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Krispy Kreme Doughnuts, Inc. Message Board

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  • zipperdydoodah zipperdydoodah Jun 18, 2005 11:57 PM Flag

    Stephen Cooper's strategy

    Silverpoint thinks that KKD owns some good stores and some bad stores.

    Silverpoint also thinks that the franchisees own some good stores and some bad stores.

    If they all file bankruptcy separately (the likely outcome) then Silverpoint will wind up owning KKD's good stores and will renig on leases on KKDs bad stores.

    The franchisee creditors will wind up owning the franchisee good stores and will renig on leases on the bad stores.

    Much better for Silverpoint is that KKD assumes the ownership of the franchisees and then files bankruptcy all at once.

    Then Silverpoint assumes ownership of ALL the good stores and renigs on ownership of all the bad stores.

    Cooper now works for Silverpoint. He must get the franchisees to fold.

    To do that he needs to convince them that he can outlast them whilst they are bleeding cash.

    If he lets them know how dire his position is he will not get them to fold first.

    So he is not filing his accounts.


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