1006
Fred Mobster
(lemmy.world)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 26 May 2024
1006 points (98.8% liked)
United States | News & Politics
1746 readers
364 users here now
Welcome to !usa@midwest.social, where you can share and converse about the different things happening all over/about the United States.
If you’re interested in participating, please subscribe.
Rules
Be respectful and civil. No racism/bigotry/hateful speech.
Post anything related to the United States.
founded 2 years ago
MODERATORS
You might think bankruptcy screws the hedge fund, but it doesn't. Bankruptcy lets them drop a bunch of debts and obligations caused by sucking all of the money out of the rest of the changes, so they get stuff and don't have to pay for a big chunk of it before they eventually offload it to some other company.
The whole thing is vulture capitalism.
This is it right here and this scenario was most likely the plan from the outset, they planned on this and orchestrated it.
Isn't this exactly what happened to Toys R Us as well? Bought up by a hedge fund, saddled with millions of dollars of debt to funnel its value to the hedge fund, then bankrupted and sold off for a pittance, laundering all the profit and wiping the debt away like it was never there. All while putting tons of people out of work.
Aka rise of the planet of the apes
I, for one, welcome our new Dr Zaus overlords.
I love you, Dr Zaius!
Same thing happened (according to the original founders that sold the company) to Mervyn’s in the west coast.
It's crazy how a corporate entity can own a company, sell off everything that makes it valuable, and then not pay a dime when said company inevitably goes bankrupt.
Welfare, bankruptcy, and avoiding legal obligations are all apparently fine for corporations, but not people.
Yet another reason corporations aren’t people. Unless you’re a fucking vulture like Romney (formerly of Bane [sic] Capital, who bankrupted Toys-R-Us).