(Topic ID: 229649)

The Pinball Company - WeFunder Comments


By PinballCompany

1 year ago



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  • 121 posts
  • 52 Pinsiders participating
  • Latest reply 10 months ago by MacroMegas
  • Topic is favorited by 6 Pinsiders

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    -18
    #2 1 year ago
    Quoted from PinballCompany:

    Wow. Found a Pinside post about our WeFunder (not GoFundMe) campaign on routine Google search. So much distrust and hatred in this world.
    A few comments and then I’ll go on with my life.
    1. I do not need any money. My bank is willing to give me all the money I need to fund our growth.
    2. This is not GoFundMe. We are not asking any of you for money. This is an offer for covertable notes paying 6% interest then converting to equity.
    3. This is for friends, family, and customers who want to participate in our growth. If your a skeptic or non-supporter, it is not for you.
    4. Jetsons was a profitable venture. It was our best selling pinball machine last year (41 machines) and most were sold at $5999-$6499.
    5. Our goal is to be the largest operator of pinball machines in the country. We want to promote pinball to the masses and there are obvious synergies with our retail business.
    6. I’m okay with the naysayers speaking their mind. I started this company with credit card debt when I had $70,000 in student loan debt. I was dirt broke and no banks would lend me money. I believe in me and that’s what matters.
    7. We have a great connection with the collector community. We have purchased over 3000 pinball machines. We give top dollar and work trade deals nobody else can. We provide work for about 300 technicians nationwide and we could not service our customers without them.
    If you have any questions, please email me at Nic@pinballco.com or send a PM. I do not spend a lot of time in Pinside.

    You should reach out directly to the silver spoon kid in NYC to see if he is interested in investing. You both seem cut from the same cloth TBT. Honestly, it may work out well for both of you.

    #71 1 year ago
    Quoted from Wolfmarsh:

    It seems like a weird, questionable business decision to pass up a loan at lower points than offering this investment, just to try to make other unknown people money?
    That just seems like a pretty thin veil over something else. Managing the investments this way feels like a way for the pinball company to dodge certain things about having investors, with no real benefit or protection to the investor.
    Was there another round of funding done through wefunder in 2015?

    bingo

    seems pretty obvious.

    Why would anyone "invest" in any company that is supposedly making a bad business decision to take on a higher interest rate in order to allow their friends and family enjoy in their success, lol.

    Read the fine print before anyone hands over money.

    The pinball community has gone down this road far too many times. This guy is not even offering you a pinball machine for your efforts. Puts hime one notch below Jpop IMHO.
    Also, among many collectors, they have had very bad experiences on both sales and purchases from this company.

    His reputation proceeds him. Buyer beware.

    -3
    #84 1 year ago
    Quoted from Methos:

    I have dealt with Nic in the past, and it literally has been some of the smoothest transactions ever.

    glad to hear it.

    You are the first person I know that has said that.

    -1
    #94 1 year ago
    Quoted from TigerLaw:

    While I personally feel there are some significant concerns and questions with capital raising in the manner the OP is doing, his customer service reputation has always been positive as far as I know (though granted, I know little about this group). Your accusations to the contrary seem out of place unless either you personally or someone you can identify can substantiate them in some meaningful way. As a rout operator yourself I’m sure you understand how statements such as these you have made here can be negative to someone’s business.
    Anyway, a couple random thoughts, it’s an interesting idea the OP has to set a valuation formula for a larger transaction via this sale. That wouldn’t work for any institutional investors (they would give no consideration to a transaction such as this one for value, in fact, they likely would frown upon it because it is outside of normal and possibly complicated their deal by introducing potential dissenters). It might pass muster as a valuation tool for other individuals or possibly even the IRS for gift tax calculations...
    If I had to proffer a quick speculative theory id say the absence of a personal guarantee by going this rout over a traditional lender is possibly viewed as a positive. Perhaps they have a larger debt deal lined up but the lender wanted to see more equity in the company, who knows.

    sorry, I should have been more clear in that my "buyer beware" was in regards to this "investment" opportunity.

    As for pinball buying and selling, Dung commented about his experience and mine (and others I have spoken with) have been similar.
    Granted some of that is because they a a retail outfit looking to buy as low as possible and sell as high as possible.

    #111 1 year ago
    Quoted from ZEN:

    I agree as well. If I had taken that dudes advice I would "own" a predator and an alien... I'm not smart enough to participate here, but throwing flames at this is silly, if you are interested pick up the phone and deal in person, instead of typing in a tank top in your aunt's basement.

    If people dont learn from their mistakes they are bound to repeat them. I would hate to see the pinball community not learn from Predator, Jpop, Stern Book deal, etc...

    1 week later
    #118 1 year ago
    Quoted from iceman44:

    45% paying back existing loans

    nothing like borrowing from peter to pay paul...

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