Podium (DVS, Matix, Diamond) files Chapter 11 Bankruptcy

[MFS]

I skated sole tech shoes for over a decade and now they dont make any stiched cupsole that arent heinous mall boots. They killed the accels so now im just saying fuck it and im gonna just skate dunks too. It pisses me off that real skate shoe companies expect everyone to do the right thing but the right thing is buying a shitty pair of vulc shoes that are made in the same factory as wall mart shoes and last a week. Ironically i dont mind spending 100 dollars on a pair of dunks mids because they are gonna last me 4 months and ill be able to walk adter skating for the day.

Nike is evil, they suck and its true. However the core brands are straight ripping there fellow skTeboarder off at this point so fuck em.

DVS hasnt made a decent shoe since the barons. Diamond is embarassing.

[Snowman]

the main reason why lakai left was because of the problems that have been going on over the past 2 years or so at podium, what really pisses me off though is how they drop a ton of their pros but still send 5000 shoes to their flo-cal riders

Giving kids shoes to hundreds of kids to skate who need shoes and probably wear them out quite often, is a lot better than giving a few pro's paychecks.

[Archers of Chaka]

Lesson from this story? Don't hire Erica. She's obviously cursed.
She worked for Active, they filed for bankruptcy. She works for Podium, they file for bankruptcy. Hmmm....

[MarcusSorrell]

It's not Diamond as a whole, it's Diamond shoes as far as I am aware.

[tb303]

Anyone here that was skating in the 90's knows that dvs had a good rep,
had the potential to turn into a DC type organization but I guess you can't have
shoe companies that begin with the same letter, duffs, dukes ect...

[john2010hill]

How long do you think it'll be till nike, cons, addidas, and vans are the last shoe companys standing?

[skate_bored]

auction was today i believe. wonder what happened...

[Sarcasm]

How long do you think it'll be till nike, cons, addidas, and vans are the last shoe companys standing?

Dec. 21st 2012

[Joe Pesci]

the only people who should wear diamond are people sponsored by them and hype beasts

[Grand_Larsony]

So, I don't remember hearing anything about Zared switching shoe companies, but assuming he didn't, he got some shitty luck man hahah, I mean first with Zoo and now DVS? Plus i just checked his SPoT profile and his sponsors were Red Bull, Hubba, Swiss, Tensor, and Mob.... Zared holds it down, hope he gets picked up by someone who will hook him up good

[cletus the slack jawed yokel]

So, I don't remember hearing anything about Zared switching shoe companies, but assuming he didn't, he got some shitty luck man hahah, I mean first with Zoo and now DVS? Plus i just checked his SPoT profile and his sponsors were Red Bull, Hubba, Swiss, Tensor, and Mob.... Zared holds it down, hope he gets picked up by someone who will hook him up good

oh you mean ZERED ok i get it  fucker

[Borthas]

dvs and matix suck

diamond will forever be around because people who dont skate rock their shit. rappers and people like those folks rock diamond too.

im surprised dvs and matix lasted this long.

[rlang]

They're restructuring their debt, DVS isn't done for.  At least according to Tim Gavin. 

[mountAndDew]

So, I don't remember hearing anything about Zared switching shoe companies, but assuming he didn't, he got some shitty luck man hahah, I mean first with Zoo and now DVS? Plus i just checked his SPoT profile and his sponsors were Red Bull, Hubba, Swiss, Tensor, and Mob.... Zared holds it down, hope he gets picked up by someone who will hook him up good

oh you mean ZERED ok i get it  fucker

looks like he's got some Cons on in this clip

Zered Ripps!!

[buffalo hunter]

The auction was delayed and will take place this Monday.  Whoever has the highest bid "cash only" will be the new owner of DVS and Matix.  Chances are really great the new owners will be some generic shoe company because skate companies don't have the cash these days.  DVS and Matix will turn into another Adio and Elwood.

[carbonite]

anyone speak corporate?

http://business.transworld.net/101002/features/legal-wrangling-ensues-following-dvs-auction/

[Joust Ostrich]

anyone speak corporate?

http://business.transworld.net/101002/features/legal-wrangling-ensues-following-dvs-auction/

It means they are fucked either way.

[artichoke]

Disclaimer: I aint passed the bar but I know a little bit.

There was an initial auction for Podium, which Sequential Brands won for $7M.  The investors / creditors (Mostly BofA- the senior secured creditor, but presumably several others,) want to sell to another mystery bidder who has apparently placed a bid after the auction in an amount that would pay all creditors, not just BofA.

Sequential Brands is arguing in court that the mystery bidder was at the initial auction and that the mystery bidder had the opportunity to bid then and passed, hence they won.  A judge will rule, and I have no idea of any legal precedent or anything of the sort to say which way it'll go.

[PTDK]

anyone speak corporate?

http://business.transworld.net/101002/features/legal-wrangling-ensues-following-dvs-auction/

It means they are fucked either way.

It also means they will probably license DVS/Matix out to a department store a la William Rast in their portfolio. Good bye team. Sad day.

[fulfillthedream]

damn wonder where daewon and pudwill end up?

[ttching!]

anyone speak corporate?

http://business.transworld.net/101002/features/legal-wrangling-ensues-following-dvs-auction/

Chapter 11 bankruptcy cases conclude with a public auction of the company, at which point it emerges as a new entity, owned by the winner of said auction, with its debts settled as decided by the court during the bankruptcy process.  In this case, someone is now telling the people DVS owes money to that they will pay more for the company than it was sold for at auction, which may or may not be true, but the creditors are convinced and want to recoup more of their investment than they are getting with the results of the actual auction of the company.

[buffalo hunter]

DVS will run out of cash on June 22.  The courts better hurry up with this outside bidder or DVS will file Chapter 7 bankruptcy.  Check out the winner bidder http://www.williamrast.com/sbg.html

Doesn't look good for DVS. 

[Bubblegum Tate]

damn wonder where daewon and pudwill end up?

I could see Torey on DC

[93tilinfinity]

DVS will run out of cash on June 22.  The courts better hurry up with this outside bidder or DVS will file Chapter 7 bankruptcy.  Check out the winner bidder http://www.williamrast.com/sbg.html

Doesn't look good for DVS. 

You know, they sell William Rast at Target. Yeah DVS is dead.

[HairyCunt]

William Rast was started by Justin Timberlake. Seriously who gives a fuck about this wack-ass company? As for Pudwill or Daewon, hmmm Daewon could get flow from Lakai. Pudwill on Globe or some shit.

[trannies and mannies]

Torey will get on nike or dc, as expected.

[HairyCunt]

Torey will get on nike or dc, as expected.

Yeah right!  You have to be cool to be on Nike.  There is only room for one kook on that team and the spot is currently held by P-Rod. Pops has a better chance at getting on Nike than Pudwill.