Ding Dong The Witch Nears Death
well, not really, but...
http://www.huffingtonpost.com/2013/0...n_3938927.html Friend finder files for chapter 11. Smells like a mess: Quote:
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Re: Ding Dong The Witch Nears Death
And the fire sale begins....
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Re: Ding Dong The Witch Nears Death
Well, interestingly, it seems that Lars and Andrew were holding much of the debt (at 17% a year?), and that they will end up back in control of the company once the bloodshed is over - assuming that they can get out alive. If there are any other major debt holders who push for other options, yes, a fire sale could be in the works. I don't think they want to go there.
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Re: Ding Dong The Witch Nears Death
Well, apparently the personal jet rental and the big affiliate junkets....to Costa Rica, Turks and Caicos and the like are being wildly scaled back.
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Re: Ding Dong The Witch Nears Death
haha, yeah.
Actually, I wouldn't be shocked to see the SEC taking a look at this one, considering that it seems that much of the debt that killed the company was held by Lars and Andrew, who are the ones who "sold" the company to start with. Those notes (rumored at up to 17% interest!) pretty much sucked the life out of the company and killed any chance for investors to make money on the public offering. Simply put, that dog wasn't going to hunt, when most of the income was used to pay interest on a debt that wouldn't go away. The result? Lars and Andrew did really well on collecting their interest payments every year, and when the company fails, they get it back. The only thing they didn't make out on was the shares, the shot at the truly big money died because it appears they didn't allow the company to be financially viable. |
Re: Ding Dong The Witch Nears Death
Shares were down to around .05 yesterday. I guess it will come down to whether anyone with enough clout complains to the SEC.
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Re: Ding Dong The Witch Nears Death
Quote:
I dont know that those 2 assclowns want it back. |
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