TubeNet

It seems that whatever was left of Hirsbrunner is no more. Apparently the factory was recently auctioned. Sad news.

Say what!?

What's your source?

It's not news yet- it's a rumor till there's a reputable source.

The translation is a little rough, but here's a story from the local news:

https://translate.google.com/translate? ... t=&act=url" target="_blank

It's a bit unclear from the Google translate (I wish I could read German!) but it looks like Peter Snr is selling the building, while the company has a lease which continues. It may be optimistic, but it appears that there may be a change of landlord only at this stage.

The death sentence spoken in the original paper story is corrected by an added message from the Hirsbrunner company, the tuba making entity, that they are only tenants with a lease that will continue. They are not folding, neither is their business running badly.

The owner of the land and the buildings (that are classified to not be demolished or changed) apparently owes (owed) away money.

The paper story tells about restrictions in the property’s usage: there shall be production, the current buildings shall be kept.

To me this rather sounds like a scheme to free money up from a property that might be hard to sell in a situation, where the estate should be liquidated like in the future realisation of a will. To me this sounds like a not uncommon transaction to secure values for the heirs.

I have met the current owner and talked brass with him, but I don’t know anything about his private situation or about his family.

I read the original paper article with its addendum in German.

Klaus

Oh good. Glad to hear it. My source was a very good and reputable one, but now that it seems like it wasn't entirely accurate I'm not going to name him.

This reminds me of a favorite quote from Monty Python's the meaning of life:

"You see, we lease this back from the company we sold it to - that way it comes under the monthly current budget and not the capital account."

So, this is why when you hear that a building is going up for sale, don't assume that the businesses in it are going out. Many times companies do not own the building they are in, because it can be more cost effective to lease or rent. I don't know how it is over in Europe, but in the US small instrument makers often have a hell of a time trying to secure reasonable lending rates for financing.

The Baltimore Symphony Orchestra did this a while back to save money... sold the orchestra hall, and then leased the space from the new owner.