Sinar goes back to Jenoptik ..?

[reven]

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Ok can some explain that... doesn't really make sense

 

So Sinar certainly won't produce the new DMR firmeware

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[TimF]

Not so much gone back as sale cancelled - see here.

 

Oh, to have been a fly on the wall there.

[pascal_meheut]

This is quite strange. Between this and the M8 problem, makes we wonder if Leica new top management is up to the task...

[john_r_smith]

This is egg-on-face stuff of truly heroic proportions. Especially after all the Photokina posturings and press releases. I can only assume that the root cause is financial trouble at Leica Camera AG.

 

John

[masjah]

This is egg-on-face stuff of truly heroic proportions. Especially after all the Photokina posturings and press releases. I can only assume that the root cause is financial trouble at Leica Camera AG.

 

John

 

John

 

I can only agree - it doesn't look good from a PR viewpoint - or from any other viewpoint trying to fathom the reasons. Has there yet been anything from Leica putting their side of the story?

[reddawn]

Jenoptik is the company that did the firmware for the M8. Maybe Leica pressured them too much for an update and they got upset?

 

Anyway it is an interesting development. On the link that Tim gave it states "The transfer of the shares to Leica Camera AG was subject to contractual conditions which have not been fully completed to date. By rescinding from the contract, Jenoptik intends to avert damage from Sinar AG due to unclear ownership structures."

 

I wonder what those issues are. What's more cause for concern is this: "Jenoptik reserves the right to assert against Leica Camera AG claims for damage resulting from the failed sale. "....

[johnastovall]

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This is quite strange. Between this and the M8 problem, makes we wonder if Leica new top management is up to the task...

 

I take the opposite view. Maybe the new CEO looked a the deal and said, "This doesn't make any sense." and then killed it.

 

Let's hope that it shows, the new mangment has a vision for Leica and is doing what is required to make that happen.

[wattsy]

I take the opposite view. Maybe the new CEO looked a the deal and said, "This doesn't make any sense." and then killed it.

 

Wishful thinking. I'm surprised that this news hasn't had more comments. It strikes me that it is a symptom of a company that is steering its way into trouble. The M8 launch was a potential triumph turned into a fiasco. The recent half-year results made for very grim reading. The Jenoptik pull-out from the Sinar sale is a real embarrassment for Leica. They say bad news comes in threes. Let's hope, for Leica's sake, that this is the end of their problems.

[ptomsu]

Leica has not had the best PR in the last months and one only can hope that this all will change under the new management and is not the first results of the new management.

 

Peter - who will now finally step back from any M8 plans for the next year or longer :-(

[sdai]

Guys,

 

This http://www.leica-camera-user.com/digital-forum/11459-leica-jenoptik-problem.html has been brought up yesterday.

 

And you can read this:

 

http://www.leaf-photography.com/files/Press%20Releases/021106_PR_Leaf-Jenoptik%20Agreement_FIN.pdf

 

[plasticman]

Guys,

This http://www.leica-camera-user.com/digital-forum/11459-leica-jenoptik-problem.html has been brought up yesterday.

And you can read this:

http://www.leaf-photography.com/files/Press%20Releases/021106_PR_Leaf-Jenoptik%20Agreement_FIN.pdf

 

I'm afraid i didn't find either of those very informative - unless your intention was simply to say: "Nothin' to see here - move along folks" ;-)

 

I'm actually more troubled about this particular development than many other hand-wringing statements that''ve been made after the M8 launch.

Does anyone actually have any REAL insight into what this means for Leica? And what the scale of possible damages might be if Jenoptik choose to sue?

[sdai]

I'm afraid i didn't find either of those very informative - unless your intention was simply to say: "Nothin' to see here - move along folks" ;-)

 

You've nailed it in the head, plasticman ... my speculation is that both parties have found better things to do than dealing with each other, let's wish them good luck.

[ho_co]

But to back up a step--

Didn't we all think it was strange when Leica and Sinar announced the change in ownership at photokina? I certainly wondered what advantage it would offer Leica. The company has always shied away from building lenses in other mounts because they have a hard enough time filling their own lens orders. They've steered away from medium format for the same reason.

 

I hope the Hy6 is a hit for all the participants, but I'm not disappointed to see Leica out of the picture.

 

Help me on the wording "By rescinding from the contract...." To me this looks as if Jenoptik stepped back from the deal, even though they throw the blame on Leica.

 

And once again--Does anyone have clear information that Jenoptik was involved with M8 firmware? I've always seen that as speculation, but never seen confirmation.

[johnastovall]

But to back up a step--

Didn't we all think it was strange when Leica and Sinar announced the change in ownership at photokina? I certainly wondered what advantage it would offer Leica. The company has always shied away from building lenses in other mounts because they have a hard enough time filling their own lens orders. They've steered away from medium format for the same reason.

 

I hope the Hy6 is a hit for all the participants, but I'm not disappointed to see Leica out of the picture.

 

Help me on the wording "By rescinding from the contract...." To me this looks as if Jenoptik stepped back from the deal, even though they throw the blame on Leica.

 

And once again--Does anyone have clear information that Jenoptik was involved with M8 firmware? I've always seen that as speculation, but never seen confirmation.

 

But this in the information release makes me think the default was on Leica's side not Jenaoptik getting out, "The transfer of the shares to Leica Camera AG was subject to contractual conditions which have not been fully completed to date."

[ho_co]

But this in the information release makes me think the default was on Leica's side not Jenaoptik getting out, "The transfer of the shares to Leica Camera AG was subject to contractual conditions which have not been fully completed to date."

I agree there, John. To me the wording is very peculiar and contradictory throughout. But Jenoptik's remark that they reserve the right to take additional action in future clearly implies they think Leica is at fault.

 

Very interesting at any rate--why did Leica want/accept Sinar; why did they rethink the matter; or did something else happen, like being unable to meet terms?

 

Curiouser and curiouser!

 

--HC

[stunsworth]

"The transfer of the shares to Leica Camera AG was subject to contractual conditions which have not been fully completed to date."

 

Doesn't say which party didn't complete the contractual conditions ;-)

 

It's always possible that the statement that legal action may be open in the future is just lawyer speak to try and block any action from Leica.

 

I'm probably totally wrong on all the above.

[Guest stevenrk]

What these words seem to mean when you translate them from legalese and try and read between the lines of the competing releases (in terms of what they are saying to the main audience targeted of other potential investors, partners, banks, etc) is that:

 

the buyer gave certain assurances as to its condition/financing/funds that have not been met as set out in the contract. The seller of the shares has acted to cancel the contract based on the buyer's failure to meet these conditions and/or concern that certain missing or changed financial assurances may jeopardize the seller's ability to profit as expected from the sale -- ie., that they believe they are not going to get what they expected from their shares (both those sold and the 49% they held on to).

 

The legalese about reserving the right to bring an action for damages may be defensive, but unlikely so. It is probably proactive in the sense of intended to confirm a certain impression. What this will be read to mean is that there may have been misrepresentations made that led them to agreeing to the sale and/or that the buyer will be held responsible for any loss from other deals that could have been made by the seller and were disrupted by the negotiations/agreement with the buyer.

 

It’s hard to find any way of interpreting these releases to see anything that is positive from the buyer’s perspective.

[carstenw]

But this in the information release makes me think the default was on Leica's side not Jenaoptik getting out, "The transfer of the shares to Leica Camera AG was subject to contractual conditions which have not been fully completed to date."

 

It is also possible, as sometimes is the case, that some clause was deliberately inserted to enable Jenoptik to back out, claiming incomplete action on Leica's part, should they want to do so. Something which normally would be nearly impossible to fulfil, but which in other circumstances would have been swept under the carpet. A poison pill of sorts. We may never know.

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[earleygallery]

Who knows, maybe Leica have been gazumped? I do recall reading the "what a strange partnership" comments at the time the deal was announced. Whatever the reasons, the press release also g'teed additional publicity for both companies at a time when they were both announcing important new products.

 

Who said cynic?

[marknorton]

To me the wording is very peculiar and contradictory throughout.

 

German translated into English by someone whose mother tongue is not English often has peculiar wording which leads to ambiguities. Golden rule for getting anything translated (in my case computer software) is to translate from foreign language to mother tongue, not the other way round.

 

The original announcement did not specify terms but I expect there was something like a 90 day timescale to complete the necessary due-diligence and formal legal processes. Maybe in the cold light of morning following the Photokina euphoria, all was not what it appeared. They might also have looked at M8, the Panasonics, where next for the R and thought, we have enough to be going on with or Sinar is non-strategic.

 

It does sound like Jenoptik at least lay the blame at Leica's door, maybe they will come after them for costs or other damages which is the last thing Leica needs right now.

 

Leica needs technology partners - Kodak, Jenoptik, Phase One - where the spirit of cooperation extends beyond the contractual detail. I'm sure Leica have a contract with Imacon to update the DMR firmware but it doesn't seem to be high on their agenda to get a new version out.

 

In my experience, you know if a commercial relationship is working and if you need to pull out the contract to check, it probably isn't.