Whom is going to pickup Xerox when it goes up on the block? Will Xerox split of ITSavy before the print and copier business goes up for sale? And how many months do we all think before we start these steps?
17 replies (most recent on top)
Bottomline is Xerox is in freefall. If you strip away Lexmark & It Savvy you are left with crumbs. Smoke and mirrors here with very little new technology, very very low morale, and service as worse as its ever been. Sad, very sad but do not see them with this lifeline doing anything but prolonging non existence
@gx
No, I was purcahsed, not hired.
You could even say, that Xerox seemed to realize that the people they hired couldn't do the fundementals of what they wanted, so they made the choice to purchase an entire new employee base who was already doing the work that needed to be done.
There is a vast difference.
@gt
You need to go look at the business roadmaps before you say some stupid sh-t.
Xerox purchased Lexmark.. you think they are going to give up the "Brand" and trade mark recognition that quickly?
Fu-k did Xerox only hire id--ts?
@gj I work in the Middle East, we all understand Lexmark brand will be phased out soon, our Xerox manager to,d us this
@gf
All you d-mb fu--s still can't understand that Lexmark is still a registred company... meaning that until Xerox disolves the Lexmark business is still Lexmark business..
Thats why you hear the term "on Lexmark paper" vs "On Xerox paper".. meaning who's books does something apply. Yeah we are all Xerox... but you act like Lexmark no longer exists and I'm sorry but your just to stupid to work in corporate America.
@ge didn’t know Lexmark had any IP
@gd Are we sure it didn't include Lexmark IP? When I read it it did say IP of Subsidiaries and there were [reserved] sections that may have listed out detailed IP. Could you please show evidence of which IP was covered and not?
Anyone stop to notice the Loan that your worried about.. didn't inclue Lexmark IP?
So if Xerox loses all of the Xerox trademarks etc.. all of the Lexmark stuff is untouched.
And Lexmark... the registered company still exists... hasn't been disolved yet into Xerox.
Now all you whiny bi--hes can go let your brains run wild over that.
Hilarious to see so many experts on here going through the JV agreement - if you were all so clever why are you on here and working for Xerox and not a millionaire corporate legal eagles.
But then you may be that hot-shot CMO that comes up with a new Xerox capability of ‘Marketing-as-a-Service’. 🤡🤡🤡🤡🤡
A stoop & scoop should not be assumed?
@bx Cash is all due to the JV, there is no more cash its all out the door.
@be Yes to all this, but I think 12 months is a stretch. This is an engineered soft landing in CH11 to make CH7 harder/impossible. Looking for the crash out in Q2, Q3.
Stock lost 6 cents already and it isn't even two hours in to the day.
The loan is not the issue here, the JV was set in place as a bankruptcy mechanism. Effectively they do not expect Xerox to pay it back, this is where the covenant comes in place. Once Xerox misses that the IP Co. Effectively owns the before mentioned assets.
In other words we already sold everything we had in return for about 12 months of existence.
SECTION 10 Negative Covenants
Has some interesting clauses..
(a) The Borrower shall not, and shall cause its Subsidiaries not to, own or acquire any material assets or engage in any material business or activity. In furtherance and not in limitation of the foregoing, the Borrower shall not, and shall cause its Subsidiaries not to:
(i) incur any Indebtedness or issue any shares of Disqualified Stock (or, in the case of Subsidiaries, Capital Stock);
(ii) create or suffer to exist any Lien upon any property or assets now owned or hereafter acquired;
...
(iv) merge, consolidate, amalgamate, liquidate, wind up or dissolve (or suffering any liquidation or dissolution) with or to any Person;
-- So we can't sell ourselves? And not sure what this means for Chapter 11.
(v) convey, sell, lease, assigning, transfer or otherwise dispose of, all or substantially all of its business units, assets or other properties to any Person;
-- So we can't sell of ITSavy or Lexmark or a business unit
One must wonder if this puts the signatories of this agreement in some weird legal situation if we can't live up to the dream of paying this off. Also there are [Reserved] sections of the fillings.
Also If I read correctly the JV gets paid first out of any free cash flow and Xerox essentially doesn't have any free cash flow any more.. it's just cash given to the JV.
For those that are detailed interested in the pay day loan we took out:
https://www.sec.gov/Archives/edgar/data/108772/000119312526053333/d74418d8k.htm
and
https://www.sec.gov/Archives/edgar/data/108772/000119312526053333/d74418dex101.htm
Is a complete copy of the 111+ page agreement.
We know we only have 12 months. Read and understand the covenant clause in the IPCo “joint venture”