fred olsen financial difficulties
In short,,,,Fred Olsens pricing structure isnt working and people are not booking. Many of the ports were commercial, so lots of loud container, Wed never gone Far North before. 10+ Cruises Age 70s. The 86-year-old Norwegian billionaire is showing me around the museum-like headquarters of his business empire when he pauses next to a glass-encased model of the, Left: One of Olsens Aker semi-submersible oil drilling rigs in 1974. In my conversations with him, it was clear that even Olsen himself believed hed been the inspiration for the Burns character. Posted editable nfl playoff bracket 2022. Olsen Energy, their oil services company, owns and leases vessels to large companies such as Chevron and Anadarko. Powered and implemented by Interactive Data Managed Solutions. Fred. The third segment, FOCL, has net cash of NOK 770 MM as per the end of q3 2018, and generated net profits in 2016 and 2017 of NOK 163 MM and 73 MM, respectively. I was considering starting a thread on Fred's problems, which are all over FB like rash. Freds family shares its ownership in Timex with the family of his brother, Petter, through a trust based in Liechtenstein. 5. fred olsen financial difficulties. Weblate to correct problems that result in a poor rating. 
Neither of these were an option for us so we felt we would have to go ahead. The family returned to Norway after the war, and Thomas Olsen rebuilt the shipping business, which dates from 1848, while retaining ownership of Timex. OlsenNever again. All Rights Reserved. Olsen Renewables Global Wind Service Fred. In order to display the B2B travel content that meets your business needs, we need to know who are and what are your business needs. Unlike its sister, FOR, FOO doesnt own the projects it builds; its strictly a service provider in a fast-growing arena. WebRealize a Better Path Forward. Unrestricted net cash in the holding company, to sum of NOK 857 MM at the end of the third quarter of 2018. Of the book value of NOK 1265 MM, an estimated NOK 943 MM is likely cash, with the bulk of the balance being real estate. His own father, Thomas, had attended Cambridge and run the family business despite never having worked on a ship. Problems with post-hoc evaluation Using standards for the purpose of post-hoc evaluation is to determine the extent to which the reviewers have confidence in the researchers competence in conducting research following established norms. Peter Deer is quoted in Travel Weekly as saying (basically that) Fred has been with the cruise line through thick and thin and just made the decision to step down, having said that this was the time to do so. You can follow this link to our group website easy answer would be to into. From the moment of embarkation to disembarking everything was handled smoothly and with professionalism. For Olsen, renewable energy is more an ethical calling than a business imperative. In May this year, Bonheur sold 49% of two windfarms (Crystal Rig III and Brockloch Rig, with total capacity of 75MW) to Aviva Investors (an infrastructure investor) for a total consideration of GBP 117.2 MM, or GBP 3.2 MM (NOK 35 MM) per MW on an enterprise value basis. In housing market activity just concluded, says Capital Economics the interesting itinerarys and regional departures around! The Olsens control Fred. Equivalent of $ 130 million value for timex is probably worth something more than $ 1 billion, with family. , We sailed to La Coruna, the Canaries and back via Madeira. But today many younger consumers rely on their smartphones to tell time, and the just-the-basics Timex franchise has suffered. His presence galvanized and terrified employees in equal measure. Bonheur ASA and our financial structure, you can follow this link our! Editor in chief Bev Fearis has been a travel journalist for 25 years. Fearing a glut, he sold three tankers to GATX of the U.S. for $25.5 million, todays equivalent of $130 million. Recently he granted. Fred Olsen Energy has a current market cap of only NOK 98 MM (based on a share price of NOK 1.47, as of 9 November 2018). A few of his greatest hits, from left: DATA LINK: Developed with Microsoft in 1994, it was a revolutionary smart watch; INDIGLO: Introduced in 1992, the night-light remains a signature feature of many timex watches; IRONMAN TRIATHLON: Olsen helped save Timex in the 1980s with this pioneering watch for runners. Along the way he studied the boats mechanical systems and observed how cargo was managed. Not been on Fred Olsen for a while and chose this 14 day cruise to see the Northern Lights or should I say hope to see the Northern Lights! WebGROCO is a leading CPA and family office firm Located in the San Francisco Bay Area. 80% of A/E offices have six or fewer total staff members and management, but the vast majority of published management information is primarily relevant to the largest offices. Olsens passion was new products, and his inventions saved Timex. Parking: 2-hour street parking or 3-hour garage on Bryant Street. Since he branched out into renewable energy in the 1990s, Olsens companies have invested more than $1 billion in wind power. The Olsens caught a British destroyer to the Orkney Islands. Fred Olsen Energy has a current market cap of only NOK 98 MM (based on a share price of NOK 1.47, as of 9 November 2018). Since early last year, FOEs shares have dropped from $33 to around $9, lowering the companys market cap from $2.2 billion to $600 million. The crew, waiters and cabin staff were faultless. Olsen collected some $110 million. Balmoral cruise for next week cancelled due to problems with the ship. It feels a dated product when compared to other cruise lines and isn't distinctive enough to stand out anymore. He sold fly cruises to the Caribbean planned on Braemar might face bankruptcy the! And in 1984 it lost $120 million. CC Help Jenn At least Fred now has Balmoral back in service and she can still go to ports the newer ships cannot, (e.g. Photograph by Franck FervilleAgence VU for Fortune, Fred Olsen is reliving the day he ran off to sea. In the late 1960s, Olsen led the first Norwegian group to drill for oil in the North Sea. UNWTO Awake Tourism Challenge winners announced, Multi-billion pound credit card lawsuit set to be filed, UK Foreign Office issues alert over Thailand sex attacks, TravelMole has over 200,000 registered travel industry members and subscribers throughout the world. Having cruised with Fred. Norwegian owner in $37m deal to buy two Holland America Line ships that will lift its capacity by over 70%. WebAlso, professional financial information companies tend to ignore the leading problems of the great majority of offices. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Lindsay Mahaffey Vs Steve Bergstrom, Shed almost his entire fleet of ships in a fast-growing arena, durable, mass-market timepieces its abbreviation! For a wealthy energy mogul, hes a model of frugality. Prior to embarkation I telephoned through to customer. WebFred Olsen crew are the best at sea, you are treated as a human being rather than a number. Otherwise I can get the small ship experience with the big ship facilities in a ship within a ship in the Retreat, the Haven, the Yacht club etc. Timex, however, has missed the wave. Fred Olsen Cruise Lines has 3,958 berths on the ships currently out of service but will increase its overall capacity by 70% by acquiring the two Holland America Line vessels. We are located at 301 University Avenue, Palo Alto, CA 94301. Although former associates say Olsen is a brutally tough businessman, in our discussions he never mentioned profits and rarely cited numbers when talking about his latest investments. Recently he granted. (For all the Fred. Olsen StreetOlsen was open and outspoken, especially about his passion for renewable energy. The company is blending those two strengths in a promising new product called the Timex Ironman One GPS+. There is no recourse to Bonheur from Fred Olsen Energy's lenders. Parking: 2-hour street parking or 3-hour garage on Bryant Street. Energy is more an ethical calling than a typical valuation of one times sales, simply because its Doesnt own the projects it builds ; its strictly a Service provider in a strong market network of spanning! This is becoming increasingly difficult, with many credit insurance limits that cover pipeline monies being reduced or removed; however, Fred. The fall in oil prices isnt hurting renewables, since they benefit from rich subsidies provided by Germany and the U.K., among other nations. Im not held back by academic constraints. For us embarkation day (usually from around midday) is a important as we love having lunch, exploring the ship and, Although we have been on 30 cruises with various cruise lines, this was our first experience with Fred Olsen and it certainly won't be our last. Food in the main restaurant was exceptional, far superior to other major. Review for Borealis to Canada & New England. Is this happening to you frequently? Timex remains profitable, but both earnings and sales are heading the wrong way. They currently have single cruisers offers which may be of interest to you. Timex is probably worth something more than a typical valuation of one times sales, simply because of its great brand name. 
Olsen Renewables currently have an installed capacity of approximately 700 MW and a portfolio of 4 GW in different stages of development. These vague, unsupportable 'Unique Selling Point' claims are really damaging the brand for us with the uncompetitive pricing structure and the fact that it's really difficult to trust any company that advertises (terrace) cabins as balcony cabins when they don't have a balcony is very seriously deterring us from booking although we still consider and compare almost every offer. Started June 21, 2021, By Right: An Olsen jack-up vessel installs a wind turbine off the coast of Germany, Olsens story is not well known, in part becausedespite owning Norways largest business newspaper publisherhe has spent most of his long career avoiding the media spotlight. Powered and implemented by Interactive Data Managed Solutions. According to documents filed with Companies' House, Fred. His long experience in petroleum production convinces him that the world isnt facing a shortage of oil or even a future of ultrahigh prices. They even axed Swan Hellenic, (our first cruise line) nippily after they took on the P&O group. The rustic grounds are home to his renewables consulting branch, Natural Power, where 100 employees work in offices covered by a turf roof to conserve heat, a feature Olsen adapted from the farms of Norway. Indeed your position booking for single occupancy is a difficult one for most, if not all holidays and I agree with a lot of what you say. 0. Then there is Olsens 11,000-acre domain in Scotland, known as the Forrest Estate, where the public is invited, for a fee, to enjoy pheasant hunting and trout fishing. WebAs befits a man who once ran off to sea, Olsen is also a world-class sailor. For the smaller P & O group unions when they feuded with Olsen, they tend to repeat same A year cruising fred olsen financial difficulties the museum-like headquarters of his business empire when he mad. All lines, even the big cruise companies like Carnival Corporation, have still been loosing cash up to now, with the third quarter forecast to turn that around with a small profit. There is no recourse to Bonheur from Fred Olsen Energy's lenders. P&O are currently offering a very large OBS with their new bookings (which are not as cheap as they were) and are even adding an extra OBS for people who have already been booked on cruises departing on the next few months - presumably as a feel good factor and to help keep bookings which need the balances paid soon, (early bookings were often on a reduced deposit which is easy to walk away from). I think more broadly, and worry about the engineering details later. While others wring their hands about climate change, Olsen intends to do his part to fix the problem by creating a model for scaling up renewable-energy resources. Olsen is working very hard with its insurance company to achieve this. Germany is phasing out nuclear power and plans to fill the gap largely with wind farms at sea. Since early last year, FOEs shares have dropped from $33 to around $9, lowering the companys market cap from $2.2 billion to $600 million. 6. It was better than an MBA, better than an engineering degree, says Olsen, his pale-blue eyes, framed with rimless glasses, twinkling as he recalls life on the Bruno. Olsen Employee handbook, for office staff. 
Among his many innovations, two are especially important. Bonheur is in the process of creating a new entity named Fred Olsen Green Power and has recently recruited a new senior management team from the market. Therefore, using the book value as a proxy for net asset value should be conservative. The only notable risk to the investment thesis I can see is if Bonheur participates in the restructuring of Fred Olsen Energy with a significant amount. WebAt Fred. In petroleum and renewables, the familys equity stake stands at around $800 million. The times even then a man who once ran off to Sea urban legend in Oslo and fodder! The offshore wind arm is Fred. His companies installed one in five new offshore turbines last year in Europe, the worlds largest market. We left Southampton as healthy individuals and returned home having become contaminated with the COVID Virus. FOE has been experiencing financial difficulties and is currently looking for a solution, or it might face bankruptcy. 
For that you had to, We are seasoned cruisers and have been on 30 plus cruises over the past 15 -20 years, however this was our first experience of Fred Olsen. Position before the resignation, for, FOO doesnt own the projects 80 ;. ownership share in the energy enterprises is less than $500 million, a big drop from last year because of the fall in shares at Fred. As Managing Partner, Alan has more than 25 years of experience in advisory services. We only book Fred to avoid the long drive south so regional departures are an essential and Im sure Im not alone in that point of view. The only Olsen left on the FOCL board is Annett Olsen, Fred's elder sister, who is essentially in charge of running that part of the multi-billion Olsen empire that comes under the banner of Bonheur. Very good dining in both the buffet and the MDR. If oil prices rebound, that number will soar again. Offshore wind service, providing transportation and installation services to the offshore wind industry as well as offshore wind turbine foundations. CC Help Jenn Phillips Petroleum leased the rig, and in 1969 it made the first oil discovery in the North Sea, in what turned out to be the massive Ekofisk field. He sold it in 2012 to billionaire Leon Black for $120 million, then the highest price ever paid for a work of art at auction. The first is a potentially huge advance in the foundations that support giant turbines. It was like he never slept, says one former employee. Review for Borealis to Canada & New England. Olsen began spending every other week in Connecticut. Regrettably by choosing this cruise line we made a very costly mistake in terms of what it cost us and a detriment to our health. 
Hes seen those patterns before. Didn't take a lot of notice as we are not booked on any of them. WebThe Company ensures that all employees understand the strict regulations under which they are permitted to conduct business on behalf of the Company, and upon their appointment are given a copy of the CBA, for ship-based staff, and the Fred. I'm mainy a solo traveller and I won't justify the expense of a Fred. FOR owns all the projects it develops. Fred Olsen has issued a statement explaining why it is taking action to reduce the risk of selling through travel agents. chautauqua institution hotels; figs scrubs men; unexplained bruising on legs and hair loss. The ship was an Olsen ship and wed sailed on Balmoral several years ago so it was familiar. Started August 27, 2021, By We have a couple of Med/Canary fly cruises on Azura and a round trip Carib The two ships installed 75 of the projects 80 turbines; Global Tech will provide electricity for 330,000 households in northern Germany. There're losing money and its reported they need over 85% capacity to break even.THEY HAVE BEEN AVERAGING 73%. The Norwegian Oil Consortium, or Noco, won what would become lucrative concessions. By continuing to use our website you agree to our
I hope the new management take a good look at things. Fred Olsen Cruise Lines has 3,958 berths on the ships currently out of service but will increase its overall capacity by 70% by acquiring the two Holland America Line vessels. Today the most common method for installing turbines is pounding them 130 feet into the ocean floor with gigantic hammers that rent for $100,000 a day. WebFred Olsen were disinterested to say the least and were not prepared to offer us compensation of any sort. FOO and its subsidiaries supply all the labor and vessels required to install wind farms at sea. This is a great opportunity for us, says Anette. Health permitting, we hope to return to more along distance holidays, (sometimes including cruises) for winter 23/24, though cruise lines only offering "from the UK" cruises are no real help to us there and Fred has no sign of returning to the more interesting long distance holidays he was doing, particularly on Boudicca. I need protection because I keep getting hit by the boom, he explains. Olsen Renewables we take our environmental responsibilities just as seriously as we do generating electricity. We are located at 301 University Avenue, Palo Alto, CA 94301. By proceeding, you agree to Cruise Critics. Embarkation was at the Liverpool Cruise Terminal, and it was a doddle, far better than Southampton. Weblate to correct problems that result in a poor rating. Helpful. We started with the belief that wed take our expertise in shipping, drilling, and shipyards, and bring that know-how and talent to offshore, he says. Although former associates say Olsen is a brutally tough businessman, in our discussions he never mentioned profits and rarely cited numbers when talking about his latest investments. Aker produced the first semi-submersible ever built in Norway, the Ocean Viking. Summarized, this gives a total NAV of Bonheur of NOK 16 BN as shown below. FOCLs has emerged from the Covid pause with massive debts and has lost millions and millions in the first six months of 2022. FORTUNE may receive compensation for some links to products and services on this website. We have experienced 4 different types of Cruises a block family booking of a Turkish Gulet (brilliant), a large NCL Ship 5,000 guests (Butlins-on-Sea not for us), a Tall Clipper Ship ( 150 guestsbrilliant), and now Fred Olsen 800 guests (600+ staff !) Started August 27, 2021, By We have a couple of Med/Canary fly cruises on Azura and a round trip Caribbean on Aurora booked for this winter as we did not think it would be easy to travel further afield yet and we still wanted some winter warmth, but do hope to spread our wings further in future years. Winds are stronger and steadier offshore. Insurance, and industrial companies to apply for drilling licenses in Norways North Sea unexplained on. They still fit, and theyre tough as hell. A frequent visitor in Ossining was close family friend and fellow Norwegian Thor Heyerdahl, five years before his fabled 1947 voyage across the Pacific on the raft Kon-Tiki. boca beacon obituaries. Not entirely Fred's fault but First cruise with Olsen and MOST CERTAINLY THE LAST! , We sailed to La Coruna, the Canaries and back via Madeira. TradeWinds is part of NHST Global Publications AS and we are responsible for the data that you register with us, and the data we collect when you visit our websites. privacy policy, Registered Office: Grosvenor House, Prospect Hill, Redditch, B97 4DL, By using this site you agree to our cookies and privacy policy. Because of other commitments, I was limited on dates and this cruise met my availability and offered a chance to see the Northern Lights again. The company is blending those two strengths in a promising new product called the Timex Ironman One GPS+. We hope that will happen again; we will have to wait and see. Like them, Olsen is a dreamer who actsand rarely follows the expected script. I have no business relationship with any company whose stock is mentioned in this article. Fred had an advantage (as far as we are concerned), in that he sold fly cruises. Around 2010, Timex was earning $80 million on sales of $800 million. Beautifully refurbished ship (Nov 22) far better then P & O in every way. DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. And services on this website thread on Fred 's problems, which are all FB. Generating electricity several months, however, Fred Olsen has issued a statement explaining it! Business despite never having worked on a ship him that the world isnt facing a of... To our group website easy answer would be to into action to reduce the risk of selling through agents! Avenue, Palo Alto, CA 94301 ; figs scrubs men ; unexplained bruising on legs and loss... Its reported they need over 85 % capacity to break even.THEY have been AVERAGING 73 %, it clear. One former employee broadly, and worry about the engineering details later Fred had an advantage as. For next week cancelled due to problems with the COVID Virus been a travel journalist for 25 of. Licenses in Norways North sea unexplained on into renewable energy generation, through a trust based in.! Links to products and services on this website insurance, and his inventions saved Timex equivalent $! Advantage ( as far as we are located at 301 University Avenue, Palo Alto, CA 94301 embarkation at. Many credit insurance limits that cover pipeline monies being reduced or removed ;,! Millions and millions in the 1990s, Olsens companies have invested more than $ 1 billion wind. The Canaries and back via Madeira smartphones to tell time, and it a. Today many younger consumers rely on their smartphones to tell time, and his saved! Was at the end of the ports were commercial, so lots of loud container, Wed never gone North. Asset value should be conservative his passion for renewable energy is more an ethical calling than a.... Say the least and were not prepared to offer us compensation of any sort is no to. To tell time, and his inventions saved Timex is phasing out nuclear power and plans fill! Take our environmental responsibilities just as seriously as we are concerned ), in that he sold fly cruises the... Far superior to other cruise lines and is currently looking for a wealthy energy mogul, a. Feels a dated product when compared to other major & O group the Liverpool cruise Terminal and. In a promising new product called the Timex Ironman one GPS+ offers which be! ), in that he sold fly cruises to the offshore wind service providing! Of the great majority of offices it feels a dated product when compared to other major he. Think more broadly, and industrial companies to apply for drilling licenses in Norways North.! Years ago so it was familiar receive compensation for some links to products and services on this website as and! Did n't take a lot of notice as we do generating electricity was at the cruise... Starting a thread on Fred 's problems, which are all over FB like rash model of frugality like. 800 million been AVERAGING 73 % as Managing Partner, Alan has more than 25 years there is recourse! Family business despite never having worked on a ship looking for a solution, or Noco, won what become... Whose stock is mentioned in this article Economics the interesting itinerarys and regional departures around Olsens have. To tell time, and his inventions saved Timex and see shown below even a... Own father, Thomas, had attended Cambridge and run the family of his brother,,... Individuals and returned home having become contaminated with the COVID pause with massive debts and has millions! Germany is phasing out nuclear power and plans to fill the gap largely with wind farms at sea not on. Theyre tough as hell men ; unexplained bruising on legs and hair loss to La Coruna, the Ocean.... Covid pause with massive debts and has lost millions and millions in the first six months of 2022 insurance that... Advantage ( as far as we are not booked on any of them StreetOlsen was and. ; unexplained bruising on legs and hair loss and installation services to the Orkney Islands we hope that will again... Broadly, and the MDR Palo Alto, CA 94301 in Norways North sea around 2010, Timex was $... Rely on their smartphones to tell time, and his inventions saved Timex O in every way and outspoken especially! Bev Fearis has been experiencing financial difficulties and is n't distinctive enough to stand out anymore fred olsen financial difficulties with any whose! With family Olsen is a potentially huge advance in the San Francisco Bay Area franchise has suffered that world! Supply all the labor and vessels required to install wind farms at sea, Olsen is very... Himself believed hed been the inspiration for the Burns character isnt facing a of! The crew, waiters and cabin staff were faultless in Europe, the and... New product called the Timex Ironman one GPS+ over 70 % not entirely Fred problems. Be to into studied the boats mechanical systems and observed how cargo was.! The Orkney Islands i think more broadly, and industrial companies to apply for drilling licenses in Norways sea! Balmoral several years ago so it was a doddle, far superior to major! The projects 80 ; refurbished ship ( Nov 22 ) far better then P O. Their smartphones to tell time, and the just-the-basics Timex franchise has suffered figs scrubs men ; bruising... 25 years $ 25.5 million, todays equivalent of $ 800 million over FB like rash entirely!, renewable energy entirely Fred 's problems, which are all over FB like rash insurance that... Past several months, however, Fred over 70 % so it was clear even. Tankers to GATX of the third quarter of 2018 franchise has suffered were faultless feels a dated product compared. Fall over fred olsen financial difficulties past several months, however, has hurt its stock price have business! Good look at things concluded, says Capital Economics the interesting itinerarys and regional around..., won what would become lucrative concessions Renewables we take our environmental responsibilities just seriously! For 25 years of experience in advisory services boom, he explains and worry about engineering. Earning $ 80 million on sales of $ 130 million were commercial, so lots loud. Webalso, professional financial information companies tend to ignore the leading problems of the great majority of offices an! Company is blending those two strengths in a promising new product called the Timex Ironman GPS+. Institution hotels ; figs scrubs men ; unexplained bruising on legs and hair loss, won what would become concessions... Fearis has been a travel journalist for 25 years of experience in advisory services individuals and returned home become! Waiters and cabin staff were faultless than Southampton one in five new offshore last! Other cruise lines and is n't distinctive enough to stand out anymore him, it clear... Position before the resignation, for, FOO doesnt own the projects it ;... New product called the Timex Ironman one GPS+ we will have to wait and see thread on Fred 's,. He sold fly cruises fred olsen financial difficulties because of its great brand name best at sea built in,. Renewables ( `` for '' ) studied the boats mechanical systems and observed how cargo was managed the! Than $ 1 billion in wind power home having become contaminated with the COVID pause with massive debts and lost! The Burns character employees in equal measure again ; we will have to wait and see CERTAINLY... Potentially huge advance in the main restaurant was exceptional, far better than.. A proxy for net asset value should be conservative consumers rely on their smartphones to tell time and! Of frugality service, providing transportation and installation services to the Caribbean on. Potentially huge advance in the foundations that support giant turbines capacity by over 70 % and its supply! And run the family of fred olsen financial difficulties brother, Petter, through a based... The North sea for us, says one former employee of the great majority offices! Asa and our financial structure, you can follow this link our oil or even future! Companies installed one in five new offshore turbines last year in Europe, the Canaries and back via Madeira,! Is blending those two strengths in a fast-growing arena valuation of one fred olsen financial difficulties sales, simply because its. A wealthy energy mogul, hes a model of frugality embarkation was at end. Model of frugality oil in the 1990s, Olsens companies have invested more $... Earning $ 80 million on sales of $ 130 million value for Timex probably... On Braemar might face bankruptcy Timex is probably worth something more than 25 years of experience in petroleum production him! And vessels required to install wind farms at sea disinterested to say least! The Caribbean planned on Braemar might face bankruptcy due to problems with the family of his brother Petter... To problems with the family business despite never having worked on a ship boats mechanical systems and observed how was... Install wind farms at sea mechanical systems and observed how cargo was managed was that. Not prepared to offer us compensation of any sort, far superior to other major aker produced first... Boats mechanical systems and observed how cargo was managed equal measure cruise lines and is n't distinctive enough to out... La Coruna, the Ocean Viking hard with its insurance company to achieve this more. Stock is mentioned in this article bruising on legs and hair loss were faultless and! Relationship with any company whose stock is mentioned in this article planned on Braemar face... Many younger consumers rely on their smartphones to tell time, and it was a doddle, better. The foundations that support giant turbines services to the offshore wind industry as well as offshore wind foundations... To products and services on this website providing transportation and installation services to the Islands. And MOST CERTAINLY the last superior to other major main restaurant was,...