LHM company layoffs

[Ron Mexico]

Yep, I am kind of wired that way, I have to really focus on not being negative. Obviously I lost it last night. Good hell that was an awful post.

Typically I let it fly about the Jazz on this board, but keep it in check for the rest of my life. Not so much these last couple of weeks.

It's a rough time.

 

[bigb]

Hard times ahead. Likely followed by more hard times. A couple of generations of Americans are going ro be shocked.

But I believe in the ability of humans to adapt, to be compassionate and to solve problems. I also believe God is watching and cares for us, and will help us through.

Three weeks ago I wrote down my passwords and collected the paperwork for bank accounts and life insurance.

Last weekend I drove supplies to my father. He gave me copies of all his affairs and we said our final goodbyes.

Yesterday we took food to a neighbor who has been busily selling all his possessions on Facebook for pennies on the dollar....

This week I will write a letter to my wife and each child. To be opened just in case.

What are you doing.

You do you, and all that, but WOW.


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[Beer]

Hard times ahead. Likely followed by more hard times. A couple of generations of Americans are going ro be shocked.

But I believe in the ability of humans to adapt, to be compassionate and to solve problems. I also believe God is watching and cares for us, and will help us through.

Three weeks ago I wrote down my passwords and collected the paperwork for bank accounts and life insurance.

Last weekend I drove supplies to my father. He gave me copies of all his affairs and we said our final goodbyes.

Yesterday we took food to a neighbor who has been busily selling all his possessions on Facebook for pennies on the dollar....

This week I will write a letter to my wife and each child. To be opened just in case.

What are you doing.

jesus that is dark. Cheer up man. You aren’t going to die overnight if you get the sickness.

 

[LoPo]

Yep, I am kind of wired that way, I have to really focus on not being negative. Obviously I lost it last night. Good hell that was an awful post.

Typically I let it fly about the Jazz on this board, but keep it in check for the rest of my life. Not so much these last couple of weeks.

Hey buddy. Its okay to do things your way. It's better to be overprepared than under.

I'm thinking about all you guys. I really hope you all stay okay but have contingency plans. All the best.

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[mellow]

jesus that is dark. Cheer up man. You aren’t going to die overnight if you get the sickness.

I know it won't be overnight, it will probably be a long drawn out suffocation in an overcrowded field hospital, without friends or family around and not able to say a word because of the ventalator. Thanks for trying to cheer me up.

 

[Jazz Spazz]

I’ll probably take a lot of **** for this take, but whatever: There’s always been a decent section of the Jazz fanbase who felt that Larry H. Miller cared about bringing a championship to SLC, but cared about his bottom line just a little bit more. I was always one that disagreed with that opinion, but today’s news makes me wonder. Don’t get me wrong, I understand what this country is facing and sadly, this will end up being the norm in the business world. That being said, I felt like the Miller’s/Jazz organization would be one of the last NBA teams to start laying people off. I realize this is an LHM Corporation thing, not just a Jazz thing. I’m pretty surprised about the Tony Parks lay-off. Dude does a radio show on 1280, handles emcee duties at Jazz home games, calls games for the Bees, Stars, and still probably makes less than PK or Monson. Bummer to see a guy who wears 10 different hats for the Jazz take the hit while the ego driven talking heads at 1280 just get fatter.

Think about what the LHM Group sells. Cars, Basketball (Jazz & Stars), Theaters, the Arena, Baseball, Tour of Utah, advertising, radio, video gaming, loans, vehicle insurance, real estate, and entertainment complex type places.

Most of this, if not all probably is seeing a huge cut in cash flow let alone value. You pay salaries in cash, not investment portfolio value. You can't pay a dime of salary on how much the Jazz is worth.

Many of the other owners are way more "rich" than the Millers/Gail. Even they have to make changes to be able to keep some of the people paid. Unfortunately being in the ownership or C level of companies means making hard decisions. I have seen/heard that many places also have salary cuts to be able to make payroll, but the good part of that is that people get to keep their jobs.

Cash fluidity is a real factor and it has definitely been impacted. When stuff like this happens pretty much all companies take more time to pay their vendors but that also means they are vendors to someone that is delaying payment to them.

It's complicated. It sucks, but I don't/can't blame the Millers for doing what they have to. It's similar to what y'all are saying about flattening the curve. They are flattening the curve of cash flying out the door because they know they can't last long at the rate they were at. The layoffs to a few keeps the many for now.

Yes it sucks to be one of the few. I've been there more than once. I get it... but I also get how businesses work, and not just because of greed in many cases... you still have that. It even becomes necessary for those that actually care about people.

/2cents
/don'tbe2harshonGail

 

[Saint Cy of JFC]

I know it won't be overnight, it will probably be a long drawn out suffocation in an overcrowded field hospital, without friends or family around and not able to say a word because of the ventalator. Thanks for trying to cheer me up.

Log into JFC before you die and I will say something nice about you.

 

[Saint Cy of JFC]

I’ll probably take a lot of **** for this take, but whatever: There’s always been a decent section of the Jazz fanbase who felt that Larry H. Miller cared about bringing a championship to SLC, but cared about his bottom line just a little bit more. I was always one that disagreed with that opinion, but today’s news makes me wonder. Don’t get me wrong, I understand what this country is facing and sadly, this will end up being the norm in the business world. That being said, I felt like the Miller’s/Jazz organization would be one of the last NBA teams to start laying people off. I realize this is an LHM Corporation thing, not just a Jazz thing. I’m pretty surprised about the Tony Parks lay-off. Dude does a radio show on 1280, handles emcee duties at Jazz home games, calls games for the Bees, Stars, and still probably makes less than PK or Monson. Bummer to see a guy who wears 10 different hats for the Jazz take the hit while the ego driven talking heads at 1280 just get fatter.

You realize you can't become a billionaire without doing these kind of things. The bottom line will ALWAYS be the most important thing to these people.

 

[Jazz Spazz]

You realize you can't become a billionaire without doing these kind of things. The bottom line will ALWAYS be the most important thing to these people.

Without a bottom line you can't pay the salary of the other 80/90/95 % of the remaining employees. You need cash. It's not always about greed even though it can be in many cases. With all I've seen from the Millers, I'm going to give the benefit of the doubt for now.

 

[Saint Cy of JFC]

Without a bottom line you can't pay the salary of the other 80/90/95 % of the remaining employees. You need cash. It's not always about greed even though it can be in many cases. With all I've seen from the Millers, I'm going to give the benefit of the doubt for now.

Maybe relative to other billionaires....

 

[Joe Bagadonuts]

jesus that is dark. Cheer up man. You aren’t going to die overnight if you get the sickness.

Yeah. You got at least ten days. Maybe even more than two weeks. Make every moment count!

 

[vegas]

I talked to a client with lower bowl season tickets. I thought it was interesting he still pays his monthly dues. No refunds issued at this point.

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