Endor/Fanatec: Extraordinary General Meeting Cancelled, Community Questions Answered

Fanatec-Q&A-Warehouse-Backlog.jpg
Image: Endor
The future of Endor and its sim racing brand Fanatec remains unclear. However, CMO Belma Nadarevic answered some of the most pressing community questions, while an Extraordinary General Meeting planned for September has been cancelled.

Fanatec has just released a new sim racing product in the DD Shaft Extension. But in more business-related news, the Extraordinary General Meeting that was set to take place on September 3, 2024, and authorized to be convened by two shareholders via court ruling. One of the aims of the assembly was to withdraw confidence from the current Company Board.

This assembly was supposedly one of the reasons why the StaRUG proceedings came to a halt. Now, the Higher Regional Court of Munich has "temporarily suspended the execution of the descision of the Local Court of Landshut (Registry Court) dated July 11, 2024", according to the latest Endor press release.

Interestingly, the release names the two shareholders for the first time - one is former CEO Thomas Jackermeier, who was dismissed from his role effective March 31, 2024. The other is Bamboo Invest GmbH - based in Landshut, just like Endor, and Jackermeier is listed as their Managing Director, according to European business research site NorthData.

As the Extraordinary General Meeting has only been "temporarily suspended", it might not be off the table entirely. What this means regarding the search for an investor for Endor, which filed for insolvency earlier this August, remains to be seen.


"No backlog in the warehouses"​

Meanwhile, as the sim racing community repeatedly raised questions surrounding Endor and Fanatec gear, CMO Belma Nadarevic took to the Fanatec YouTube channel, answering the most pressing community questions. These revolve around the day-to-day operations of the company, which, as stated when Endor filed for insolvency, will continue as normal.

In fact, it should run smoother than before: According to Nadarevic, there is "no backlog in our warehouses. This means that we can even deliver your products a little bit quicker than initially planned." Further topics include warranty claims, which will see no changes, and refunds still being made if a claim is valid.

Furthermore, Nadarevic rules out discounts on all products in Fanatec's portfolio for now, although another Black Friday sale is supposedly planned. "Everybody's aware that we only have one big sale, and this is during Black Friday".

What are your thoughts on the latest developments surrounding Endor and Fanatec? Let us know in the comments below or head to our forums to discuss!
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About author
Yannik Haustein
Yannik Haustein
Lifelong motorsport enthusiast and sim racing aficionado, walking racing history encyclopedia.

Sim racing editor, streamer and one half of the SimRacing Buddies podcast (warning, German!).

Heel & Toe Gang 4 life :D

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Comments

SharkVA
Better days ahead for the sim racing stalwart, hopefully. With any luck a better organized, more efficient and more responsive company is left standing when the dust has settled.
 
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W
Premium
Hope it all works out well but they really need to get back to focusing on the actual gear.

I fortunately haven’t had any problems with the things I”ve bought from them and have enjoyed using the kit but the competitors have upped there game. With all the recent issues it’s quite difficult to recommend them so without a compelling product/price strategy I think they will struggle.

They seem to still have some strange gaps in the product line up, still no Clubsport level modern GT wheel or updated backlit button modules etc and some daft pricing like a €249 wheelbase mount and a €149 “boost kit and a bunch of other stuff is really looking dated now.

Slim down the product line up, get some decent midrange wheels etc to go with the wheebases and take a closer look at the competition for pricing.
 
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Teqqles
Premium
I've had an RMA return cancelled and radio silence from support in getting a shifter fixed. I'm hoping that isn't what operating normally looks like!
 
paoloambrosio
Premium
When they say "warranty claims, which will see no changes" are they implying that they didn't use to process warranty claims? A friend's shifter was dead on arrival and he hasn't heard back from Fanatec support in weeks.
 
BearWalken
If you pay in advance for goods from an insolvent company is at your on risc here in germany. If they don't deliver you will lose your money because your claim will end on the list of creditors. Most customers are aware of this. Sad but true, I have to leave the fanatec ecosystem as soon as my Podium DD died...
 
B
Premium
Interestingly, the release names the two shareholders for the first time - one is former CEO Thomas Jackermeier, who was dismissed from his role effective March 31, 2024. The other is Bamboo Invest GmbH - based in Landshut, just like Endor, and Jackermeier is listed as their Managing Director, according to European business research site NorthData.
Click to expand...

What type of horse **** is this? The two shareholders that are voting no confidence is Thomas Jackermeyer and Thomas Jackermeyer (by proxy)... Um... Yeah... That seems so right. When Thomas needs to differ to Bamboo Invest GmbH, does he put one phone down and pick up another and resume talking? How is this supposed to work?

I get that becoming a shareholder isn't some democratic process, and the person who has the most shares has a lot more say than some day trader who stumbled on to the stock. But seriously... Thomas is pushing two votes of no confidence. How is this legit?

And on top of that, the company is mostly this predicament because he steered it into this mess. I don't get it. Will someone make some sense of this quagmire for me, this really looks like Fanatec is damned, no matter what it does.
 
Jonny Austin
Wilko Jones said:
What type of horse **** is this? The two shareholders that are voting no confidence is Thomas Jackermeyer and Thomas Jackermeyer (by proxy)... Um... Yeah... That seems so right. When Thomas needs to differ to Bamboo Invest GmbH, does he put one phone down and pick up another and resume talking? How is this supposed to work?

I get that becoming a shareholder isn't some democratic process, and the person who has the most shares has a lot more say than some day trader who stumbled on to the stock. But seriously... Thomas is pushing two votes of no confidence. How is this legit?

And on top of that, the company is mostly this predicament because he steered it into this mess. I don't get it. Will someone make some sense of this quagmire for me, this really looks like Fanatec is damned, no matter what it does.
Click to expand...
The moment TJ borrowed money from the banks and made guarantees that he would pay the amounts back there was always a potential that he could lose control of his company if it all went wrong.When he was removed as CEO the company had failed to be successful enough,failed to fulfill orders and was badly run in terms of customer services despite having great products.Since TJ was removed he is still the biggest shareholder of essentially a worthless company (It owes to much)and he has no control.To regain control he needs to find enough finance to pay off the banks.So for example if Fanatec owes the banks 10 million Euros,he might need 2.5 million Euros for them to walk away and regain control of the company or they could retain 25% in some sort of deal.Even if TJ succeeds he may not have adequate finance to take the company forward and make it a success because as time goes by customers drift elsewhere.These cancelled meetings could be due to TJ not having the finance,not agreeing an amount with the banks or another player like Corsair coming in with a better deal than TJ.My guess is that Corsair will end up owning Fanatec.They have already spent money and I think they have some IP etc.It looked like the original deal failed when they were doing some due dilligence so that could have been some liability issues like warranty that could have ended up being very expensive or something else like some of the essential IP belonging to someone entirely different.
This is my theory(I definitley dont know the full facts) based on what happened to my Fathers company back in the 1990s.All very similar and probaly a lot more of a tangled web than anyone can imagine.The key thing for sim racers is that the value is in the products which are very good,so Fanatec is not going away.My personal opinion is I would not buy anything from Fanatec right now,I would wait until its clear who is running the company.
 
B
Wilko Jones said:
What type of horse **** is this? The two shareholders that are voting no confidence is Thomas Jackermeyer and Thomas Jackermeyer (by proxy)... Um... Yeah... That seems so right. When Thomas needs to differ to Bamboo Invest GmbH, does he put one phone down and pick up another and resume talking? How is this supposed to work?

I get that becoming a shareholder isn't some democratic process, and the person who has the most shares has a lot more say than some day trader who stumbled on to the stock. But seriously... Thomas is pushing two votes of no confidence. How is this legit?

And on top of that, the company is mostly this predicament because he steered it into this mess. I don't get it. Will someone make some sense of this quagmire for me, this really looks like Fanatec is damned, no matter what it does.
Click to expand...
Thomas owns the majority of the company. That's how a corporation works, money is power. It shows how badly he ****ed up that he lost control of the company in the first place.
 

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