Remember Dippin’ Dots? It was that overpriced, novelty ice cream you’d get on the family vacation to Six Flags or random trips to the mall with your grandparents.
Well, the ice cream maker filed for Chapter 11 Bankruptcy this past November, but to the joy of diabetics everywhere it has recently been purchased / rescued by Oklahoma City “businessman” Scott Fischer.
An Oklahoma firm has agreed to buy Kentucky-based Dippin’ Dots Inc. out of bankruptcy for $12.7 million.
The local company, which is funded by private capital, already has paid a $2 million deposit as part of its deal to buy the marketer of flash-frozen ice cream, according to documents filed in U.S. Bankruptcy Court in Kentucky.
Oklahoma businessman Scott Fischer, president of the new Dippin’ Dots LLC, said he is looking forward to working with the ice cream firm’s 165 employees in Paducah, Ky. He said the company’s operations and management will remain in Paducah.
“We are committed to ensuring that Dippin’ Dots reclaims its status, not as a novelty of the past, but as the ice cream of the future,” Fischer said in a statement.
Dippin’ Dots is the “ice cream of the future”… if the future is 1994 and everyone rediscovers the adolescent urge to eat overpriced ice cream pellets out of plastic baseball cap cups. I don’t think that’s going to happen.
Seriously, who would pay $12.7-million for this company? Dippin’ Dots is so popular they have 2,400 Twitter followers. In case you care, Steve Lackmeyer has more followers than them. That can’t be a good sign.
Anyway, I decided to do some research on the local “businessman” who bought the company. His name is Scott Fischer, and surprise, surprise, he’s a trust fund baby. Here’s a pic:
Yeah, things are so bad in the mafia that they’re now dabbling in the trade of ice cream to make ends meet. How sad.
Just kidding, Scott isn’t in the mafia (we hope.) He’s actually the son of Chaparral Energy co-founder, Chairman and CEO Mark A. Fischer. About a month ago, some Korean company considered purchasing a 51% stake in Chaparral for about $1.5 billion dollars. So yeah, it’s safe to say Scott probably has the cash to waste on Dippin’ Dots. In fact, Scott spending $12.7-million of his Daddy’s money to buy an ice cream company is about the same as you paying $5.99 for a pint of Cherry Garcia at Wal-Greens. The only difference is that you’ll miss the money more and your ice cream will taste better.
We wish Scott all the best in turning around the company, but I’m not too confident he can do it. Not only does spending millions on Dippin’ Dots show that Scott may not have the best business sense, but according to his Facebook page he has an M.B.A. from the University of Phoenix. That’s a good degree if you want to manage a call center, but it probably doesn’t help prepare you to turn around a struggling company. It’s kind of like hitting a hole in one from the ladies tees. Sure, it’s an accomplishment and everything, but your friends will still make fun of you.
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