2 ms·
syphoning off profits They were allegedly siphoning off assets. Were those papers even making any profit? The concept reminds me of the story arc in "The Sopr
by DrScump 9y ago
syphoning off profits
They were allegedly siphoning off assets. Were those papers even making any profit?
The concept reminds me of the story arc in "The Sopranos" where the mob looted the sporting goods chain to collect on the gambling debts of its owner.
- cptskippy 9y agoAssets are invested profits. In either case it's a revenue stream the paper might have leveraged to sustain it while it pivoted into a new model. Instead the Headgefund raiders have done to it what they've done with so many other businesses. They undervalued it, bought it at a discount, disassembled and sold off the profitable bits, left an empty encumbered husk to default on outstanding debts. This behavior should be illegal.