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Babel_17

(5,400 posts)

28. first lien holder, Cerberus, has swept the bank accounts

Sun May 4, 2014, 12:27 PM

May 2014

World Airways was self-insured and its health care plan was administered by United Health Care.UHC had access to a fund with which to pay medical claims. On March 29, the company informed employees that 'first lien holder, Cerberus, has swept the bank accounts that funds the United Health Care claims.' Also gone were funds to pay for $2 million in retirement accounts owed to the crewmembers of World Airways.

Saying that Cerberus 'swept the account' is a nice way of saying they looted accounts set up to pay World Airways health insurance claims.

I don't have the words.

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Dan Quayle ruins World Airways and loots it. [View all] RandySF May 2014 OP

They dropped it like a hot potatoe Blue Owl May 2014 #1

DUZY!! 2naSalit May 2014 #4

!! KansDem May 2014 #43

I suspect Danny's not actually the brains of the operation there. Gidney N Cloyd May 2014 #2

I suspect Danny's not the brains behind any operation. mountain grammy May 2014 #14

I despise private equity firms like Cerberus Cirque du So-What May 2014 #3

Mittens was 2naSalit May 2014 #5

No, it's nothing so neat. It's worse... JHB May 2014 #35

More ''change'' we can believe in? DeSwiss May 2014 #6

that's a joke I hope BlancheSplanchnik May 2014 #13

Blanche! DeSwiss May 2014 #17

ok then. :P BlancheSplanchnik May 2014 #18

If these private equity firms filled the niche'...... DeSwiss May 2014 #19

that's an excellent explanation. thanks!! BlancheSplanchnik May 2014 #20

Can you or anyone here explain how the equity company loads the rhett o rick May 2014 #24

one way is to use KT2000 May 2014 #30

I wonder if they can borrow with the retirement benefits as collateral. Thanks. nm rhett o rick May 2014 #37

good question because KT2000 May 2014 #41

Structuring buy-outs so the company is on he hook, paying big dividends to investors, buying... JHB May 2014 #38

Thanks for that. nm rhett o rick May 2014 #40

Since capitalism = money = debt....... DeSwiss May 2014 #50

Cerberus also owns Dyncorp -- and about half the gun manufacturers starroute May 2014 #7

Fuck them ALL BrotherIvan May 2014 #9

That's the Spirit! oldhippie May 2014 #29

Have you joined the bitter club too? BrotherIvan May 2014 #32

Mercenaries-R-Us DeSwiss May 2014 #51

"hellhound" They_Live May 2014 #8

How... 3catwoman3 May 2014 #46

This thievery needs to end. Ilsa May 2014 #10

Thank every god in the book that Mitt Romney did not become president. Initech May 2014 #42

greed capitalism at it's best for the profiteers heaven05 May 2014 #11

Mobsters. Not "like" mobsters; mobsters. WinkyDink May 2014 #12

Savvy businessman. We shouldn't begrudge their success. MannyGoldstein May 2014 #15

Thank you, TWM. We must control our jealousy. Enthusiast May 2014 #34

Criminal. SoapBox May 2014 #16

Oh they must be so proud of themselves hurting others to be filthy rich. n/t freshwest May 2014 #21

Private equity firms = vulture capitalists. Initech May 2014 #22

It's their sociopathic capitalistic mind sets. nm rhett o rick May 2014 #25

Private equity firms = vulture capitalists. The CCC May 2014 #36

Welcome to DU, The CCC! calimary May 2014 #48

Vultures at least perform a service catchnrelease May 2014 #52

I agree that "Vampire capitalism" better describes what they actually do. AdHocSolver May 2014 #54

Behind every great fortune is an even greater crime. nt MrScorpio May 2014 #23

my mechanic NJCher May 2014 #26

it's the republican way. barbtries May 2014 #27

Bill Clinton defended private equity groups recently. Enthusiast May 2014 #33

first lien holder, Cerberus, has swept the bank accounts Babel_17 May 2014 #28

Dan Quayle? Imagine that. Enthusiast May 2014 #31

This is no big surprise, is it? penndragon69 May 2014 #39

Excellent position of Dan Q randr May 2014 #44

I heard he mispelled it as loote. kairos12 May 2014 #45

If I misspell... 3catwoman3 May 2014 #47

This message was self-deleted by its author santamargarita May 2014 #49

good work Dan, you were worthless back in the day and worthless now...... BlueJac May 2014 #53