Krell Moves to new location

 

 

@thetruespiritofradio said:

Too bad about Krell - have had plenty of experience with vulture capitalists in past lives, and this pattern is always the same.

Sure sounds like that’s what JF Bicking & Co. is.

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JB Bicking & Co.

Wil Buhler

Experienced Chief Executive Officer with a demonstrated history of working in the management consulting industry, and venture capital. Currently run a Holdings company specializing in startups and industry disruptor companies. Takes a hands-on approach with the companies we manage and partner with.

Who hired the Probate Lawyer that got a Judge to lock down the assets of Krell industries? My guess is,

From @hgeifman post 11-22-2024 at 12:36pm

Q -When can we expect Krell to reopen? And upon reopening, when can staff be expected to return to the factory to resume work?

We technically never closed just our facility, we’ve tried as best as possible to make ourselves available via our firm and email. 610 894 0692 or Service@krell.industries. Here’s the less annoying part of my answer. As an attempt at full transparency after much delay due to the courts insistence on a particular family member’s involvement in the matter, approximately 3 weeks ago the courts gave us permission to proceed ahead with the probate process without the individual.

A family member... Just a guess the Son. Someone on the SH forum posted a while back that Rondi D’agostino’s husband has Dementia. ??? Don’t know if that is true...

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Krell has had money problems for years.

2009:

https://hometheaterreview.com/what-happened-at-krell-and-why-the-dagostino-family-is-out/

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2009

https://www.twice.com/news/krell-founders-sue-equity-fund-return-company-18287

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2011

https://casetext.com/case/krell-investor-llc-v-ki-inc

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2018

https://www.strata-gee.com/krell-business/

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July 26, 2022

https://www.strata-gee.com/turmoil-returns-to-krell-coo-walter-schofield-is-out-without-explanation/

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Edit:

Add to above post 12-22-2024 at 08:56am

KI v. KP LLC (2010) Superior Court of Connecticut. KI, Inc. et al. v. KP Acquisition Partners, LLC et al.

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The case citation from jea48 is from 15 years ago and while it shows a litigious past for Krell, it has no bearing on the current situation. Interestingly, it put a value on Krell at $3MM in 2009 ( 40% was bought for $1.2MM). Doubt it is worth that much now. Buhler said a month ago there would be a press release the end of November . Clearly that hasn’t happened and as many have pointed out, the lack of communication by Krell and Bickering is very unusual and unprofessional. Furthermore, his choice of using Sterophile and a Krell enthusiast group as the points of dissemination for news on the company is just plain stupid. Why wouldn’t you issue a press release, post it on the new website, and then various groups would pick it up and transmit it?

Let me see if I can add some potential clarification to what the role of Buhler and his firm. They may have a venture capital arm, but Buhler is acting in an advisory capacity as a turnaround guy. As I stated in a prior communication that means he is either working to fix it or to sell it. Many in this forum has rightly stated that the longer this current malaise continues,  the lower the probability of recovery and the higher the probability of a simple salvage through liquidation. The liquidation value decreases with time as well since personnel assets have dispersed and brand equity has been diminished. It is unclear who hired Buhler, but whoever did should hold his feet to the fire and have him communicate with Krell stakeholders both more professionally and more frequently. Doubtful he is doing this as an act of charity by a committed audiophile, so he has a fiduciary responsibility to act in the interest of the debt holders ( those of us with product in at Krell fall into that category).

I am increasingly suspect of the viability of Krell as a going concern and also the probability I will get back my $20K amps. The next steps are just unclear at this point, but I appreciate much of the input from folks on this forum. Keep fighting the good fight. 

@srace1 said:

The case citation from jea48 is from 15 years ago and while it shows a litigious past for Krell, it has no bearing on the current situation.

@srace1 did you by chance read any of the other Links I provided?

I am not a Lawyer but as a layman, jmho, Dan and Rondi D’agostino sold Krell Audio to KP Capital Partners in 2009. Thus the new name Krell Enterprises LLC.

Imo, I believe, somewhere in the chain of events over the years JB Bicking & Co. acquired Krell enterprises from KP Capital Partners . Don’t know that for sure...

JB Bicking & Co.

Wil Buhler

Experienced Chief Executive Officer with a demonstrated history of working in the management consulting industry, and venture capital. Currently run a Holdings company specializing in startups and industry disruptor companies. Takes a hands-on approach with the companies we manage and partner with.

Proof? I didn’t dig deep enough. But reading this...

Q -When can we expect Krell to reopen? And upon reopening, when can staff be expected to return to the factory to resume work?

"WE" technically never closed just our facility, "we’ve tried" as best as possible to make "Ourselves" available via "our Firm" and email. 610 894 0692 or Service@krell.industries. Here’s the less annoying part of my answer.

As an attempt at full transparency after much delay due to the courts insistence on a particular family member’s involvement in the matter, approximately 3 weeks ago the courts gave us permission to proceed ahead with the probate process without the individual.

Note:

"WE" , we’ve tried , Ourselves , our Firm.

As an advisor to Krell industries would those be the words you would use? To me they show ownership, jmo...

As an attempt at full transparency after much delay due to the courts insistence on a particular family member’s involvement in the matter, approximately 3 weeks ago the courts gave us permission to proceed ahead with the probate process without the individual.

JMHO, just a guess, the family member does not have any claim to Krell Industries.

As of three weeks ago the court is proceeding with the Probate proceedings.

Not sure what you think Mr. Buhler can do at this point. I assume, He got their lawyer’s to argue to the judge the family member does not have a valid claim.

Now you just gotta wait for the Judge... Note, Mr. Buhler didn’t say the judge lifted the asset lock down of the company assets, and no doubt records... Like the one(s) for your amp(s)... If the Judge did I would think Mr. Buhler would have mentioned that. ,Don’t you?

Jmho, Mr Buhler wants, just as much as you do, to get Krell Enterprises up an running again. Time is money...

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Reading this thread is sad for me.  There have been so many missed opportunities to support brand goodwill by simple communications.

Can such destruction of value be deliberate?  For the experienced legal minds among us, I ask Which parties benefit from having a lower valuation for Krell assets?  If the value of Krell goes to zero, who avoids inheritance tax or . . . ?