Anyone wanna know why BHS went bust ?

[losCHUNK]

A relatively stable company is bought by Green in 2000, with a pension surplus in place. Within 4 years of the takeover 1.2bln in dividends is taken out of the business and paid out to shareholders, the majority of which lands in the pocket of Green and his family. The following books thereafter showed a negative balance of 800m or so, immediately after borrowing soared to 900m a year mostly to finance the dividend and now the company collapses with a pension deficit of £225m. And these are the types of people who are handed knighthoods in this country? I doubt the 11,000 workers will be anywhere near his thoughts as he lives it up in Monaco, paying no fucking tax while the sacked employees sign on.

Some interesting reading here (look at the date - lol) -

http://www.taxresearch.org.uk/Blog/2006 ... avoidance/

Green knew BHS couldn't be saved without serious capital investment - and he wasn't going to use his own money to do so. He really didn't want his public image tarnished by being the guy who took BHS down, so he looked to sell it. The buyer was a consortium headed by a former bankruptee. He would play the patsy role. When the sale went through for £1k, Green threw in a reported 'float' of £100m+ (of course, not his own money). The 'float' was only put in place to put time between Green and the patsy.

Yey capitalism \o/

[Don Carlos]

Ouch - dick move

[losCHUNK]

Same thing happened with Comet, them and B&Q were the only profits for Kingfisher when they sold. That was asset stripped by a French company, Darte I think.

LFC wrre within hours of going into administration too, same reasons

[seremtan]

we need socialism for the rich so that more of their wealth can trickle down

trickle down like a cocktail of tears, eyeliner, and cold semen on a cheap hooker's face

[Transient]

This is the type of shit Trump is inspired by, and he's running for president.

[losCHUNK]

The LFC one I can give a story about, it's pretty well documented, but basically RBS needed to get involved because the guys were so fucking clueless and sly. They tried dragging the case out in the courts to block a deal that would save the club, they wanted to force it into administration then use a 'patsy' to rebuy from RBS at a firesale price - on credit obviously. They were hoping this patsy would be selected instead of the current owners but was declined when they found out they had no funding.

They even had an injunction placed in the American court system to block the sale the day before the club was meant to be placed into administration, the reasoning was a British lead conspiracy (including our court system, seeing as they OK'd the deal) against the American owners... iirc the judge was a personal friend of Tom Hicks n all - the owner.

Yea theyre still rich, sank a few other teams n all. Texas Rangers ? and... some hockey team ?. They bought the club with its own debt too, as in, paid 200m for it on credit then 3 months later took out a 300m+ loan and saddled the club with it. Mental.

If RBS hadn't got involved to cut out the swindling, they'd be in the same place as BHS now.

[losCHUNK]

Chappell is the Patsy I was on about, Philip = Green (Philip Green)

What we have learnt for sure is that Retail Acquisitions Limited, the company set up to buy BHS from Sir Philip, was not a normal company.

Some directors resigned the minute the deal was done as they felt uncomfortable that the board was becoming stuffed with friends of Dominic Chappell. This is a board remember that voted in favour of using company money to refinance the mortgage of Mr Chappell's father.

The stage is now set for Sir Philip Green to take the hot seat next Wednesday. He calls the shots at BHS's former parent company Arcadia and its ultimate owner Taveta Investments, which in turn is owned by his wife Lady Tina Green. That set up is not exactly normal either.

http://www.bbc.co.uk/news/business-36476860

So... Green to attend on Wednesday ?, epic

The chair of the work and pensions select committee (Frank Field) has rejected a call to resign from Sir Philip Green, the owner of Topshop, who accused the MP of attempting to destroy his reputation over the controversial sale of BHS.

Green claimed Frank Field’s parliamentary investigation into the collapse of the department store chain was biased and suggested he would not give evidence to MPs on Wednesday unless Field stepped down.

https://www.theguardian.com/business/20 ... hs-topshop

So maybe not . Green wants Field to resign cos he knows he'll staple his bollocks to the wall, before getting away with it.

[losCHUNK]

Fuck about, I just found out that Green considered the 100m float a loan (this 100m was accumulated from asset stripping before the sale) and that loan is what triggered the company going bankrupt -

Dominic Chappell hit back saying the BHS management failed to hit trading targets and then trained his fire on Sir Philip Green, from whom he bought the business for £1. Although he sold it, Sir Philip remained involved thanks to a loan outstanding to the company which according to Mr Chappell "he used to beat us with" and ultimately used to trigger administration.

http://www.bbc.co.uk/news/business-36481933

That's enough for me...

[losCHUNK]

[youtube]Jm9-pbifxuI?t=81[/youtube]

Like him or hate him, he's nobodys fool.

we need socialism for the rich so that more of their wealth can trickle down

trickle down like a cocktail of tears, eyeliner, and cold semen on a cheap hooker's face

But you can't give money to the poor, they'll spend it on beer and bingo, quantitative easing is a sure thing. Maybe the poor should stop complaining about low pay, higher cost to living and cuts, literally, everywhere. Get back to work, there's food banks if you're hungry.

Seriously if there's one person you can guarantee will inject money back into the economy, then it's a poor person. Creating money for businesses that cashed cheques they couldn't afford only to take loans out from banks who knew they couldn't pay knowing that they'll get money created for them. What the fuck man.