4 ms·
so let me get this straight: receive controlling interest of a company with $33million in cash reserves by using a $10million promisory note to gain shares. p
by swang 10y ago
so let me get this straight:
receive controlling interest of a company with $33million in cash reserves by using a $10million promisory note to gain shares.
proceed to spend $18million in cash, some of which is spent to pay your buddies.
when time comes to pay $10million promisory note, shrug your shoulders, and no actual penalties are involved for not paying up.
am i missing something? sounds like a great scam.
- rasz_pl 10y agohow does buying 500Mil chain of stores with its own cash reserves sound to you then? https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-private-equity-heist-of-all-time/ https://foragerfunds.com/bristlemouth/dick-smith-is-the-grea...
- will_hughes 10y agoFor those not aware of the current situation: Dick Smith Electronics went bankrupt about 12 months after this article. They were like the Tandy or Radioshack of Australia at first, and followed a similar path - killing off their electronics hobbyist roots, and became pretty much a generic consumer electronics store.