Why? Because the Ronson Corp. ( RONC.PK ) just filed for Chapter 11 bankruptcy, that's why. How could it happen? Blame only yourself, why instead of buying Ronson, Porsche Design, Cartier, St.Dupont, IM Corona lighters you buy cheap lighters 3 for $1 at Wal-Mart. Men of today know less and less about the real thing and slowly become more and more like girls. Ronson is a lighter for a men, not a .....cat like you.
The history of Ronson is more interesting than it's balance sheet of course, as a lighter company it was founded in 1928 but as a business already in 1886.
It survived not only every stock market crash since 1929 but also it was always in fashion no matter what was the taste of the nouveau riche, from Art Deco and Art Nouveau till no taste xenon-iPod-robot-internet XXI century but it couldn't survive a massive change in sex orientation when a male become female and instead of a Ronson lighter...
I am sure that the reason Ronson is bankrupt is SEX, which means the world became no SEX planet and Ronson market was mostly men.
As you know women don't care so much with what lighter to light up the cigarette.
I have few old Ronson lighters, Porsche Design, Cartier, IM Corona and some special design (one is in a form of a fighter tank weights about 500 grams, I love to give fire from this lighter) lighters. Also I have an "endless match" original from Mitsugiri Match Co. (also I think they are bankrupt long time ago, this metal matches I have are from the beginning of 1980's) with patent number written on the bottom, Made in Japan. This is a benzin match box with one metal match, I just refill lighter fluid and can burn all the world with it. I love fire.
WTFact
Market cap $50,000
Shares Outstanding 5M (from last 10Y only increased by 200,000 shares, real men business, no BS)
EBITDA -$1.5M
Cash $65K
LT Debt $300K
Insiders Own 58%
Sales (last reported in 2007) $26M (same sales for decade, there was a stable market for Ronson but now it's dead)
EBIT was positive for 2000-2004 and then in 2006. In 2007, 2008,2009 ( RONC.PK ) lost about $5M
Current Assets $17M (also stable in the last decade, it really was a market niche but you see how change in sex orientation by most males changes the men's only market)
Current Liabilities $22M
When men were like men ( RONC.PK ) was worth $30M.
News:
<font> RCLC and certain of its wholly-owned subsidiaries, RCPC Liquidating Corp., (f/k/a Ronson Consumer Products Corporation) and Ronson Aviation, Inc., filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of New Jersey (Trenton) case number 10-35313. The Company, which was engaged in engaged in consumer products; and aviation-fixed wing and helicopter services businesses, is represented by Michael D. Sirota of Cole, Schotz, Meisel, Forman & Leonard.RCLC's foreign subsidiary, RCC, Inc., formerly known as Ronson Corporation of Canada Ltd. is not included in the filing. The Company explains, "After extensively exploring alternatives following thorough consultation with its legal and financial advisors, the Company's board of directors determined that an orderly sale of the Company's assets through a Chapter 11 process is the most prudent and effective means of maximizing value for the Company's stakeholders. The bankruptcy petitions are part of ongoing actions taken by the Company to sell off its assets and subsidiaries, wind up its business, and attempt to preserve the value of the Company for its stakeholders." RCLC has arranged for debtor-in-possession financing from its senior secured lender: Wells Fargo Bank.
</font> Resume: From February 2, 2010 (16 days before my birthday, nice gift from Zippo Manufacturing Co.) Zippo purchased substantially all of the assets of Ronson Consumer Products Corp.
But in the near future it's very likely that they will just put their label on all Ronson branded products and also they just can use Ronson selling/distribution channels
to sell more Zippo's and kill the Ronson lighter.
( RONC.PK ) always was a very small company but they have 2,045 shareholders, this is more than almost any micro cap on PinkSheets ever. I am sure 100% of stock holders were the same guys who bought Ronson lighters and other burning stuff, all 2,045 shareholders are men, this is 100% guaranteed.
$30,000,000 is not so much money even from the top, about $18,000,000 was held by insiders, so 2,045 men each had max. $6,000 stake in Ronson. Now they can only enjoy the fire, not the investment. It burned just like a good Cohiba cigar, slow and elegant, leaving only bitter and rich taste in the mouth, a taste of a real thing and luxury is not cheap.
Links: http://www.ronson.com/en/index.php
http://RONSONhistory.notlong.com
Fire Song for a good day: http://www.youtube.com/watch?v=rU6KobgbV-I
$22.8185 (08/24/10)
