Bankruptcies, Downfalls
Cadence innovates its way into bankruptcy
Cadence Innovation, an oddly-named auto-supplier, has filed for Chapter 11. The company had 4,000 employees worldwide and was in the unfortunate position of having G.M. and Chrysler as its top customers. The company will now attempt to liquidate its assets in bankruptcy.
So long, Cadence.
thanks for all the fish
These guys have 5 factories in Michigan, and are yet another casualty of the failure of American automakers.
here is a quote from a cadence exec:
“From day one, we have always prioritized the welfare of our employees and the quality and delivery needs of our customers. We will continue to manage the company in that fashion,” said Jerry Mosingo, President and Chief Executive Officer of Cadence Innovation.
This should suprize no one. The fall of Cadence had nothing to do with the failuer of the big three. Jerry Mosingo and his countless former coworkers drove their forth company in a row into the ground. They took a profitable company with a clean balance sheet and spent money until the balance sheet turned red. They have no clue how to run a company. When you see how much Money Mosingo makes taking a company into bankruptcy it tells the whole story. He has no motivation to make a company successful. He makes millions in “retention bonuses” when, as CEO he drives a company under. He and his “team” have ruined tens of thosands of lives in the last four major companies he has runied. Lets just hope this loser does not turn up at another parts supplier. He simply has no business running any company!!
Hiring joe and his other cronies from colins & ackmin came in and shut down the
majority of the money making companies. Firing long time employees to hire your
own friends with terrible work ethics and high pay rates milked this company right into the gound, not caring for anybody but them selves. The prior owner is back to making a profit year over year, while joey and friends are smiling all the way to the bank. Thanks you lossers.
The quote “we have prioritized the welfare of our employees” should have read “we will prioitize putting our employees on welfare”
Exactly right ex-employee!!! I understand Mosingo will get a $2M + retention bonus when the company goes under. Its just a shame that this ego maniac and his friends will most likely land somewhere else and ruin more lives. TO ALL INDUSTRY HR EXECS - Beware ANY former Textron/Cadence Execs. Mosingo will steal this company blind as he walks out the door. This guy should go to jail. I understand that the former owner is doing well. Rebuilding and surviving the current Detroit environment. Having experienced both companies I can say, based on significant experience, that Mosingo would not put a patch on the ass of the former owner. Parhaps Mosingo should take a lesson on how manufacturing plants and companies should run!! Lets hope he retires for good!!
so, they are still telling us that we may get a buyer in the 11th hour, and even if we don’t, operations will continue as usual. that is, AFTER the layoff from Jan 23 to Feb 2, to coincide with GM lordstown and Spring Hill’s shutdowns. i call “BS”. they have been blowing sunshine right up our you-know-whats from day one. teasing us with “potential buyers” who “backed out at the last minute”. i personally think jerry mosingo had some cronies go walking around the plants posing as buyers. just to keep the charade going for the employees so they wouldn’t go looking for another job. keeping us working with false encouragement, so he could line his pockets extra thick on his way out the door. they have been telling us what a great turn -around the company has made, and how we are finally turning a profit. well, then why sell it? and when it’s not selling, file chapter 11 to make the company “debt free and more attractive to potential buyers”. and the whole while, i can hardly keep myself from screaming, “you are so full of it!!”
Current, Temp Employee
I feel your pain. Mosingo and his crew have spent most of their time determining “the spin” on the story of their poor performance. Their story is simply constructed to support their failings as business executives. I feel for all the good people who are suffering at the hands of these losers. The sad story is that with the announcement of Chrysler pulling their business there is not much time left. There will be a fire sale handled by the courts, Perhaps a few people will get opportunities with the fire sale buyers. It will be interesting to hear the final spin from good old Jerry!! Perhaps then people can tell him what they think. BTW-Keep an eye on who takes (for free) the Shelby Series 1 car left at HQ. Again its very profitable for people who drive companies into the ground. I dont know how these people can look in the mirror.
For all those former Venture employees…perhaps its a good sign…Most of the Chrysler business being pulled from Cadence will end up at Mayco. I hope that Larry is able to hire back all the former Venture people whose lives have been ruined by the current executive losers at Cadence. Good Luck LW!!!,
good luck to everyone involved, that’s for sure.
Jerry should be put in the middle of the crappy parking lot at Masonic and STONED!!!!!!!! They should also put the people in charge at the different shops in line behind him,for there turn with the rock!!!!!!!!!!!!!! While the employees struggle to live, upper management flaunts their riches in front of them.I hope all of them get to put our shoes on,they couldn’t survive.. When you’ve run three previous companies into the ground,why would someone hire them????????STONE EM ALL!!!!!!!!!!!!!!!!!!!
Interesting perspective Mr. William D. Smith - apparently it’s people like you that obviously don’t succeed since you’re still in the caveman days - stone em all? Grow up! There are pently of Cadence employees that would like to still have a job and judging from your comments above deserve to have a job MORE than you, so if you are an employee at Masonic as you mention the parking lot condition,(and that plant has been reported to remain open) then perhaps you should shut up, go back to work and stop being pissed at the world - you are the only one responsible for what you’ve become - don’t blame it on the people that actually made something of themselves. Take the shoe out of your mouth and put it on the other foot - you don’t know what others have been through unless you’ve walked in their shoes. Ignorant must be bliss……………..
It seems that William Smith expresses the frustrations of the majority of the Cadence employees whose only ability to affect the ultimate outcome of Cadence was to work every day to maintain product supply into the customer. Its simply a bitter pill to swallow for all those who live in the manufacturing trenches, those who come to work and give an honest effort to make barely enough money to survive to only see it all come to an end. How are the “William Smiths” at Cadence in ANY WAY responsible for what Cadence has become??? What are all the “William Smiths” of Cadence to think when they see MANY automotive supplier companies that are able to survive these difficult times in Detroit and wonder why not us??? The facts are the facts…the responsibility and accountability (in this case lack of) for failure lies at the executive level starting with Mosingo.. The Mosingo spin that “price increases and the current environment have exceded the flexibility of our operating model” is simply dilbertish and are concieved to mask the truth. Those who “made something of themselves” have done so at the expense of many good hard working people….in several companies, Textron, C&A and now CI. As one who was close to this executive team its was always obvious from very early on that the end would come soon. It was plain for all to see that this executive management team had no business sense, made very poor decisions and were simply financially reckless. How much money was wasted on the mega disaster in Chesterfield?? Remember the spin Mosingo claimed about the first GM of that plant?? WHAT A JOKE!!! I recall high level co-workers betting on how long will CI last under the “leadership!?!?!” of Mosingo and his cronies…we all guessed about 2-3 years. Of course “those who made something of themselves” will survive on their investments and savings until other employment opportunities become available. What about you William?? How long will your ability to support your family last when the plant closes?? SO…William Smith Shout out loud, express your frustrations!! You have every right to be pissed at those idiots and egotists who destroyed a good company with great potential all while making something FOR themselves!! But as you have always done…continue to work hard during the remaining Masonic days until the XK & WK are built out. Perhaps a new supplier for the next generation WK will take over Masonic and utilize a good workforce! While William Smith may not have all the facts he is ceretainly not ignorant I would suggest he intelligent enough to see through the BS he hears from JM and read the situation for what it truely is!!!
Just a small update for those who care. Yes mosingo ran this company down, even screwed us uptil the final hour when we had a buyer. This whole time GM was trying to help find a buyer but Cadence upper management refused in court on December 11th claiming they wanted to liquidate. Now they hold GM’s tools hostage refusing to release them and it is tied up in court. Gm filed a second emergency motion yesterday suing for damages and tool release. The tools will be released starting on friday december 26th but the damage has been done. Mosingo killed the possibility of the other 2 buyers earlier Groupo and Furecia because both refused to pay his demand of an extra 8million to sell. This is the same man who destroyed 3 other companies and recieved millions of dollars for each. We at Cadence were devastated at all the lies and deception they hid in sealed court documents all for greed. Merry Christmas and Happy New Year to all may your holidays be brighter than ours.
So does this mean the “autoexec” that worked with the CI execuative team, made something of themelves at the expense of others…….. My point is not to STEREOTYPE. Perhaps that is what some have done, however there are far more people at Cadence (some former Venture and newer employees) in management positons that are just as devistated by the outcome as the hourly employees and did everything they could to protect EVERYONE’s jobs - you should know, since you worked with the CI management people - NOT everyone in management is guilty for the outcome and neither is anyone in the hourly workforce! Our thoughts go out to all the Cadence employees losing their jobs. Wishing you all well for 2009!