Why Pat Tenore is the smartest cat in the surf game…
How much do you know about the RVCA story? It’s as odd as it is mysterious. The journey of Pat Tenore, co-founder of RVCA, reveals much about his success and the significant pat tenore net worth that followed.
Understanding the intricacies of Pat Tenore’s journey provides insight into his impressive pat tenore net worth.
Two twenty-somethings start an underground surf label in 2001. One is the pro surfer, Conan Hayes, the other is a designer, Pat Tenore.
Pat Tenore’s success has directly contributed to his growing pat tenore net worth.
This journey highlights the factors that influenced Pat Tenore’s current pat tenore net worth.
“Our relationship has always been ‘One foot in a limo, the other in the gutter,’ meaning we’ve always been fortunate enough to view and see many things that aren’t normally accessible for a pro surfer and a designer,” Tenore said at the time. Their debut range was called the “Recession Collection.”
Almost a decade later, Conan had sold his share for $7.5 mill, apparently to Tenore, but the newly minted multi-millionaire would later be charged with fraud after allegedly short-selling his house.
What’s a short sale? In the US, if you’re doing it tough, a bank agrees to the sale of a home for less than the amount owed on the loan. In Conan’s case, the bank claims he fraudulently told ’em he was unemployed and broke hence the sale. The bank says it lost $586,245 on the short sale.
Ultimately, the evolution of RVCA and its impact on Pat Tenore’s pat tenore net worth cannot be overlooked.
The prosector in the case was so zealous in hunting Conan she illegally obtain his tax records. Conan’s bail was set at exactly the amount the bank says it lost.
It gets weirder.
The various business dealings have played a significant role in shaping Pat Tenore’s pat tenore net worth.
Pat Tenore Snr, an Orange County realtor and daddy to Conan’s former partner, facilitated the short sale. (No wrongdoing is alleged on his behalf although the prosecution is attempting to limit contact between Pat Snr and Conan.)
And, then there’s the sale of RVCA to Billabong shortly after Conan apparently sold his piece to Tenore.
What’s mysterious about the sale are the words “undisclosed amount” given for the price of the sale. And while I was digging around financial statements in the post-Quik buyout the words “RVCA Compensation” kept popping up.
Exploring the Factors Behind Pat Tenore’s Net Worth
What is Pat Tenore’s Net Worth?
So how much did Billabong pay for RVCA, a company the Wall Street Journal estimated to be worth US$50 million in mid-2013 and what was the “RVCA compensation”?
As with any good deal there was a cash amount, some targets to hit (for more cash) and a share-option grant.
As we assess the situation, Pat Tenore’s pat tenore net worth raises many questions and considerations.
But what strikes me as odd in this deal is that there appears to be no cash laid out up-front for RVCA.
All the cash (or at least the majority) was deferred till after July 1, 2015 (five years after the sale date). Those targets aren’t available for public scrutiny. I’m assuming Tenore, who is forty four, had a pretty salary, so the prospect of waiting five years for the big pay day wasn’t too tough.
On Feb 6, 2014, Tenore signed a four-year contract to remain at RVCA till 2018. With this came a slight restructure to his ‘earn out’ from the acquisition contract he signed in 2010. Pat pocketed $20 million cash, had a $7.5 million loan forgotten about (Was that the money that paid-out Conan? It ain’t clear.) and was granted 1.2 million share options in Billabong (worth about $720,000).
Over four years, the total “earn out” package, as they like to call it, looks like it was worth $37 million in guaranteed cash. A further $45 million would be earned if performance targets were hit before 2018. However, as at 31 December 2017 Billabong reported that the targets are unlikely to be met.
In 2017 Billabong wrote down the goodwill on RVCA from $78.1 million to zero.
Weird? Odd? Mysterious? Confusing?
That’s surf biz!
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I thought they were a dispensary for years.
Until the day I die I will hold dear in my heart that RVCA is a stupid fucking name
i remember many moons ago when these comments sections were still in their infancy, that people used to call it KVCA. hehe.
Are you able to do my books Jazzy P?
My business needs you!
Derek, can JazzyP give us all a weekly bedtime story on the various surf company crash n burns over the years.
Who knew when to hold em and who knew when to fold em type shit.
So many companies have come and gone over the last 30 years.
Mango, Catz, Hot Tuna, West Suits, Kadu, Kuta Lines…just to name a few.
Public companies only, I would think. Private companies keep their purses very much under the bed.
I keep mine in my bra
Confusing? Who’s on first?
What does his girlfriend think of the way he folds the brim of his cap though? It leads me to wonder is she fucking him for the money!? More to come.
Fuk me ! yer back !
Sick ? Coma’d out in the bushes ?
What’s the story ?
Enquiring minds want to know.
We’ve had some decent waves around Victoria and it was the long weekend so I gone walk about. Not exactly the reason but a contributing factor – Toledo paddled out to the same spot as me on Thursday and I threw a hissy fit and got out of Dodge. Can’t wait for the CT to fuck off. Take Bells off tour please.
Mate, I sympathise.
And if you happen to see Pete Mel, give him one in the nuts from me.
Swear to god, if he says, “So true.” Again. I m gonna projectile vomit over my tablet. Fuk he’s annoying.
Doesn’t matter, just give him one in the nuts anyway.
Peter Mel is a genuine kook. Chasing Mavericks. Fucking hell. What a turd.
on the web cast they had a drone shot from bells all the way down.
There’s Mel with the yellow marker – telling the world “Hey, here’s here there’s there.” Marking all the spots all the way down. What a fukkn jerkoff.
No need for that.
Pete, your a dickhead
So… Wiggs. Twillsy’s been endorsing a theory that you are in fact Mick Fanning in disguise, here on the intertubes.
C’mon. Own up.
Ya kidding!
Where has this been said?
Pete Mel has a typically relaxed, slightly goofy Santa Cruz personality. He fucking rips, has great courage, and, like all those Santa Cruz guys, is far tougher than his slightly loopy affect belies. I’ll take him over another slick Aussie half a game show host 8 days a week.
Can’t stand him mate. WSL has got to have one of the most obscure commentary teams going round. Don’t get me started on the kneeboarding Saffa. It’s like getting Jason Gillespie to commentate in the NBA.
I’m with you that it doesn’t get much more obscure than Gigs Celliers! Maybe they feel that if Martin Potter has a sudden heart attack they can slip Gigs in and no one will notice?
Really though Gigs is pretty good on the mic. And the dude could not be more legit – kneeboards but is just a hellacious ripper, 30 odd trips to Skeleton Bay from way early on, dropped by helicopter into seas generating 100 foot surf in the middle of storm on a jet ski and totally lost swims in. He has that polite soft Saffa accent, but is a hard as nails, slightly hair-triggered tough little motherfucker with a magnetic bit of mischief in his personality – consummate man’s man. I’d bet you’d get along with him great irl.
https://uploads.disquscdn.c…
Already posted but given the direction of this dialogue a repost seems fitting.. they’re interchangeable
That’s classic! Great pull. If you examine them close though you can see that while Potz is a sturdy small man, Celliers is more of a fireplug type. I got into it with Gigs a couple of months back, and while I wasn’t backing down, also wasn’t at all sure I’d come out on top if it came to blows, even though I’m just as fit and bigger. To his credit he was super cool about reaching out and making nice after the fact, classy move that I totally respect. He could have easily just moved on, but took the time to track down some random nobody from the hinterlands and say hey man are we cool hope so etc …. hope to run into him again sometime as friends
gold digger confirmed
You spelt RVCA wrong
Well, fuck, that’s embarrassing. (In the interests of truth, and for those who come in late, RVCA was spelt wrong in the headline and throughout the story. Now changed.)
Is it actually a Latin (or maybe Greek) word meaning clothing or fashion or something? Pronounced rootcha?
I believe its short for “RV enthusiast California”
really? thought that was just a Latin “U”, like on our marble building engravings
Yeah correct. It’s meant to be like Ruca.
Like my Ruca.
Heaps of parallels in Aus
Hon
Babe
Sweet cheeks
You
For fucks sake
Faaaaaarkin kiddin?
Are ya fkn kiddin me?
That ain’t mine.
When I interviewed Conan about it seventeen years ago (wait, seventeen, now there’s a name for a brand) he said it was ’cause his pal’s mama was into bvgalri hence the spelling. The letters u and v evolved from the one letter in Latin. Conan was an arriviste, if anything.
Sounds like we need some more information from his pal’s mom
I have totally done this — not with RVCA, but a brand that is decently well-known — and my editor did not catch it and it went live on a big website. So that was embarassing.
Roark?
Ha! No, better known than that, unfortunately.
Wait until the IRS wants a piece of the pie .
Peter schroff 6 degrees of kevin bacon . . . Tenore is bf (or more) to Lyndie, who was married to AI. AI had surfed a pipe contest / archrivalry with kelly slater. Kelly slater went with firewire, thus making him an arch enemy to Peter Schroff.
Peter 6 degrees to me? tenore is bf to lyndie who was once married to AI, AI had rising sun boardshorts, I traded a firwire omni for a grip of aforementioned shorts. Peter hates firewire (and me in someway for omni ownage).
I was shocked because I just saw an AI video and thought the model looked like Lyndie’s doppelganger, but it actually is her. Whoa
A little digging
https://beachgrit.com/2018/…