Print Page | Close Window

LPE in Portugal goes bust ?

Printed From: Yachts and Yachting Online
Category: Dinghy classes
Forum Name: Dinghy development
Forum Discription: The latest moves in the dinghy market
URL: http://www.yachtsandyachting.com/forum/forum_posts.asp?TID=13946
Printed Date: 29 Mar 24 at 12:30pm
Software Version: Web Wiz Forums 9.665y - http://www.webwizforums.com


Topic: LPE in Portugal goes bust ?
Posted By: Grumpycat
Subject: LPE in Portugal goes bust ?
Date Posted: 28 May 22 at 9:53pm
I have heard a rumour that LPE in Portugal have gone bust and the EU are looking for their 3 million euro back Wink
Pico , Vago and Bahia have not been made for a while because of legal action by Jo Richard’s for unpaid royalties. Think we have been there before lol. 

If this is true I don’t think we will be seeing the Po@nstar any time soon . 

Does any one have any more info on this or even if it’s true . Smile



Replies:
Posted By: fab100
Date Posted: 28 May 22 at 10:23pm
Hilarious

-------------
http://clubsailor.co.uk/wp/club-sailor-from-back-to-front/" rel="nofollow - Great book for Club Sailors here


Posted By: Grumpycat
Date Posted: 28 May 22 at 10:39pm
Originally posted by fab100

Hilarious

I found it funny too , not so sure I would find it so funny if I was a Sunfish owner in the USA . Confused
Though to be honest I would be very surprised if the owner of this company had not already transferred the ip of the Sunfish and the Laser to other companies already Dead


-------------


Posted By: fab100
Date Posted: 28 May 22 at 11:40pm
actually, i need to clarify my throwaway comment.

Hilarious if Rastegar really has demonstrated again that he’s not fit to run a limited liability company.

But there are laws about insolvent trading that make directors personally responsible for their company’s debts. I hope Jo gets all his royalties of course, preferably at R’s personal expense, and the guy is also banned from ever being involved in a company again. 

Bonus if the pornstar is stillborn; who needs it. There’s plenty enough single-handers already


-------------
http://clubsailor.co.uk/wp/club-sailor-from-back-to-front/" rel="nofollow - Great book for Club Sailors here


Posted By: JimC
Date Posted: 29 May 22 at 3:10am
Don't get too excited folks. I think we can be pretty confident that the IP will be well separated from the companies doing the trading, and there's nothing illegal about managing a business badly, to get in trouble you have to step over the line to stuff that's actually prohibited.


Posted By: fab100
Date Posted: 29 May 22 at 3:48am
Originally posted by JimC

Don't get too excited folks. I think we can be pretty confident that the IP will be well separated from the companies doing the trading, and there's nothing illegal about managing a business badly, to get in trouble you have to step over the line to stuff that's actually prohibited.

and prohibited includes taking credit when you don’t have the funds to pay. One would hope Jo’s royalty contract would account for that IP/trading differentiation(s). But the Kirby case shows there’s form here of course


-------------
http://clubsailor.co.uk/wp/club-sailor-from-back-to-front/" rel="nofollow - Great book for Club Sailors here


Posted By: turnturtle
Date Posted: 29 May 22 at 7:24am
AIUI - some v. wealthy people use debt-laden companies to help write off personal tax exposure - it kind of doesn’t matter what the company trades. They’d have to be quite unlucky to get their fingers burnt with such a stroll in the park, especially when the wealth management experts claim it’s nothing but plain sailing for optimising tax contributions


Posted By: Grumpycat
Date Posted: 29 May 22 at 7:26am
Originally posted by JimC

Don't get too excited folks. I think we can be pretty confident that the IP will be well separated from the companies doing the trading, and there's nothing illegal about managing a business badly, to get in trouble you have to step over the line to stuff that's actually prohibited.

If it’s true , history tells us you will be correct. This company owner always seem to know how push it right to the edge of the law without actually crossing it. One can only hope he doesn’t know EU law as well has he knows the laws in the USA. BUT I’m not holding my breath. 


-------------


Posted By: Guests
Date Posted: 29 May 22 at 7:31am
Originally posted by turnturtle

AIUI - some v. wealthy people use debt-laden companies to help write off personal tax exposure - it kind of doesn’t matter what the company trades. They’d have to be quite unlucky to get their fingers burnt with such a stroll in the park, especially when the wealth management experts claim it’s nothing but plain sailing for optimising tax contributions
LOL


Posted By: turnturtle
Date Posted: 29 May 22 at 9:27am
Originally posted by fab100

Bonus if the pornstar is stillborn; who needs it. There’s plenty enough single-handers already


can we will still accuse the PYAG of nautical infanticide?


Posted By: JimC
Date Posted: 29 May 22 at 4:16pm
I found this.

https://www.einforma.pt/servlet/app/portal/ENTP/prod/ETIQUETA_EMPRESA/nif/515433764/

Your guess is as good as mine as to the fine detail, but it may mean very little. Its not hard to imagine the company appearing dubious financially, after all that fine new factory must have cost a fortune, no matter what grants they secured. Knowing, as I do, almost nothing about UK company affairs, let alone Portugal, it would be foolish to draw conclusions.

There's no reason why the Rastegar organisation shouldn't be as well versed in European law as US. The man himself was an exact contemporary of mine at the same college in London, although I don't recall ever meeting him.


Posted By: 423zero
Date Posted: 29 May 22 at 5:11pm
Nothing in the Setubal local news, nothing in financial papers either, should surface soon though, millions of euros not going to be allowed to disappear.

-------------
Robert


Posted By: eric_c
Date Posted: 29 May 22 at 6:46pm
Doesn't seem to be anything on the interweb about this, so where is the OP's rumour?
OTOH, LaserPerformance.com  seems to have a worse web presence than some dead people.
It looks like it's blocking some traffic to England though, if you enter via euroland you still see prices for stuff as if it's still trading.

Laserperformance (Europe) LTD was dissolved last June. Some holding companies involved.

A few million euro in EU grants is small beer, con-sultants take that many times a day for producing very little

Does this have any bearing at all on Laser in the US? I suspect not?


Posted By: Grumpycat
Date Posted: 29 May 22 at 7:28pm
LPE/ Laser has had  a very bad presence/ reputation in the US for years , that why the us laser class association was very glad to see LPE deselected as a Laser manufacturer. Sailors moaning a terrible supply of parts/sails/ boats and dealers moaning about have to pay up front for all supplies and still not getting all the parts they ordered. 
As I said I am NOT saying it’s true . It was told to me ( as a rumour) by a friend who works in the wider sailing industry. I also couldn’t find anything online so that’s why posted on here to see if I could see if anyone else knew anything. Smile


-------------


Posted By: tink
Date Posted: 13 Jul 22 at 7:00pm
There latest Facebook post - do you think they mentioned Laser enough and interesting spin

LaserPerformance is proud to have supplied the Mediterranean Games ( a World Sailing sanctioned event ) with Laser hulls for the event. We look forward to supporting similar events in the future with Lasers, particularly in emerging countries. The LaserPerformance-made Laser remains the only affordable One Design dinghy accessible to all. Special Thanks to Sailcenter and the Algerian Government who facilitated the transport and made this event possible. Congratulations to the winners: Laser Standard,Jean Baptiste Bernaz and Laser Radial, Marie Barrue.



-------------
Tink
https://tinkboats.com

http://proasail.blogspot.com


Posted By: RS400atC
Date Posted: 13 Jul 22 at 7:42pm
LPE's facebook may not actually be dead, but it's not exactly vibrant is it?


Posted By: JimC
Date Posted: 14 Jul 22 at 4:48am
Here's the NOR - or equivalent anyway. It does seem that it was a Laser event, not an International ILCA event.

https://www.olimpiyatkomitesi.org.tr/Upload/Oran_2022/Yelken_Technical.pdf

I spotted no mention of 'International' or ILCA in the document. Competitors had to supply their own sails, I wonder what logos were in evidence? I had a very quick look for photos but found nothing. Technically, I suppose, ILCA branded sails might have been illegal.

I believe there have been other 'minor' WS supported events that have used classes without International status. So I'm guessing that while it all looks very strange, there's probably not anything in the precise letter of WS regulations that has been broken. WS doesn't appear to have actively banned 'TheLaserClass', just denied it International status. And that's probably right. I'm not sure it's World Sailing's business to police classes that are not under the WS banner. Bad enough that they stop them calling their intergalactic championships Worlds.


Posted By: RS400atC
Date Posted: 14 Jul 22 at 8:15am
So it looks like LP Portugal is still running, and able to provide Laser hulls for a major event. It's good that sailing is included in such events.



Print Page | Close Window

Bulletin Board Software by Web Wiz Forums® version 9.665y - http://www.webwizforums.com
Copyright ©2001-2010 Web Wiz - http://www.webwizguide.com