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      [Bad Business]

      These money grubbers invest to purposely control and then deplete (wink, wink, nod) legit business of their value and then file for bankruptcy, shortchanging the former employees. And, in the case presented here, many of the former employees are mad as hell. But it isn't a crime to do this?

      Mentally bankrupt white collar money grubbers have no shame and no heart. Congress needs to outlaw these practices.


      https://www.washingtonpost.com/business/economy/as...


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          Dajuan Candle
          2 months ago

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          I heard of this and apparently they have two versions of this and I wasn't aware of this one. The second version is a company that is close to bankruptcy calls in a investor to help out and put their swing and good name on the business to help pull the business up by it's boot straps. They invest millions and say they will be there for so long and their contract will end. They lavish the business for a while and make changes but the changes are only short term. The business does great but then one day the investor says they are leaving and it's payday. They wipe millions from the business because after all they have to be paid, and all those perks the company has expire. The company is bankrupt again.




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              Ghostolini
              2 months ago

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              If my memory serves, what you are describing sounds an awful lot like what happened to Kmart and Sears. Terrible, terrible mismanagement. It's as though the new owners knew absolutely nothing at about running a humongous business.

              Even though the times were changing, and Wal-Mart and Target, with their new business models, were hurting them bad, the new owners waltzed right in and picked them apart under the guise of reinventing them. Now they are down to barely nothing, and approaching the need to have a fire sale on the remaining stores and properties --of which the gropers will no doubt get a generous cut.

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                  Dajuan Candle
                  2 months ago

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                  Start reading on page 1. Dodd-Frank Act.

                  http://media.mofo.com/files/uploads/Images/Summary...

                  Then spend a bit of time understanding how takeovers work. The whole issue basically is one of businesses that in some estimations are no longer sufficiently viable. Hawaii lost a couple of small airlines about 20 years ago as a result of these practices aimed at, to put it crudely, "cutting the rest of the meat off the bone," then throwing the bone to a larger dog. Did people still want to fly in and out of Hawaii? Of course. And a bigger dog's airline started to ferry them around. That was the whole point in the first place. The bigger dog was sure he could do a better job than could our "mom-and-pop airlines." Despite the fight we put up, the big dog got his way anyway. Mesa Airlines from California took over our "indigenous" airlines. Yeah, plenty of local people - employees - got hurt in the process, many of them were within a year or two of retirement.

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                      Dajuan Candle
                      2 months ago

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                      I could not agree more. Let me add a couple more that should be crimes. Prior to a change in the bankruptcy laws in the early 1980s, if a corporation went bankrupt, its pension fund was considered property of the employees. The law was changed to make the pension funds property of the corporations, sending millions of loyal employees into poverty. Also, “billionaire” Donald Trump went bankrupt six times, stiffed his contractors and suppliers, but kept his billions, by using shell corporations to shield his personal wealth from his business liabilities. That should not be legal.

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                          Journeyman
                          2 months ago

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                          I couldn't agree with you more. It breaks me a little more inside each time I read of the real hard working people getting the shaft while the fat cats just pack their vaults with the hard earned value of those they have shafted. To know doing so isn't a crime is upsetting.

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