They did the auction to get rid of old equipment that no longer worked with the current software.
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Hold Brothers Buyout?
- Thread starter Speedracer
- Start date
They did the auction because they don't have the traders anymore.
Quote from fattyasids:
They did the auction because they don't have the traders anymore.
Excited, please don't incite a riot here. Fatty, you are are correct they did get rid of the systems because they didn't have the traders to fill them, but believe me the systems were so old and powerless that no trader would have them. And if they did try to push those systems on the new traders, I would question their real intent on trying to grow again, and rebuild their reputation. They are trying to grow again, and buying new equipment for new traders, and existing one's who's machines aren't up to par anymore.
Quote from Frederick:
I have never heard anything good about them - have a friends that traded in Irvine and Scotsdale - are they really that bad and is Greg Hold really that out of touch?
They were so aggressive at one point that when they realized that they couldn't run the business model the way they were going when things slowed down, they had to change people's contracts which pissed everyone off. We're trying to work with Greg to make him realize his mistakes, so he can get things running good again. At this point, they've treated us, we clear through them, the right way. They've done everything they can for us to help us run our business. So for now, they are changing for the better. Unfortunately their reputation has been tainted and it will be a while, if they survive, for them to rebuild it. If something bad is happening, again, I will try and let the board know, if I know.
Quote from Frederick:
Thanks - sounds like what I have heard - a big war with Andover and pricing - the manager in Irvine apparently was out of control!
Both of them are at each others throats, it can't be good for the rest of the industry trying to keep their profit margins intact. Maybe they'll both just beat each other into the ground.