts and Atts isn't the only glossy mag in my magazine rack, that is no longer published. Perhaps Bob and crew can do something on the net, but glossy mags are dinosaurs.
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Last edited by TomandKarens34; 06-30-2012 at 08:11 PM. Reason: spelling
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post #60 of 97 Old 07-01-2012
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Got an email yesterday they are indeed going to be doing a new internet endeavor apparently it will be free i for one will be looking forward to it.
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