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Fred Mobster
(lemmy.world)
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this post was submitted on 26 May 2024
1006 points (98.8% liked)
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They've basically siphoned the businesses assets out into cash for themselves, a little bit at a time.
Owning Red Lobster might sound like a cool idea but imagine if you were a hedge fund and you could own the equivalent of the value of Red Lobster in the form of cold hard cash money.
(this hypothetical requires you to abandon all human empathy or long term ethics)
The same thing Mitt Romney did for a living at Bain Capital. Buy a business, strip the assets, declare bankruptcy, profit. Vulture Capitalism.
Not a little bit at a time. When they sold all land they would have paid out fat dividends and fees due to the huge profit windfall.
A little bit at a time in reference to the entire brand. It might seem like massive amounts, but it was part of it sold then and part of it sold now.