Posted on 06/17/2007 4:23:28 PM PDT by COUNTrecount
LOS ANGELES — Veg-O-Matic king Ron Popeil used to love to say, "But wait, there's more!" But only barely, it turns out, at least in regard to the company he founded.
Ronco Corp., based in Simi Valley has filed for Chapter 11 bankruptcy protection, declaring it has $32.7 million in debts and $13.9 million in assets.
Popeil, 72, an irrepressible pitchman who used infomercials to sell products such as the Pocket Fisherman, Showtime Rotisserie and GLH spray-on hair, is the largest creditor.
Two years ago, he sold Ronco, the company he founded in 1958. The price was about $55 million — in what was supposed to be two easy payments.
Popeil is owed $11.8 million, according to Thursday's filing in U.S. Bankruptcy Court in Los Angeles. Other creditors include the Food Network, Court TV and the QVC home shopping network.
A spokeswoman for Popeil, who lives in Beverly Hills, said he had no comment on the bankruptcy filing.
Part of the deal when Popeil sold the company was that it could continue to use his image, which is still on the company Web site. Anyone calling Ronco's headquarters will hear Popeil's voice — familiar to those who've heard some of his late-night pitches — saying, "If you know the extension of the person you're calling. ... "
Ronco Chief Executive John Reiland said the company would continue its operations uninterrupted and that none of its 95 employees would be laid off. Chapter 11 allows a business to keep running while it works out a plan to pay its debts. Ronco has sold $1.4 billion of and-if-you-act-now gadgets, court documents show. It had a previous tour through bankruptcy in the 1980s.
Reiland wouldn't discuss how the company got into its current financial state. But court documents said an initial $40 million payment to Popeil sliced and diced the company's finances, leaving it severely short of cash.
The company has reached a nonbinding agreement with a new buyer, but Reiland wouldn't say who that is.
It's not Popeil, the spokeswoman said. The man considered to be the father of the infomercial is too busy working on his latest invention -- a home turkey fryer.
Dammit! I was gonna buy one of those Popeil pocket fishermen. Now I guess I’m too late!
Does this mean we can look forward to more George Foreman Grill and Girls Gone Wild ads in TV spots formerly held by Ronco?
That home turkey fryer sounds like a winner to me.
My Veg-o-matic and Ginsu knife,
now available on Ebay.
we already have one of those...it’s a big aluminum pot full of peanut oil sitting atop a propane burner...best turkey I’ve ever eaten...
Yeah, if he would actually sell the stuff in a store he would probably do better. I might consider buying one of those roticery chicken cookers. The GLH spray on hair was an all time classic, what was he thinking.
Someone has to post it...
I need a Vegematic!
I need a Pocket Fisherman!
I need a handy appliance
That’ll scramble an egg while it’s still inside its shell!
(Operators are standing by.
How does that make you feel?)
Help me.
Mr. Popeil!
I wanna shine some pennies!
I wanna mend some leather!
I wanna Krazy-Glue my head to the bottom of a big steel girder!
(Please, no C.O.D.’s.
Don’t miss out on this deal.)
Ah, help me.
Mr. Popeil!
Help me.
Mr. Popeil!
Mr. Popeil!
Mr. Popeil!
(Wo-o, wo-o. Ohhhhhh.)
It slices. It dices.
Look at that tomato!
You could even cut a tin can with it,
But you wouldn’t want to!
Mr. Popeil, I’m in trouble.
Need your assistance on the double.
Oh no! Now how am I gonna make
My old vinyl car top look like new?
Mr. Popeil!
Tell me, what am I s’posed to do?
Mr. Popeil!
Mr. Popeil!
(Now how much would you pay?)
But wait, there’s more!
It’s not sold in any store!
(Now how much would you pay?)
Don’t answer yet,
Just look what else you get!
(Now how much would you pay?)
If you order today,
You get a Ginsu knife and a smokeless ashtray!
(Now how much would you pay?)
Now how much would you pay?
Mr. Popeil, Mr. Popeil.
Mr. Popeil, Mr. Popeil.
Mr. Popeil, Mr. Popeil.
Mr. Popeil, Mr. Popeil.
Make me buy a Garden Weasel!
Make me buy a Bamboo Steamer!
Make me take advantage
Of this amazing TV offer!
(Call our toll-free number,
We’ll make you such a deal.)
Aw, help me!
Mr. Popeil. I want it!
(Mr. Popeil.) Well, I need it!
(Mr. Popeil.) I got to got to got to have it!
Mr. Popeil!
Mr. Popeil!
Hey!
-Wierd Al Yankovic
It’s actually kind of neat that many of these products sold on infomercials at three in the morning actually work as described, and usually are pretty good.
I had a running joke with an ex-girlfriend. When channel surfing, and coming across an infomercial for Ronco Showtime Rotisserie, the channel couldn’t be changed until the phrase “Set it and forget it” was heard.
ROFLMAO!!!
I actually wanted to try one of those but was not sure how to get the hickory chunks in the thing.
They work very well.
Hey. I got your Popeil Pocket Pool player right here!
You’re not supposed to play with that thing!
You’ll go blind doing that. ;o)
I don’t have any hair on my palms... yet...
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