Endor AG dismiss Fanatec CEO Thomas Jackermeier

  • Thread starter PJTierney
  • 51 comments
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I_Leak_Oil
You couldn't make this up! I love Fanatec and their products but..........

I don't know what to say, seriously they have chosen this guy to fix this mess?

english.fleischwirtschaft.de

Tönnies Holding: Andres Ruff must go

The Tönnies meat company loses its managing director Andres Ruff. As expected, his contract was not extended because co-owner Robert Tönnies no longer had confidence in him.
english.fleischwirtschaft.de english.fleischwirtschaft.de
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That article seems to point to Ruff getting caught up in a dispute between the two controlling family members. Hope Fanatec can get back on track…
 
Someone in the fanatec forums sayd, currently there are a lot of big moving trucks at the HQ of fanatec. Looks like foreclosure from the bankruptcy proceedings.
 
On one hand food logistics makes most other things trivial. On the other, at least in the states, the bigger the company the dirtier they are. Not sure how that would apply here though.

That said, its boggling how long things take for them. This should have taken 6 weeks to clear up.


Watzlaw
Someone in the fanatec forums sayd, currently there are a lot of big moving trucks at the HQ of fanatec. Looks like foreclosure from the bankruptcy proceedings.
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Or it could be the container shipments arriving which fanatec posted about the other day. Click recent discussions and its at the top.

Bankruptcy …how’s that even make sense at this stage?
 
Yard_Sale
Now it makes sense why they moved from business-unfriendly California, to business-friendly Texas.
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That's good to hear, they need to stream line the process a lot better in the US. All my orders were passed around the LA area by multiple carriers for days before finally being sent to USPS, it made no sense. I also got an influx of spam emails and texts from these ****ers too.
 
https://www.eqs-news.com/news/adhoc...financial-restructuring-was-initiated/2041117

After extending the bridging loans until June 30, 2024, the Executive Board of Endor AG initiated a recapitalization process in coordination with the financing banks.

Endor AG is in ongoing discussions with investors. Depending on the investors’ offers, various options are examined.

The investor process is conducted in an open-ended manner and the Board of Directors examines an injection of equity capital through capital increases as well as investor entry using instruments in accordance with the Act on the Stabilization and Restructuring Framework for Companies (StaRUG).
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Endor AG | Share - EQS News

www.eqs-news.com www.eqs-news.com

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Separately, Fanatec has renewed its Formula 1 license.

forum.fanatec.com

Fanatec and Formula 1® renew licensing partnership

https://forum.fanatec.com/uploads/583/ZB0UHRL4SJ8X.jpg Fanatec is pleased to announce that it is continuing as an Official Licensee of Formula 1® and Official Provider of Formula 1® Sim Racing with a new multi-year agreement. As Official Provider of Formula 1® Sim Racing, Fanatec supplies teams...
forum.fanatec.com forum.fanatec.com

Fanatec is pleased to announce that it is continuing as an Official Licensee of Formula 1® and Official Provider of Formula 1® Sim Racing with a new multi-year agreement.

As Official Provider of Formula 1® Sim Racing, Fanatec supplies teams and drivers with a full racing set up including a steering wheel, pedals, direct drive wheel base, and cockpit. Round three of the 2024 F1® Sim Racing Championship will take place on May 7.
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I saw something about Endor reacting to “comments”, but can’t find the source of said comments.

Apparently Jackermeier proposed some sort of funding solution though I can’t find a link. Endor reacted by saying they’ll follow the process already set forth with the banks.
 
Famine
YouTubers tend to over-hype and over-doom everything because algorithm. Can you give a summary of the points in the video, for all the people who don't fancy watching 23 minutes of obvious doom?
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Jist of it is the new CFO hired in Jan is part of a group brought in by the new COO to restructure all have a history of gutting companies, and buying shares at pennies on the dollar and buying themselves as the sole shareholders exploiting German economic laws to do so. Insinuating all these issues are purposely taking advantage of Fanatecs weakness to drop the stock price from within the company to then buy it.

The previous ousted owner Thomas Jackermier is fighting to save Fantec and loosing.

Vid has receipts and details
 
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Famine
YouTubers tend to over-hype and over-doom everything because algorithm. Can you give a summary of the points in the video, for all the people who don't fancy watching 23 minutes of obvious doom?
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To be honest I'm not sure if I can do it right and it would take too much time with my not so good English.🙂
 
Famine
YouTubers tend to over-hype and over-doom everything because algorithm. Can you give a summary of the points in the video, for all the people who don't fancy watching 23 minutes of obvious doom?
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One for our robotic overlords:


  • 00:00:00 In this section, it is revealed that there are significant behind-the-scenes issues at Fanatec, one of the largest hardware developers for sim racing, including a power struggle between former CEO Thomas Yam and current management. Despite their initial success during the COVID-19 lockdowns, Fanatec faced challenges with chip shortages and mismanagement, leading to financial struggles and excessive debt. A new CFO was appointed in September 2023, creating further tension within the company. The situation at Fanatec is described as an "existential issue" with potentially dire consequences for the future of the company and the sim racing community.
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  • 00:05:00 In this section, it is revealed that CEO Thomas Yim of Fanatec was removed at the end of March 2024 due to pressure from lending banks, which raised concerns about the company's financial stability. Following his removal, a new CEO was appointed and there were discussions about a potential restructuring process that could potentially harm shareholders. Yim responded by securing a €25 million financing package to keep the company afloat until 2026, presenting an alternative to the controversial restructuring process that could expropriate shareholders. This move highlighted a conflict of interest within the company's management board and showcased Yim's efforts to protect the interests of shareholders and the brand integrity of Fanatec.
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  • 00:10:00 In this section, it is revealed that the Fanatec situation takes a drastic turn as it comes to light that the company, despite becoming profitable again in quarter 1, is in danger of being acquired by Birkenstein Capital, leading to significant losses for shareholders. The situation worsens as it is unveiled that the managing partner of Birkenstein Capital is Tobias Hoffmann, a former CEO of a company that the current CFO of Fanatec used to work for, hinting at a severe conflict of interest. The narrative suggests that the CFO may have been brought in to devalue the company, paving the way for a takeover by an investment firm associated with his former boss. This alarming development raises concerns about disappropriating the very individuals who contributed to the company's growth and sets the stage for further detrimental actions within Fanatec.
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  • 00:15:00 In this section, the speaker discusses a concerning situation involving the company Fanatec, revealing details about a potential takeover and management's involvement. The speaker shares a personal anecdote about corporate behavior before diving into the specifics of an offer made by an investment company looking to take over Fanatec. The offer includes promises of significant financial gain for management, but the speaker praises Thomas for rejecting it in an effort to protect the company's integrity. The situation sheds light on potential plans to drastically increase the company's value and offers insights into the conflicting interests within the board. This could have implications for customers and fans of sim racing, as the company's future direction and values are at stake.
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  • 00:20:00 In this section, the transcript highlights the concerns surrounding the potential impact of an investment firm's takeover on the Fanatec brand, citing worries about quality control and the integrity of the company. The German protective Association of investors has demanded a meeting regarding the connection between Endor's current CFO and the managing director of the company seeking to acquire Fanatec. The authorities have deemed the situation unacceptable due to fiduciary concerns, and the public is urged to raise awareness, support Fanatec's founder, Thomas, and oppose the unethical process unfolding. The focus is on preventing the gutting of Fanatec and ensuring an ethical outcome for the company and the Sim racing community.
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Other than the AI getting Jackermeier’s name wrong, this all seems to track.
 
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More of the same drama. From the point of view of an Endor AG stockholder that has a German finance channel


Pretty much same info as other with the additional info translated by presenter supposedly stating even the German regulatory authorities are suspicious of this restructuring and have warned the board to not defraud the original owner and shareholders as was done to another German co Leoni AG.
 
super_gt
www.wallstreet-online.de

Investorengruppe Jackermeier / Investorengruppe Jackermeier erhöht ...

06.05.2024 - Die Investorengruppe um den Gründer, Großaktionär und ehemaligen CEO der Endor AG, Thomas Jackermeier, hat ihr Finanzierungsangebot an das Unternehmen deutlich - auf zusammen 48,439 Mio. Euro - erhöht. Das ergibt sich aus einem offenen Brief der ...
www.wallstreet-online.de www.wallstreet-online.de
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Again, posting a summary would be nice - especially as this is in German.

From what I can see, it says that an investment group headed by Thomas Jackermeier has offered €48.4m for an unspecified amount of Endor AG, conditional on the removal of the current CEO and CFO.
 

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