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Greedy Restructuring Asshole
On Wed, 05 Dec 2012 02:10:35 -0800, jps wrote:
On Tue, 4 Dec 2012 18:41:32 -0500, "Eisboch" wrote: "jps" wrote in message . .. That's a sum total of 1 decision. How many hundreds of bad decisions have management made to get in this position? Hundreds. $2.5 billion in annual revenue but you can't figure out how to make a profit? The simple truth, the business is worth more in parts to the current owners than the profit from business operations. Don't blame the unions for not wanting to commit their people to poverty so owners can make enough. --------------------------------------- Sounds to me like management made the right decision if the goodwill of the company is worth more than profits .... especially if there aren't any. Your mileage may vary if you think that the sole purpose of a business is to provide jobs. The bonuses to management and salaries of the hired "turnaround" guy are peanuts when compared to the overall debt and are very commonplace in Chapter 7 situations like this. The bankruptcy judge approved them for reason. The simplistic views of bystanders are understandable but don't reflect reality. Except the "turnaround" guy is part of the vulture capital group. Just another way to suck the bones dry whilst they're screwing the employees out of their pensions and whatever else they can grab. Who's to say your idea that it's far more complex isn't just another view of a "bystander" who doesn't understand how awfully simple it all is? Sure as hell not you. |
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