The 1950s and earlier - Revision history

Dave at 22:49, 5 September 2020

2020-09-05T22:49:11Z

Dave: /* Financial Fraud */

2018-08-19T14:18:51Z

Financial Fraud

Dave: /* Early lives of Jack Tramiel and Manfred Kapp */

2018-08-19T13:20:22Z

Early lives of Jack Tramiel and Manfred Kapp

Dave: /* Early funding for Commodore */

2018-07-23T10:50:30Z

Early funding for Commodore

Dave: /* Early funding for Commodore */

2018-07-19T11:23:26Z

Early funding for Commodore

Dave: /* Early funding for Commodore */

2018-07-19T11:21:36Z

Early funding for Commodore

Dave: /* Early funding for Commodore */

2018-07-19T01:17:54Z

Early funding for Commodore

Dave: /* Early funding for Commodore */

2018-07-19T00:37:46Z

Early funding for Commodore

Dave: /* Financial Fraud */

2018-07-19T00:30:37Z

Financial Fraud

Dave: /* Financial Fraud */

2018-07-19T00:25:23Z

Financial Fraud

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 == Early lives of Jack Tramiel and Manfred Kapp ==
-The exact birth date of Jack Tramiel is not known.  According to an interview with his son Leonard Tramiel in the documentary movie "The Commodore Story", Jack Tramiel lied about his birth date such that he could meet the minimum age requirements to emigrate to the United States after his time in a German concentration camp.  This article will not attempt to authenticate Jack Tramiel's birth date, but will assert that it may be December 13, 1927, September 13, 1927 or December 13, 1928.  Other official sources indicate that his name was Kaufmann Idek Tramiel or Tramielski.  Jack Tramiel claimed to have been in a concentration camp from 1939 - 1945.  On his application for a United States visa, that he lived in the ghetto at Lodz until June 1944, thereafter being confined in Auschwitz and Bergen-Belsen.
+The exact birth date of Jack Tramiel is not known.  According to an interview with his son Leonard Tramiel in the documentary movie "The Commodore Story", Jack Tramiel lied about his birth date such that he could meet the minimum age requirements to emigrate to the United States after his time in a German concentration camp.  This article will not attempt to authenticate Jack Tramiel's birth date, but will assert that it may be December 13, 1927, September 13, 1927 or December 13, 1928.  Jack Tramiel claimed to have been in a concentration camp from 1939 - 1945.  On his application for a United States visa, that he lived in the ghetto at Lodz until June 1944, thereafter being confined in Auschwitz and Bergen-Belsen.
 Jack Tramiel appears to have entered the United States on November 10, 1947 and to have been enlisted in the United States Army from 1948 - 1950 where he was a cook, and from 1951 - 1952 where he repaired typewriters.  [[File:TramielManifest.jpg|left|thumb|150px|Idek Tramiel passenger manifest]]

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 == Financial Fraud ==
-Beginning with the very first transaction between Commodore Sales Acceptance and Commodore Portable Typewriter Company, there was fraudulent intent.  Commodore Sales Acceptance loaned Commodore Portable Typewriter Company $65,000 which was disbursed thusly:
+Beginning with the very first transaction between Commodore Sales Acceptance and Commodore Portable Typewriter Company, there were suspicious circumstances.  Commodore Sales Acceptance loaned Commodore Portable Typewriter Company $65,000 which was disbursed thusly:
  * $25,000 to pay off Inter-Provincial debt owed by Everest Office Equipment Company.
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  * The balance was retained by Commodore Portable Typewriter.
-The $25,000 loaned back to Commodore Sales Acceptance is how Commodore Portable Typewriter company purchased a 25% ownership in Commodore Sales Acceptance.
+The $25,000 loaned back to Commodore Sales Acceptance is how Commodore Portable Typewriter company purchased a 25% ownership in Commodore Sales Acceptance.  In essence, a Commodore entity borrowed money from itself to purchase a stake in itself.
 == References ==

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 The exact birth date of Jack Tramiel is not known.  According to an interview with his son Leonard Tramiel in the documentary movie "The Commodore Story", Jack Tramiel lied about his birth date such that he could meet the minimum age requirements to emigrate to the United States after his time in a German concentration camp.  This article will not attempt to authenticate Jack Tramiel's birth date, but will assert that it may be December 13, 1927, September 13, 1927 or December 13, 1928.  Other official sources indicate that his name was Kaufmann Idek Tramiel or Tramielski.  Jack Tramiel claimed to have been in a concentration camp from 1939 - 1945.  On his application for a United States visa, that he lived in the ghetto at Lodz until June 1944, thereafter being confined in Auschwitz and Bergen-Belsen.
-Jack Tramiel appears to have entered the United States in 1947 and to have been enlisted in the United States Army from 1948 - 1950 where he was a cook, and from 1951 - 1952 where he repaired typewriters.
+Jack Tramiel appears to have entered the United States on November 10, 1947 and to have been enlisted in the United States Army from 1948 - 1950 where he was a cook, and from 1951 - 1952 where he repaired typewriters.  [[File:TramielManifest.jpg|left|thumb|150px|Idek Tramiel passenger manifest]]
 Between 1950 and 1951, and for some time in 1952, Jack Tramiel worked for Ace Typewriter Repair Company in the city of New York, USA.  From 1952 - 1954 he drove a taxi cab in New York.

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 == Early funding for Commodore ==
-In Commodore's early years the company was fortunate to receive substantial orders for its Czech typewriters from Toronto's two largest department stores, the T. Eaton Company Limited and the Robert Simpson Company Limited.  To fulfill these orders, Commodore required enough working capital to purchase the inventory.  Commodore initially turned to a factoring company named Inter-Provincial Commercial Discount Corporation Limited for financing.  Factoring companies essentially purchase a company's accounts receivable at a discount.  This allows the factoring company to make a profit by eventually collecting the full amount of the receivables and it allowed Commodore to collect its receivables immediately rather than waiting for payment, albeit collecting less than was fully owed to them.  Tramiel sought out better financing terms with the Czechoslovakian State Bank but was unable to meet their guarantor requirements.  Tramiel then sought financing from Douglas R. Annett of Annett & Company who was also not able to help, but he did introduce Tramiel to a man named C. Powell Morgan of Atlantic Acceptance Corporation.  Morgan was interested in moving Atlantic Acceptance into the factoring business and thus was formed Commodore Sales Acceptance Limited on March 4, 1959 with Commodore Portable Typewriter Company as its first customer.  Commodore Portable Typewriter Company also had a 25% ownership stake in Commodore Sales Acceptance Limited.<ref>Report of The Royal Commission Appointed to Inquire into the Failure of Atlantic Acceptance Corporation Limited, p.109-111</ref>
+In Commodore's early years the company was fortunate to receive substantial orders for its Czech typewriters from Toronto's two largest department stores, the T. Eaton Company Limited and the Robert Simpson Company Limited.  To fulfill these orders, Commodore required enough working capital to purchase the inventory.  Commodore initially turned to a factoring company named Inter-Provincial Commercial Discount Corporation Limited for financing.  Factoring companies essentially purchase a company's accounts receivable at a discount.  This allows the factoring company to make a profit by eventually collecting the full amount of the receivables and it allowed Commodore to collect its receivables immediately rather than waiting for payment, albeit collecting less than what was fully owed to them.  Tramiel sought out better financing terms with the Czechoslovakian State Bank but was unable to meet their guarantor requirements.  Tramiel then sought financing from Douglas R. Annett of Annett & Company who was also not able to help, but he did introduce Tramiel to a man named C. Powell Morgan of Atlantic Acceptance Corporation.  Morgan was interested in moving Atlantic Acceptance into the factoring business and thus was formed Commodore Sales Acceptance Limited on March 4, 1959 with Commodore Portable Typewriter Company as its first customer.  Commodore Portable Typewriter Company also had a 25% ownership stake in Commodore Sales Acceptance Limited.<ref>Report of The Royal Commission Appointed to Inquire into the Failure of Atlantic Acceptance Corporation Limited, p.109-111</ref>
 == Financial Fraud ==

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 == Early funding for Commodore ==
-In Commodore's early years the company was fortunate to receive substantial orders for its Czech typewriters from Toronto's two largest department stores, the T. Eaton Company Limited and the Robert Simpson Company Limited.  To fulfill these orders, Commodore required enough working capital to purchase the inventory.  Commodore initially turned to a factoring company named Inter-Provincial Commercial Discount Corporation Limited for financing.  Factoring companies essentially purchase a company's accounts receivable at a discount.  This allows the factoring company to make a profit by eventually collecting the full amount of the receivables and it allowed Commodore to collect its receivables immediately rather than waiting for payment, albeit collecting less than was fully owed to them.  Tramiel sought out better financing terms with the Czechoslovakian State Bank but was unable to meet their requirements.  He was then introduced to Douglas R. Annett of Annett and Company who then introduced Tramiel to a man named C. Powell Morgan of Atlantic Acceptance Corporation.  Morgan was interested in moving Atlantic Acceptance into the factoring business and thus was formed Commodore Sales Acceptance Limited on March 4, 1959 with Commodore Portable Typewriter Company as its first customer.  Commodore Portable Typewriter Company also had a 25% ownership stake in Commodore Sales Acceptance Limited.<ref>Report of The Royal Commission Appointed to Inquire into the Failure of Atlantic Acceptance Corporation Limited, p.109-111</ref>
+In Commodore's early years the company was fortunate to receive substantial orders for its Czech typewriters from Toronto's two largest department stores, the T. Eaton Company Limited and the Robert Simpson Company Limited.  To fulfill these orders, Commodore required enough working capital to purchase the inventory.  Commodore initially turned to a factoring company named Inter-Provincial Commercial Discount Corporation Limited for financing.  Factoring companies essentially purchase a company's accounts receivable at a discount.  This allows the factoring company to make a profit by eventually collecting the full amount of the receivables and it allowed Commodore to collect its receivables immediately rather than waiting for payment, albeit collecting less than was fully owed to them.  Tramiel sought out better financing terms with the Czechoslovakian State Bank but was unable to meet their guarantor requirements.  Tramiel then sought financing from Douglas R. Annett of Annett & Company who was also not able to help, but he did introduce Tramiel to a man named C. Powell Morgan of Atlantic Acceptance Corporation.  Morgan was interested in moving Atlantic Acceptance into the factoring business and thus was formed Commodore Sales Acceptance Limited on March 4, 1959 with Commodore Portable Typewriter Company as its first customer.  Commodore Portable Typewriter Company also had a 25% ownership stake in Commodore Sales Acceptance Limited.<ref>Report of The Royal Commission Appointed to Inquire into the Failure of Atlantic Acceptance Corporation Limited, p.109-111</ref>
 == Financial Fraud ==