Black Jack as a business rescue (history)

AbuBhakar

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

Today I read an interesting story that is more like a myth. And this semi-myth is associated with the FedEX company, gambling and the founder of this company, Frederick Smith. Unfortunately, I have no way to verify this fact, but maybe someone who knows the history of this corporation well will write about the accuracy of these facts. As legend has it, early in its history, when FedEX was a small company, its business fell on hard times. The moment came when the company's debt began to amount to $24,000 and this amount was needed in order to pay the debt for fuel. However, the company only had $5,000 on its balance sheet. Frederick Smith withdrew this money and went with it to Las Vegas to play Black Jack in a casino. The story goes that Smith won $27,000 at the casino and paid all expenses. In this regard, as usual, I have several questions:
1. Do you believe this story?

This story was known facts since he admit it by himself and there’s no way a CEO will incorporate himself on gambling especially if it’s related to the funding of business if not real.

Besides, the money that he won on Blackjack is not the whole money who solves the company problem but rather it just give him a morale boost to face again investors to convince them for investment which he succeeded.

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2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

I will not do the same since I will just use my remaining money to start new small business rather than gamble it.

Answer to the last is none due to my answer above.

stompix

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Oh god, how many times does this have to come up again?

Yeah, the story about the gambling and winning 32k is real, he did so because it wouldn't have mattered anyhow, they were indebted millions!

But!
He never went straight to Las Vegas, he was going around the country asking for money and he got rejected so he decided to crash in Las Vegas and play what he had left because it was pocket change anyhow.
Second!
The sum didn't save the company, what it did was a loan of $11 million! he managed to get after this!

Bottom line is he could have made 32k each week from Blackjack it wouldn't have been enough to save his company

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Then the roof caved in. Because of rapidly inflating fuel prices, costs surpassed revenue, and by mid-1974, FedEx was losing more than $1 million a month.

Julien_Olynpic

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The story that happened to Frederick Smith is a very rare coincidence. It probably happens once in decades. I already wrote that luck itself was on his side. Is it possible to use his algorithm of actions as a way out of such a crisis situation? I think it is unlikely. Even if you try, most likely you will not succeed. I mean playing off your debts in the casino. Most likely, this is the path to new debts. But in almost all cases, Frederick was threatened with bankruptcy. And it is interesting that he no longer resorted to such methods of solving problems.

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Quote from: un_rank on July 29, 2024, 02:58:15 AM

Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

Gambling with the pressure of an entire company and needing to multiply you stake 5 times over will end badly 99% of the time. Statistically, it is a terrible choice to make for anyone, and not a gutsy or bold one.

I'll find alternative solutions without considering visiting a casino.

I think there is no pressure there and they already accepted that their company will fall due to the small amount of money left in their stash. Another thing is that, he only use the money left to unwind but he got lucky that he won and instead of going in with the flow, he instead decide to continue reviving his business. Luckily, things just went better after that and their company is now known in the world.

I think the scenario shouldn't be copied exactly like we also need to gamble 5 times of our capital but it can also be lower or higher than it. If it's lower, I won't still use gambling as a solution because the chance for us to win on them is still smaller. Like you, I'd rather find safer ways instead or even take loans in this regard.

Julien_Olynpic

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Quote from: davis196 on July 30, 2024, 01:55:01 AM

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1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

There was a forum thread about this story, that was posted several years ago on the forum.
1.I believe that this story is true. It has been repeated multiple times on the mainstream media and nobody had ever proven that this story is fake.
2.I wouldn't do the same thing. I'm not a business oriented person and I wouldn't build my own business.
3.If I ever had a big debt, I would just quit gambling, get a better job and start paying off the debt year after year for about 10 or 15 years.
There's no way around this. There's no magical solution. Frederick Smith was extremely lucky and really doubt that will ever have his luck.

Yes, of course, there is no magic solution. It is a very difficult question - what would be the right thing to do if we were in Frederick Smith's place. You may be right, he was very lucky. In all likelihood, Fortuna herself was on his side. But the risk was very high. We do not consider the other possible scenario: what if he lost? And that was highly probable. Someone could say that he had nothing to lose, because his company was on the verge of bankruptcy. And if he did not take the risk, he would go bankrupt anyway. If he did not take the risk, he would go bankrupt, and if he took the risk, he would go bankrupt in only one scenario out of two. It turns out that the risk was worth it to some extent.

davis196

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Quote

1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

There was a forum thread about this story, that was posted several years ago on the forum.
1.I believe that this story is true. It has been repeated multiple times on the mainstream media and nobody had ever proven that this story is fake.
2.I wouldn't do the same thing. I'm not a business oriented person and I wouldn't build my own business.
3.If I ever had a big debt, I would just quit gambling, get a better job and start paying off the debt year after year for about 10 or 15 years.
There's no way around this. There's no magical solution. Frederick Smith was extremely lucky and really doubt that will ever have his luck.

Hirose UK

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This is the first story I have heard, I don't know whether it is real or just fiction, but what is clear is that it was published for reason that perhaps not everyone can know because it is impossible for story to be published without specific purpose.

For all this, if don't believe it, it will also be difficult because gambling can provide big surprises for lucky gamblers, just like the true story that mentions poor person who managed to get lucky by winning the jackpot and was able to live life as billionaire.
But if we believe in this story, basically we don't know what really happened and whether everything in the story was really taken from true story in the past.

And what is clear is that gambling is not place that can be used as an alternative for making money, here in gambling we will never be able to make it priority as an option in recovering from the financial problems we experience.
If are lucky might succeed but if don't then will lose all money, this is very risky and it is better not to do it, if it is related to business then it is much better to take another loan or sell property to support it.

Poker Player

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

1. Do you believe this story?

I thought I had read that story on the forum and now I see that it is true.

Quote from: Fivestar4everMVP on July 22, 2024, 10:13:35 AM

To your first question, it's a yes, the story is completely true, I think I am actually one of the first persons to post about this story on this forum way back 2020 or 2021,

But if you search online you will see it right away:

How Fred Smith rescued FedEx from bankruptcy by playing blackjack in Las Vegas.

Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?

I doubt very much that I would find myself in such a situation, but for the sake of the plot, if the same thing happened to me as to the protagonist, I would probably do the same. I don't usually play casino games because of the EV-, but that EV- is a long-term certainty. In the short term you can have a stroke of luck that saves you from ruin as in this case.

Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

3. What would you do if you lost and was there any alternative solution?

If there was an alternative solution to begin with, I wouldn't have gone to the casino to gamble what little I had.

Wexnident

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

~

Pretty sure it's a well known thing. Idk the origin but it probably came from the FedEx owner and well, I see no reason why he'd lie I mean it's not like it helped the company grow or something, ultimately it was a story that ended up being famous AFTER everything was done with and Fedex has grown to what it is today.

I mean as a last desperate measure I guess? I mean it's not like I can do anything else really. Not to mention that iirc they were on a timelimit of sorts as well? And if I lost I guess that's just that. File for bankruptcy, pay for anything that I need and can, work my ass off to pay the rest, and maybe start over if I still have the will.

acroman08

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

1. Do you believe this story?

I've heard the story before, but as to whether I believe it or not, I am not really sure since there is really no way of knowing whether the owner of Fedex is telling the truth or not.

Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?

NO! Based on the story that I remember, the guy got extremely lucky. Despite his success story, what he did was extremely risky and stupid.

Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

3. What would you do if you lost and was there any alternative solution?

I'd probably take a loan.

wheelz1200

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

Today I read an interesting story that is more like a myth. And this semi-myth is associated with the FedEX company, gambling and the founder of this company, Frederick Smith. Unfortunately, I have no way to verify this fact, but maybe someone who knows the history of this corporation well will write about the accuracy of these facts. As legend has it, early in its history, when FedEX was a small company, its business fell on hard times. The moment came when the company's debt began to amount to $24,000 and this amount was needed in order to pay the debt for fuel. However, the company only had $5,000 on its balance sheet. Frederick Smith withdrew this money and went with it to Las Vegas to play Black Jack in a casino. The story goes that Smith won $27,000 at the casino and paid all expenses. In this regard, as usual, I have several questions:
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

Never heard this story so unsure any of the truth to it. In terms of would I gamble for the life of my company. I guess it depends if that is the last and final straw. Usually there are outlets to help out with an amount that small but again who knows. If you lost it was only $5k to begin with. Like I said there are loans, personal people you could borrow from, angel investors, etc etc.

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

1. Do you believe this story?

The event of winning at the casino might be true but the following story is a bit exaggerate, IMO. There is this practice of known people to fabricate story or exaggerate stuff to get the sentiment or attention of people. So I am somehow hesitant if the experience of winning on the casino really made the company to recover.

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2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?

No, rather than playing in a casino, I would rather sit and brainstorm on how to solve the company problem.

Quote

3. What would you do if you lost and was there any alternative solution?

If the fund is lost in gambling, the only alternative solution is to shut down the company or borrow money from a financial institution. Selling company shares is an option too but I doubt there will be interest in a failing company.

Casdinyard

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

Today I read an interesting story that is more like a myth. And this semi-myth is associated with the FedEX company, gambling and the founder of this company, Frederick Smith. Unfortunately, I have no way to verify this fact, but maybe someone who knows the history of this corporation well will write about the accuracy of these facts. As legend has it, early in its history, when FedEX was a small company, its business fell on hard times. The moment came when the company's debt began to amount to $24,000 and this amount was needed in order to pay the debt for fuel. However, the company only had $5,000 on its balance sheet. Frederick Smith withdrew this money and went with it to Las Vegas to play Black Jack in a casino. The story goes that Smith won $27,000 at the casino and paid all expenses. In this regard, as usual, I have several questions:
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

Heard about that too one too many times even. With some gambling addicts using it as an excuse why they should keep gambling despite losing all.

I keep telling people that if the FedEx guy lost all his money back then gambling in Las Vegas, he's not toast, he's not a gambler for instance, and he's great at creating stuff especially anything that's business-related, so it would be easy to imagine him being able to create another mind-blowing business idea in the future that would allow him to get back up his feet, and of course he's going to get funding for this because what he may lack in money, he would make up with connections.

So it goes without saying that no, I wouldn't do the same thing if I have a dying business, there's this thing called angel investors that are literally on the prowl as long as you know where to look for them, and that's a better option than gambling the entire future of your business on one night.

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

Today I read an interesting story that is more like a myth. And this semi-myth is associated with the FedEX company, gambling and the founder of this company, Frederick Smith. Unfortunately, I have no way to verify this fact, but maybe someone who knows the history of this corporation well will write about the accuracy of these facts. As legend has it, early in its history, when FedEX was a small company, its business fell on hard times. The moment came when the company's debt began to amount to $24,000 and this amount was needed in order to pay the debt for fuel. However, the company only had $5,000 on its balance sheet. Frederick Smith withdrew this money and went with it to Las Vegas to play Black Jack in a casino. The story goes that Smith won $27,000 at the casino and paid all expenses. In this regard, as usual, I have several questions:
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

1 The story can be also legit I would not surprise there is at least a part that is true
2 of course I would Say no. But these are things that you can really answer only when you are involved.
3 a loss should be already one of the options since I should be not surprised by that event. Sincerly I will Just avoid all these chain of bad events Roll Eyes

and adopt the most conservative apporach.

shield132

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

Today I read an interesting story that is more like a myth. And this semi-myth is associated with the FedEX company, gambling and the founder of this company, Frederick Smith. Unfortunately, I have no way to verify this fact, but maybe someone who knows the history of this corporation well will write about the accuracy of these facts. As legend has it, early in its history, when FedEX was a small company, its business fell on hard times. The moment came when the company's debt began to amount to $24,000 and this amount was needed in order to pay the debt for fuel. However, the company only had $5,000 on its balance sheet. Frederick Smith withdrew this money and went with it to Las Vegas to play Black Jack in a casino. The story goes that Smith won $27,000 at the casino and paid all expenses. In this regard, as usual, I have several questions:
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

That story is published on Foxbusiness, I think it's real and not a made-up story from Frederick Smith because there are really many similar cases. For example, one of my friends deposited 1K USD on Bustabit in 2016 and won 7K USD, it helped him to finally cover the house loan or else he would be kicked out of his house. This is purely playing with the luck, it's like playing a Russian roulette. I can't say if I'd risk or not. I think that if I am completely hopeless and have no other way to earn money to save the company, I would risk and play in a casino but if I have a more stable situation, e.g. can take a loan or etc, I wouldn't risk playing with luck. I would more likely risk trading with high leverage.

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

Today I read an interesting story that is more like a myth. And this semi-myth is associated with the FedEX company, gambling and the founder of this company, Frederick Smith. Unfortunately, I have no way to verify this fact, but maybe someone who knows the history of this corporation well will write about the accuracy of these facts. As legend has it, early in its history, when FedEX was a small company, its business fell on hard times. The moment came when the company's debt began to amount to $24,000 and this amount was needed in order to pay the debt for fuel. However, the company only had $5,000 on its balance sheet. Frederick Smith withdrew this money and went with it to Las Vegas to play Black Jack in a casino. The story goes that Smith won $27,000 at the casino and paid all expenses. In this regard, as usual, I have several questions:
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

The story could be true and all but I would probably not do the same thing. However, this doesn't make him a bad example if ever this story is true simply because it worked for him. Life is full of risks indeed and on this instance he succeeded embracing the risk and placing his bet. But as we all know, such thing won't happen to all of us no matter how we wanted to win; only our luck and fates could tell. Keep in mind that he's running a business and if I were him I can't risk that much given that the goal is to save the company. This is just becoming a huge thing because he won but what if he lost? For sure things would be over on his end which is why this is not advisable. Practically, it would be much better to just use the money to start another business that at least would surely generate money for him to recover; this is how a real businessman would think in such situation. But still, congrats to him that he's saved by his luck.

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?

I wouldn't think of doing the same, talk more of doing it because it is a 50-50 chance. Fredrick Smith has the gut and that brought him luck not smartness.

Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

3. What would you do if you lost and was there any alternative solution?

There is no alternative solution for those who will do the same rather than putting themselves into dip shit because you will wrath in jail. Gambling is not a solution to financial problem.

un_rank

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

Gambling with the pressure of an entire company and needing to multiply you stake 5 times over will end badly 99% of the time. Statistically, it is a terrible choice to make for anyone, and not a gutsy or bold one.

I'll find alternative solutions without considering visiting a casino.

- Jay -

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

1. Do you believe this story?

I've heard crazy gambling stories, so i'll easily believe it's true after hearing it for the first time.

Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?

I don't have the guts to gamble the fate of my company and it only takes one bad bet to make things worse.

Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

3. What would you do if you lost and was there any alternative solution?

If I somehow gambled the company's funds, i'll have to find a way to pay it out of my pocket, and for the alternative solution, i'll probably try to negotiate with someone.

Quote from: Fivestar4everMVP on July 22, 2024, 10:13:35 AM

I think I am actually one of the first persons to post about this story on this forum way back 2020 or 2021, can't possibly go back to my post history to dig that out now, but I will do it some other time when I have good time.

Thanks to the thread starter history in the profile page I quickly found the thread you created back in August 2022.

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Quote from: Julien_Olynpic on July 22, 2024, 10:03:20 AM

1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?

The story might be true or not, but there's no evidence that confirms the authenticity of the story. Probably this story was just made up (I guess) to serve as a motivator for gamblers to feel as if they can archive such great success too.

Well, regardless of whether the story is true or not, I personally don't like to take this kind of high risks that I am fully aware that the result is not certain, and I don't take risks where my whole asset will get liquidated without me having control over it, to at least stop losing at some point, just like trading.

Secondly, even if I have to take this kind of risk, I wouldn't do it when I don't have a means to source income again or when I don't have a plan B.

Topic: Black Jack as a business rescue (history) (Read 265 times)