nuff said
this post was submitted on 15 Jul 2023
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That's the part which is the most absurd. Extending a hypothetical to justify a 13 billion dollar loan is bonkers.
I wonder if there's a study of how many companies this has happened to, and how many have come away from it not bankrupt after 5 years. I assume the only reason this is still legal is because the original shareholders get their payday when the company is sold, the new CEO gives themselves a great salary, bleeding the company dry and it's just the employees who suffer when their jobs are cut, which is valued less than the shareholders and CEOs in America.