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Louisiana

TreasonousBastard

(43,049 posts)

1. I'm no expert, but these guys look like they have a junk portfolio-- making whatever...

Reply to TexasTowelie (Original post)

Thu Oct 3, 2019, 06:17 AM

Oct 2019

bucks they can from losing companies.

This would mean that they know how to shift assets in a bankruptcy (see what happened to Sears-- the profitable parts got sold off, leaving the junk and debt to go bankrupt) The fact that they managed to buy the plant at all means they loaded it up with debt just to buy it.

Just a guess-- they grabbed any decent assets and moved other debt into this plant.

Bankruptcy law is complex-- I once had a customer call me to apologize that our invoice was caught in his bankruptcy, which was to get out from under a phony lawsuit. We worked out a deal (legal, I hoped).

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Bayou Steel closure, bankruptcy seem designed to duck pledges to workers, parish president, union [View all] TexasTowelie Oct 2019 OP

I'm no expert, but these guys look like they have a junk portfolio-- making whatever... TreasonousBastard Oct 2019 #1