Interesting threads

Too early to make judgement but WTF


www.goldcoastbulletin.com.au/nocookies?a=A.flavipes

I remember having a conversation with Chrispy years ago,he was so excited and sounded a little like this guy.


www.goldcoastbulletin.com.au/nocookies?a=A.flavipes

Exactly = what an idiot.....

saw this at the bottom of the stab mag front page just now. Never noticed it before

Hey There, Honey.We Got Something To Say.Surfing ain’t long-hairs and doobie-suckers no more. Surfing is suited-and-booted stockbrokers. It’s university students who’ve smelt the roses and don’t swallow the evening news. It’s just-18-year-olds whose trunks end above the knee. Surfing is beavertails and logs and empowered women who ain’t adverse to a Brazilian cut, but it’s also 540s and double oops. Right now, surfing is goddamn hot and, most of all, inspired.And Stab is inspired by it. In short, what’s this whole show about?Big ideas and the endeavour to execute ‘em. Sometimes they don’t come off, but it’s better than wondering. Stab may be put together by a bunch of narcissistic and morally corrupt humans, but goddamn it, if we ain’t the most obsessive collective you ever did see… …while you were sleeping, our eyes stayed open.

yep WSW is a good direction normally - not as much current running. Nice swell for this late in the year

Reckon a clip on fisheye lens for your existing lens would be a far more viable option...interesting concept though

Havn't spoken to the missus about it yet, but I'm keen as for next Spetember.

It is a great deal & you only have to give them 2 weeks notice about when your heading over

Yeah I'm thinking September as well Sumatra g land then Bali for rnr ??

w if the patent failure is an oversight by FCS or just tough luck - a business gamble that didn’t pay off. Whatever the reason, if FCS fail to secure the patent there'll be significant ramifications to both FCS and its parent company, SurfStitch, but for punters like you and I it means there’ll also be a greater range of fins on the market.Before we identify what’s gone wrong here a li'l bit of history is required.In the early 90s the original FCS system was developed by Narrabeen surfer, Brian Whitty.

FCS weren't the first removable fin systems on the market, the idea had been around since the mid-60s, however Whitty had two things going in his favour. Firstly, his system was simple and unobtrusive, and secondly, surf travel was just beginning to boom. Removable fins meant surfers “didn't get their fins smashed out when travelling around the world,” as Whitty explained in an early FCS promo.Whitty took his invention to Surf Hardware International (SHI). As their name attests, SHI made surf hardware such as the long-forgotten Rocket Block and the immensely popular Gorilla Grip. By the time they hooked up with Whitty, SHI were flush with capital from Gorilla Grip. They licensed the removable fin idea from Whitty and developed it for production. The first FCS system went on sale in 1994 with patent pending, and they received the patent in late 1995. Shortly thereafter they secured the signature of Kelly Slater, and though there were other players on the market FCS was as close as it comes to an industry standard. They became the go-to company for removable fins, and it's then that the big dollars kicked in.FCS had patent exclusivity over their invention. This is the commercial privilege of the inventor. With patent protection no-one can impinge on their technology, at least without inviting a court case, so the inventor gets a set amount of time to recoup R&D expenses and turn a profit before the patent expires.And turn a profit they did. From the mid-90s to the mid-00s FCS charged shapers between $25 and $30 to use their plugs and another $20 for fins, while sales of fins directly to customers were close to double that. The majority of boards made worldwide used FCS technology and third party companies were deterred from making copies. Fin Control Systems had the mortgage on the market.In 2002 Macquarie Bank, the investment bank dubbed the Millionaire’s Factory, bought majority shares in FCS and cleaved off a slice of surf industry profits. Two of the original SHI partners cashed out while one, Bill McCausland, stuck around. Over the next few years FCS became embroiled in legal battles, some between McCausland and "the polished Harvard Business School graduates from Macquarie” as one presiding judge called them, but more important were legal challenges against the FCS patent.First was a company from Hawaii, Surfco, who made fins with FCS tabs. SHI took them to court and lost. Further cases eroded FCS’s exclusivity before the patent itself ran out. Perhaps you noticed when it happened, perhaps not, but within months a slew of fin companies popped up selling FCS-compatible fins. FCS had the surf retail network locked down so most of the new companies had to sell through eBay, yet their very presence was significant: FCS had relinquished rights over their invention.It’s worth comparing this situation to Big Pharma. Pharmaceutical companies manage to extract enormous profits from drugs by tweaking chemical formulas and renewing patents in a process called ‘evergreening’. It means their products remain patent protected indefinitely and so do their profits. We can only speculate why SHI hadn’t readied themselves for this moment and attempted to evergreen their own invention.Around this period, FCS ad campaigns focussed, not on the superior performance of their fins, but on the perceived lesser quality of the imitators. “Buy genuine,” said Kelly and Julian and Mick in the ads but it was a doomed strategy; with equivalent products selling at a fraction of the price consumers voted with their wallets and FCS lost market share. In 2013 FCS finally launched FCS II which appeared to be the answer to their patent woes. The system was different to the original in that it was screwless, however it was backwards compatible meaning original FCS fins would also fit the plug. In terms of business strategy it was a compromise: original FCS fins, some made by third party companies, could fit, yet FCS had patent over the plugs and the new FCS II fins. It wasn’t 1995 all over again but it was close.However, the latest developments hint at a false dawn. In November 2015 SHI were bought by SurfStitch for $23.7 million, at the time the online retailer was worth over half a billion dollars. Since then the company’s stocks have slid to the point they were called “the worst performing stock on the ASX”. Current estimates have SurfStitch worth just $47 million. To stem the blood loss SurfStitch announced they would sell SHI, and here is where it gets a bit pointy. FCS II hit the market with patent pending, however it also hit a snag in the patent office. First their 'invention' failed to meet the criteria, as, according to IP Australia, it lacked an “inventive step over prior art”. They were then granted time to re-submit their application, however that grace period lapsed on the 16th of November. Coincidentally that was the same day SurfStitch had their AGM and fronted irate shareholders who questioned their “inflated business acquisitions” - acquisitions such as Surf Hardware International.Patent law being the tricky beast it is, FCS may yet be successful in patenting FCS II however it’s looking less and less likely, what with one failed attempt, a lapsed submission, a parent company fighting to stay solvent, and the sale of their own company in motion. A sale that presents its own problems as the patent of its marquee product isn’t locked down.All of which explains why my fin manufacturer friend is watching FCS so keenly. “I’d say by early next year one of the bigger companies will put their own FCS II-compatible fins on the market,” he says, and I’m surprised when he predicts who will go first. I didn’t even know that particular company made fins, though they’d undoubtedly have the resources to fight any legal battle should FCS take them to task.“I’ll let them test the waters, so to speak. And if all goes well then I’ll dive in too.”

Yeah my first thought was CI and maybe Firewire but GSI would have the means too.

And what a awesome human being he is

www.afr.com/companies/retail/surfstitch-close-to-selling-surf-hardware-20161130-gt0ztu



Kelly Slater was a minority shareholder in Surf Hardware International, which was sold to SurfStitch in December 2015 and is up for sale again. @wsl/ Poullenot


As shareholders in SurfStitch tally their losses, Crescent Capital, Macquarie Capital and Deloitte have emerged as unlikely winners from the online retailer's failed strategy to become the Amazon Prime of the action sports world.Twelve months ago private equity firm Crescent Capital and Macquarie sold Avalon-based surf accessories maker Surf Hardware International (SHI) to SurfStitch for $24.3 million cash in a deal managed by Deloitte.The sale price stunned the close-knit Avalon surfing community."Everyone was shocked they paid close to 10 times [historic] earnings," said one source.
<div class="cq-article-content-paras section">SHI makes surfboard fins, plugs, grips, leashes and bodyboards, and owns brands such as Gorilla, Softech and FCS, which revolutionised the surfboard market by inventing the first detachable fins.
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FCS once commanded a 90 per cent share of the global market and its fins were endorsed by the world's top surfers. Its team of athletes and ambassadors included multiple world title winners Mick Fanning and Tom Carroll, while Kelly Slater was a minority shareholder.However, the 23-year old company was barely profitable and had been embroiled for 12 years in a series of legal disputes with one of its co-founders, who sued Macquarie and Crescent Capital over breach of contract and breach of a shareholder agreement.Warning signsBetween 2012 and 2014 SHI lost more than $8 million pre-tax, according to accounts filed with ASIC, and in 2014 directors warned that in the event of adverse court findings the company's ability to continue as a going concern would depend on its ability to raise funds.
<div class="cq-article-content-paras section">In 2015, just months after paying out the last of the damages and legal costs, Macquarie and Crescent Capital put the company up for sale through Deloitte.SurfStitch outbid two other bidders – US and European private-equity backed sports hardware firms – ultimately paying almost eight times forecast earnings before interest tax depreciation and amortisation of $3.2 million.The sale price was more than twice the $10.25 million Crescent Capital and Macquarie paid SHI's founders when they bought into the business in 2003.Less than seven months after the deal SurfStitch's new board and management, led by veteran retailers Sam Weiss and Mike Sonand, came to the same conclusion as bemused Avalon locals – the online retailer had paid too much.


SurfStitch slashed the value of SHI by $6.5 million, including $5.3 million of goodwill impairments, and put the company up for sale, saying it was no longer core to the group's strategy.After a five-month sale process, once again handled by Deloitte, SurfStitch is expected to announce a deal as early as this week, possibly with US surfboard maker Firewire.Out of controlSources close to SHI have welcomed the imminent sale, saying SurfStitch was never the natural owner of SHI.

"I don't think SurfStitch was very good for them," said one former shareholder. "Half their customers were retailers who compete with (SurfStitch)."However, SurfStitch shareholders fear SHI could fetch as little as $12 million, leading to further losses. SurfStitch declined to comment.The SHI acquisition was emblematic of SurfStitch's out-of-control expansion under former management led by co-founders Justin Cameron and Lex Pedersen.Between December 2014, when the company floated, and December 2015, SurfStitch outlaid more than $120 million in cash and shares on five acquisitions, including $21 million for Stab, an online surf content platform, $21 million for Magicseaweed and Rollingyouth, a user-generated surf forecasting network, and $15 million for Garage Entertainment, which makes action-sports films and videos.


These assets were written down by more than $28 million after Mr Cameron's shock departure in March, contributing to the company's $155 million bottom-line loss in the 2016 financial year.Macquarie and Crescent Capital were lucky, as they were paid in cash, while Deloitte gets to clip the ticket for the second time in 12 months.Not so lucky was former investment banker Mark Maloney, who received $15 million in SurfStitch stock for Garage Entertainment, only to see the shares plunge from more than $2 to less than 20¢.Mr Maloney had bought Garage Entertainment less than two years earlier for $1 million from businessman Kim Sundell, who owns the CoastalWatch website and Surfing World magazine.'Ridiculous' priceMr Sundell acquired a 10 per cent stake in September and is now simultaneously suing SurfStitch for $15 million over failed content deals while proposing to take the company over and break it up.Mr Sundell told The Australian Financial Review he was initially miffed when SurfStitch paid $15 million for Garage, but a $12.9 million write-down months later confirmed that SurfStitch had paid a ridiculous price."My only solace was that they have overpaid for everything," Mr Sundell said. "Everything they have touched including our contract they have ripped up."

SurfStitch shareholders have largely blamed Mr Cameron for the company's woes, saying he overpaid for media and hardware assets while taking his eye off the core e-commerce business.However, Mr Sundell declined to point the finger at Mr Cameron, saying SurfStitch's non-executive directors were equally to blame."The blame can't be pointed at Justin – all these guys let shareholders down," said Mr Sundell, who has called for further board change.In an interview with the Financial Review last month, Mr Cameron rejected claims he overpaid for assets and said he had not given up hope of regaining control over parts of the business."Today I continue to maintain a watching brief on the business and opportunities that may present themselves."




Read more: www.afr.com/companies/retail/surfstitch-close-to-selling-surf-hardware-20161130-gt0ztu#ixzz4RWxKCUHH
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SP which company makes fins that fit fcs and futures.i was thinking of trying to design an adaptor for fcs to fit futures boxes have an idea but looks like the horse has bolted

Oh ****ity **** **** ****... There goes the earlies over Xmas...

Time to buy a zapper....

www.newcastleherald.com.au/story/4328584/surfer-attacked-by-shark-near-forster/?cs=303

Select to expand quote

SP said..
well.... todays rumor....

Could be a good buy you get the infrastructure, manufacturing and distribution already setup..... and Slats name will definitely boost the brand and owning FW will help sales...

He would have been given some stock originally as part of his sponsorship deal. The interesting thing here is that due to his "name" he probably doesn't even need to put that much hard cash down on some of these business deals. Its like you put in 10, your mate 30, I will put in 55 and KS can put in 5 for a 25% share or similar

Good series on boards.
http://www.swellnet.com/news/design-outline/2016/11/29/boarding-school-foils

www.swellnet.com/news/design-outline/2016/11/15/boarding-school-rocker

www.swellnet.com/news/design-outline/2016/10/26/boarding-school-outline