As your humble editor attends the LiFi Conference in Eindhoven and the IALD Conference in Berlin this week, my thoughts are drawn to the upcoming Tour de France, beginning this Saturday in Bilbao, Spain. The Tour de France stands apart from any other sport, as it involves multiple teams competing fiercely towards the finish line. However, during the race, there are instances where members from rival teams decide to collaborate momentarily. Sometimes, two or three leaders from competing teams unite, taking turns to lead and providing respite to their followers. But in a split second, within the race, one of the cooperating riders makes the decision to resume the competition. It’s akin to a strategic chess game on wheels; the dynamics are fascinating.
Upon reflecting on the ongoing saga of Deco Lighting, I couldn’t help but draw parallels to the Tour. A few years ago, co-founder Sam Sinai and his partner Ben Pouladian had a sudden falling out, transforming from seemingly best friends to bitter adversaries overnight, entangled in a nasty lawsuit. When Deco encountered the cobblestones of bankruptcy, they formed an alliance with PQL, who was expected to pull them out of Chapter 11. However, as revealed in the following press release, their collaboration has come to an end, and they find themselves on opposing teams, evidently bitter rivals.
Recently, Sam sent me a press release containing highly critical remarks about PQL. I reached out to him, expressing my view that when one company publicly attacks another, it often reflects more upon the character of the attacking party. I pointed out that such a press release might backfire, casting Deco in a light that appears self-serving and petty. I had a similar conversation with his brother Bob, who is a creditor in the bankruptcy proceedings. They made a few revisions to the original press release, and the final version can be found below.
While the press release is inflammatory, it certainly holds newsworthiness, thus my decision to publish.
Another remarkable aspect of the Tour de France is the spirit of sportsmanship displayed by its participants. Occasionally, the race leader may become entangled in a group accident through no fault of his own. Sometimes the entire peloton will slow down, allowing the yellow jersey rider to regain the lead. No rules enforce this gesture; it simply stands as a testament to the class embodied by the sport. Similarly, the lighting industry comprises of individuals of class and dignity. As the Deco saga approaches its uphill finish line, let us hope that it concludes with some honor and respectability.
Please find the complete press release below.
[Commerce, CA June 28th ] – Deco Lighting, a prominent player in the architectural lighting industry, has embarked on a challenging path to redemption as it navigates the complexities of Chapter 11 bankruptcy. With hopes of emerging stronger, the company placed its trust in PQL to provide the necessary financial support and collaborative spirit for a successful reorganization. However, the true intentions of PQL have proven to be far from honorable.
PQL’s representative, Andy Sreden, engaged in multiple rounds of negotiations with Deco Lighting to chart a viable path out of bankruptcy. However, when it came time to sign crucial agreements, PQL consistently found excuses to back out, leaving Deco Lighting in a state of perpetual uncertainty. This deliberate stalling tactic demonstrated a callous disregard for Deco Lighting’s desperate circumstances and flagrant abuse of trust.
Deco Lighting, relying on PQL’s financial management, found themselves in an impossible situation, because critical payments under the plan were overlooked, further impeding their chances of survival. This betrayal of trust showcased PQL’s exploitation and deception. PQL made a decision to disregard the Confirmation Plan, and instead decided to pick and choose which creditors it wanted to pay. PQL deliberately did not abide by the Court approved plan, which resulted in a motion by one of the creditors filing a Motion to Convert Deco’s Bankruptcy from Chapter 11 to Chapter 7. Then, despite Deco’s proposal for mediation, Andy Sreden’s attorney called Deco’s Bankruptcy attorney and specifically stated that Andy Sreden is not interested in mediation. PQL had other plans.
In a shocking turn of events, PQL shamelessly attempted to poach Deco Lighting’s valuable sales representatives and customers. Recognizing the potential of Deco’s talented reps and the relationships built over 18 years, PQL sought to capitalize on these connections.
Deco Lighting’s resilience and determination have not wavered. The dedicated individuals within the organization will rally together, united in their commitment to bringing back Deco Lighting once again. They understand that the journey to redemption requires perseverance, innovation, and a steadfast focus on delivering high-quality architectural lighting solutions.
Deco Lighting is committed to ensuring that its loyal sales representatives and customers receive clear communication regarding the situation. They will be informed of the legal restrictions and the need to respect the ownership of assets, trademarks, patents, and trade dress associated with Deco Lighting. The company stands firmly against any unauthorized sales that could jeopardize its legal rights.
The quest for redemption is far from over. While Deco Lighting may have faced unfortunate circumstances, its resilience shines through. The journey towards recovery continues, fueled by the unwavering dedication of the people within the organization and the support of ABS as a secured creditor and potential asset owner.
The events that will ultimately determine the fate of Deco Lighting are unfolding, and the company remains hopeful. It is a story of resilience, determination, and the unwavering belief in the power of redemption. With the right support and opportunities, Deco Lighting will rise again and reclaim its position as a leader in the architectural lighting industry.
As Deco Lighting moves forward, it remains committed to its core values of integrity, quality, and customer satisfaction. The company will leverage its decades of experience, expertise, and innovative spirit to continue delivering cutting-edge lighting solutions that inspire and transform spaces.
Deco Lighting urges its stakeholders, industry partners, and customers to stay tuned for further developments. The company appreciates the support and understanding it has received throughout this challenging journey. Together, Deco Lighting and ABS will work diligently to secure a bright and prosperous future, marking a new chapter in Deco Lighting’s legacy.
About Deco Lighting:
Deco Lighting is a renowned provider of innovative architectural lighting solutions. With a commitment to quality, sustainability, and customer satisfaction, Deco Lighting has been at the forefront of the industry for over 18 years. From commercial and industrial applications to sports facilities and healthcare institutions, Deco Lighting’s products have consistently exceeded expectations and set new standards in lighting design.