Better be because Sycamore Partners trying to do what PSUN is doing is making me sick. Acquiring companies via bankruptcy so you don't have to pay shareholders anything. These private equity firms deserve 20 years in prison.
Sycamore did buy out a company that said they were looking for strategic alternatives before, they actaaully paid money that trying to take it via bankruptcy. Where is the SEC?
I now have 70,000K They are not bankrupt. If we could kick out everyone from Sycamore from the board and their hand picked goons, maybe it can turn around. They announced a lot of store closing and cuts. They identified a Sycamore supplier delaying product. Possibly a pony dance. Has a chance to turn it around. Maybe we get a few dollars thrown at us in a prepackaged or maybe the management will stop lying and start working.
Why not vote no, maybe a better deal can come from an outside company. Maybe Berkshire would buy it for $610 million.
But don't they need a vote of shareholders to do this? The company is not in bankruptcy yet, they have plenty of cash and Walsh says cash flow positive. The debt payments don't come due til early 2017. We should have time to look for a better deal, or allow a better deal be offered. If we are getting nothing, all votes should be "NO". For a company that can put out 200MM in free cash flow. We should be able to get a better deal than $0
They are trying to take companies down via bankruptcy. Golden Gate and Sycamore are spawn of Bain capital private equity. Private equity is just another name for corporate raiding.
There are about 40% less companies as in 1973. Private equity is raiding capitalism.
GFY. Soon 100% of the market will be owned by 1 guy if the trend continues. Wait til the stock drops then offer a price. If anything sell it to a foreign company preferably China. The Delaware con scheme, the 51% vote, GCI why not go to Michael Dells house and play checkers.