As reported by Der Spiegel Märklin has applied with the courts in Göppingen.
I mentioned this before, the big jubilee-years seem to do them in: Fleischmann(120), LGB(125), Märklin(150).
PS To pre-empt expectations: No, I won’t be doing regular translations!
And Kingsbridge investment took down two of the three (not to mention Trix)
Oh crap
well looks like my LGB locos wont be getting fixed anytime soon.
Long, Gone and Bankrupt, twice???
Geoff George said:I believe, over a period of time, parts for any locomotive brand will be scarce. We have to become very good bashers and improvisers.
well looks like my LGB locos wont be getting fixed anytime soon.
It’s the motors and gearing that we need.
You can run any track-powered loco without any of the inner electronics if you have to.
I would say buy up a few Aristo and USA blocks while you can.
Geoff George said:Geoff,
well looks like my LGB locos wont be getting fixed anytime soon.
According to Märklin sources the intent is: business as usual while the insolvency and the intended restructuring proceeds.
Marvin,
“The world according to Marvin & Co” has only a fleeting association with how things really work. 
You’ve proven that in the past, but of course you’re entitled to prove it once again. 
HJ, knowing German Labor Laws, they will work all they can and produce products to sell as the money is needed to pay the workers. They may come out leaner and meaner but they may not do the LGB thing. I wounder if the dies, tooling, and name will be up for sale? We shall have to wait and see what happen, and that could be awhile!
Paul
Paul,
I did a bit of background work on the labour situation during German insolvencies when the crap hit the fan at EPL, the possibilities are quite interesting and I’m sure they will make the most of those. The rest will run like most of the Chapter11 routines this side of the pond.
JJ/Marvin,
really, who are you trying to dupe with the insane isinuation that Kingsbridge was responsible for the demise of Lehmann. Kingsbridge entered the scene in 2006, when one of its merchant banks took ownership of an outstanding loan credit which had already fallen due several times previously and had been defaulted on (dating from as early as 2004). Marklin were already in financial trouble when taken over by Kingsbridge. I suppose that LGBoA/G45, with its extremely limited access to capital, could have done a better job of the whole affair.
You are flogging a dead horse with your line of reasoning (and we all see past the rubbish you are perpetuating).ok.
for the none German speaking of use out there. here is a link to a story in english.
http://www.spiegel.de/international/business/0,1518,605513,00.html
now, just so everyone knows were I stand. I only wont to get my stuff working right before there is no more LGB of any kind or hope that there might be. So, yes it is all about ME.
Thanks Geoff,
That’s a lot better than the Google and Bablefish mangling and I can sit back and relax!!
On the “relax front”, at present I’m reading “The Anglo Files”. Oh my, that sure brings back memories.
Now I see what the problem is:" Kingsbridge Capital of Britain and the New York investment bank Goldman Sachs bought the company in 2006"
Goldman Sachs. Same bank “W” pulled all his treasury people from. Including Paulson and the fella that spent the first $350 billion.
$165 million in sales and you can’t pay 650 employees.
How many billions did Goldman Sachs get from the US bailout?
Why would they need to borrow from German banks?
I guess they weren’t too busy to loot the Marklin treasury while they were doing the same to the US Treasury.
Ralph
Ralph, it’s not that easy. According to German reports the renegotiations of the lines of credit never even progressed to the “at what interest” stage. The banks (all the banks!) feel the squeeze from all sides and try to shore up what there is.
But it will be interesting to see if Kingsbridge/Goldman Sachs will pay out the banks somewhere along the line, after they “restructured” the internals at Märklin. “Restructuring” could quite possibly involve the workforce at Göppingen who, up to now, had a more or less ironclad contract which could not be reopened. It’s wait and see time, again!
Goldman Sachs is a bank. They got over $10 billion in Federal TARP funds.
It is no wonder the German banks didn’t want to extend credit.
Bankruptcy has become a badge of honor with today’s CEOs. It indicates they have successfuly looted the treasury while screwing the creditors only to arise like the Phoenix and do it all over again.
Ralph
Well here we go again, lets all blame each other and scerw the the rest of you!! Like Hans said we need to wait and see what the outcome is, not sit around and bitch and moan about something we (YOU) can do nothing about - oh unless you got alot of money to spend!
Paul
E. Paul Austin said:
Well here we go again, lets all blame each other and scerw the the rest of you!! Like Hans said we need to wait and see what the outcome is, not sit around and bitch and moan about something we (YOU) can do nothing about - oh unless you got alot of money to spend!Paul
Buy a company and file bankruptcy 2 years later.
A. you made a very stupid purchase or
B. you looted the company.
Either way, I’m not impressed.
Waiting won’t change that.
Ralph
The English speaking news half hour ‘DW-Germany’ had a segment on Maerklin’s woes. The ‘refusal’ of the bank involved to extend credit is simply a symptom of the current financial crisis. Funds have dried up and banks are finally being cautious with the money entrusted to them. There is a move (from employers) for German workers to work less hours per week.
Ethically, who is morally at fault - a company that cannot service its debt burden, or a bank that sees a bottomless pit in front of them. Marklin is simply a victim of its own financial circumstances. If banks had not of been so generous back in 2004, by extending loan credits again and again, then Lehmann would have collapsed two years earlier.
Hans-Joerg,
Did you not say that Marklin would be LGB’s savior??
Tim,
JJ said that Kingsbridge was the down-fall of Marklin & LGB, no where did he say Lehmann…