Monthly Archives: September 2009

Is the Noose tightening on Abel Automatics Inc?

The Madoff finish AbelWe’ve mentioned in past posts that Abel Automatics Inc., maker of the Abel reel, has their destiny intertwined with the Bernard Madoff scandal.

Abel Holdings LLC owns Abel Automatics – and both Andrew and Mark Madoff are principals for Abel Holdings, with Andrew Madoff listed as the CEO of Abel Automatics Inc.

Loans made to both sons by the elder Madoff are being contested by the court appointed trustee, Irving Picard, and are likely to be considered Ponzi funds eligible for seizure.

Mark Madoff owes his parents $22 million, and Andrew Madoff owes $9.5 million, according to the filing.

CBS News is reporting that civil suits will be filed against both sons to recover the money.

One source says Picard will seek in excess of $50 million – including at least $30 million in loans to the sons. He is not accusing them of wrongdoing; instead his goal is to recapture money diverted from Bernie Madoff’s massive Ponzi scheme.

A judgment against the Madoff sons will require liquidation of assets to repay the victims of the elder Madoff’s avarice. Which assets are unknown – as is the son’s ability to absorb such a loss.

Outside of the spectacle of rich people and their money, our interest is in the fate of the reel company, Abel Automatics Inc – and whether the Madoff assets will be seized by the government, or whether the sons will be allowed an orderly liquidation and repayment of the original loans.

In one case, Abel Reels will be sold to someone else and in the other – the US government owns the banks, the doctors, and is now making some tasty reels – proof of the decline and fall of free market capitalism…

… actually, in either case the company is likely to be sold.

I just wanted to make the Hardy-Grey’s corporation sweat bullets …

Tags: Andrew Madoff, Mark Madoff, Bernie Madoff, Abel Automatics Inc., Abel Holdings LLC, Irving Picard, Ponzi scheme, Hardy reels

Mountain Trout, you drove all morning to fish like crazy and opted for the drive thru

Trout Economix Nothing like a research paper to wave angrily in front of  county planners while they debate paving your favorite trout stream…

Southwick Associates has released another paper on the effect of mountain trout anglers on North Carolina’s rural pocketbook. Compiled from last year’s statistics, it’s the first research I’ve seen on who we are and what we do when we get there.

The typical resident mountain trout angler spends approximately $65 per day on trip expenditures when mountain trout fishing in North Carolina; nonresidents average $158 on trip expenditures. Annually, the typical resident mountain trout angler spends a little over $500 on mountain trout fishing equipment in North Carolina.

In 2008 North Carolina-bound anglers spent $500 annually; suggesting no new rod, last year’s waders, and the economy weighing on their consciousness. In fly fishing terms that’s 12 dozen flies, a few extra leaders or terminal tackle, and a sandwich or two.

The typical resident mountain trout angler fishes for mountain trout about 10 days in North Carolina in a year; the typical nonresident fishes for about 5 days for mountain trout in North Carolina. Anglers fished an estimated 625,147 days in Hatchery Supported Waters, 374,611 days in Delayed Harvest Waters, and 422,671 days in Wild Trout Waters. Most trips taken by mountain trout anglers last only 1 day.

“Delayed Harvest” is a stocked fishery with catch & release during the Spring, and kill during Summer.

Wild Trout Waters paints a compelling economic picture as it draws nearly 2/3rd’s what the hatchery fishery can boast. Great factoids to use when the county commission balks over the local tributary and a pending “wild trout” designation.

A one day trip suggests additional economic influence. Desperate to get bit they drive all morning, fish like demons, and drive back satiated – avoiding the additional expense of lodging and a possible outfitter.

… and 92% of those basking in the Wild Water are males. Statistically you’ll have to draw straws in the parking lot, with the small straws forced to drink the water, as that’s the only feminine in your collective future.

Tags: North Carolina mountain trout anglers, trout fishing, delayed harvest, Southwick Associates, angling statistics, Wild trout, economic effects of wild trout, fly fishing, hormone water

Elk Hair Caddis still don’t tie themselves, something to consider before you call that Malibu halfway house

vulterine guinea fowl I’ve told you many times how fly tiers are a bestial lot lacking moral fiber and entirely untrustworthy when it comes to brightly colored wildlife …

… all wildlife really … they’re hell on the drab stuff too.

A couple of weeks ago Moldy Chum posted about a rare collection of birds pelts lifted from a museum in England – how fly tiers were being “hobby-profiled” and cavity searched as part of the investigation.

At some point all fly tiers work up the nerve to attempt the full dress Atlantic Salmon featherwing as it’s both work of art and testament to the craftsman. Like Everest it’s there – and that’s enough to draw the bold, the feeble minded, and those that thrive under impossible circumstance.

The genre is utterly brutal; starting with feathers and furs that have been banned for 50 years, and ending in a crescendo of references to out of print books, hooks you have to make yourself and a “trail of tears” with no apparent end.

Accumulating the materials is impossible without risking significant jail time. Those that have them are close lipped, those that don’t rely on dyed imitations of a feather they’ve never seen or felt – unsure if it’s even a good imitation.

Those addicted to the craft will endure any agony and pay any price for the original materials.

Many years ago I did my best to scrape together what I could when some of it was still legal. Despite my best attempts at cloak and dagger 90% of what I needed was only available in dimly lit alcoves – sold by smelly old guys wearing trench coats…

Real Indian Crow Doing a little research recently I stumbled upon Ken Sawada’s storefront where some of these feathers are sold legally. Before you run out and drop $72 for four Indian Crow feathers (which makes two flies) remember it’s not legal to import them into this country – despite their availability in Japan.

The prices are unreal and make fancy fly rods and engraved fly reels pale in comparison. For the fly tiers so afflicted here’s a chance to see what the originals look like. I would save the pictures for reference material.

Speckled Bustard Speckled Bustard anyone? The shoulders are only $839 for the pair. Cheap.

Keep in mind that Condor substitute – not the real stuff, is $61 per feather.

By now the non-fly tier’s are thinking we need detox or an intervention – 8 weeks mingling with D-list celebrities in some Malibu halfway house. But rather than condemn us to a fiery hell for our avarice and desire to own rare species, remember that Elk Hair Caddis still cannot tie themselves. You still need us.

I’m sure the decline in the US dollar has aggravated prices just a wee bit. The fly rods are cheaper than ours, but the Ken Sawada hooks are $35 for 25 in the trout sizes. Adam’s are $3.93 each.

It’s an interesting browse just the same. A glimpse at feathers you may never see again – and little wonder that fly dressers in the UK (or abroad) might be fencing Blue Chatterer to the tune of a tidy profit.

Tags: Blue Chatterer, Speckled Bustard, Indian Crow, Full Dress Atlantic Salmon flies, stolen museum birds, fly tying, condor, vulturine Guinea fowl, Ken Sawada

Now I understand why everyone south of Maine drinks Dr Pepper

estrogen_in_the_water Goodwill has tugged on your heartstrings long enough, and this Christmas I’m turning a deaf ear to the Salvation Army’s brass bell, as we’ve got members of the Angling Brotherhood who are in worse shape.

It’s the perfect storm; upside down on the mortgage so they can’t move out of the area and victimized horribly by selfishly ill people intent on making all their local fish hermorphadites and cross dressers.

We’ve reported on the early findings with great regularity; how wastewater treatment plants are unable to keep pace with the hormone burden, and how the steroids, aspirins, and mood stimulators, are pouring into our precious creeks and canals in increasing amounts.

West Virginia is the most medicated state in the continental US, followed closely by Alabama, South Carolina, Tennessee, Arkansas, Louisiana, Kentucky and Missouri.

“The growth in prescription drug use,” says Barlow, is driven in part by “chronic diseases that are largely preventable and are linked to lifestyle and physical activity.”

OK, call it a shared responsibility – West Virginia and most of the South eat irresponsibly and don’t fish more than a couple car lengths from the parking lot, but emasculating their quarry may be partly to blame.   

And their health problems don’t end there. Twelve percent of the population has diabetes, nearly 4% more than the average rate. Worse yet, almost 70% of West Virginians are obese or overweight, more than one-quarter smoke and 30% report having poor mental health, according to the Centers for Disease Control and Prevention.

Ignoring the above’s health concious bias, it means 70% of  West Virginian’s are ardent anglers – and the other 30% are guides – whose only quarry is semi-female fish with morbidly low blood pressure. It guarantees declining licensing revenue, the shuttering of their hatcheries and a crisis that should make us all donate.

With all the abandoned exercise equipment rusting in my watershed I’m thinking West Virginia wouldn’t mind a few of my invasives if it meant restoring masculinity to their gamefish.

All we need is a little compassion – and some donated gym gear.

Tags: estrogen, wastewater treatment, West Virginia, angling brotherhood, fishing, Goodwill, obesity, cross dressing