• snooggums@midwest.social
    link
    fedilink
    English
    arrow-up
    160
    arrow-down
    3
    ·
    5 months ago

    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.

    • rdyoung@lemmy.world
      link
      fedilink
      arrow-up
      55
      arrow-down
      1
      ·
      5 months ago

      This is it right here and this scenario was most likely the plan from the outset, they planned on this and orchestrated it.

    • BakerBagel@midwest.social
      link
      fedilink
      arrow-up
      10
      ·
      5 months ago

      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.

      • snooggums@midwest.social
        link
        fedilink
        English
        arrow-up
        12
        ·
        5 months ago

        Welfare, bankruptcy, and avoiding legal obligations are all apparently fine for corporations, but not people.

        • nilloc@discuss.tchncs.de
          link
          fedilink
          English
          arrow-up
          2
          ·
          5 months ago

          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).