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Broken Machine posted:they did the classic vulture capital move, and took out a $450m loan against their equity. they then paid themselves ~$250 mil of that. it's the same thing bain capital did with dunkin donuts; if you go there, they're skimming about 15% off the top, something absurd like that. with instant pot, after they did that market conditions tightened and that debt became unmanageable. all so they could get paid more, faster wh FMguru posted:this is completely different from a mob "bust-out" operation because, um, reasons [smoke bomb, sound of running feet] yeah this is some 1920s pre-crash poo poo
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Jun 14, 2023 15:55
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lmao the us economy is absolutely gonna crash
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Jun 14, 2023 15:56
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they also slapped the label on a bunch of non-pressure cooker products as well https://www.instanthome.com/product/instant-appliances/air-purifier-small-charcoal
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Jun 14, 2023 15:59
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PIZZA.BAT posted:how the hell are these companies still receiving these bonkers loans? when the practice first came about i can maybe understand getting burnt by it but my assumption is that any financial institution capable of issuing a half billion dollar loan is also capable of due diligence to the degree of ‘these guys were just bought by vulture capitalists maybe we shouldn’t extend this’ the bankers and the pe folks golf together also the loan is structured so that in a bankruptcy, the bank gets as much as possible back, and everyone else extending credit (e.g. suppliers giving you materials on net-30 terms) are the ones that get screwed
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Jun 14, 2023 16:08
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PIZZA.BAT posted:how the hell are these companies still receiving these bonkers loans? when the practice first came about i can maybe understand getting burnt by it but my assumption is that any financial institution capable of issuing a half billion dollar loan is also capable of due diligence to the degree of ‘these guys were just bought by vulture capitalists maybe we shouldn’t extend this’ i remember you like mark blythe. have you ever heard of michael hudson? he might be up your alley https://www.youtube.com/watch?v=GWT0uvBLDbo fart simpson fucked around with this message at 16:54 on Jun 14, 2023 |
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Jun 14, 2023 16:52
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its a long firm you could do a lot bigger long firms in zero interest days cuz zero interest
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Jun 14, 2023 18:38
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today in things that will almost certainly not happen but entertaining the idea is extremely funny: the EU is considering breaking up Google Adsquote:According to Vestager, an EC investigation launched in 2021 found that Google may have favored its own ad tech services when serving as an intermediary ad exchange, matching advertiser supply and publisher demand for advertising space online.
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Jun 14, 2023 18:58
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Jabor posted:the bankers and the pe folks golf together also the banks don’t hold the debt they bundle it up and sell it across lots of customers so it doesn’t haircut you too much or impact your rating for future debt
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Jun 14, 2023 20:46
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haveblue posted:today in things that will almost certainly not happen but entertaining the idea is extremely funny: the EU is considering breaking up Google Ads i hope it doesn't and google makes ads completely unaffordable
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Jun 14, 2023 20:50
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Coco13 posted:I would love to know how they're selecting a bunch of new mods for a bunch of giant subreddits quickly, because all the options I'm coming up with end in a disaster but some disasters happen after the C-suite cashes out. adds plausible deniability too, and they've already been trying to astro turf it as the mods don't agree & aren't polling their users & are power hungry freaks gone rogue They already did this for one sub by giving it to a mod who hadn't posted in over a year but showed up to take it over. Khorne fucked around with this message at 21:07 on Jun 14, 2023 |
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Jun 14, 2023 21:04
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reddit experiences "the troubles"
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Jun 14, 2023 22:42
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rexit when
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Jun 14, 2023 22:43
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Khorne posted:lots of subs have mods who don't support the boycott and are trying to get admins to hand the subs over to them to open it back up good time for me to make a power play to take over /r/celebfeet 
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Jun 14, 2023 22:45
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lol
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Jun 14, 2023 22:56
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i just discovered that "enshittification" was coined by cory doctorow i'm not sure how i feel about that infernal machines fucked around with this message at 23:12 on Jun 14, 2023 |
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Jun 14, 2023 23:08
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infernal machines posted:i just discovered that "enshittification" was coined by cory doctorow 
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Jun 14, 2023 23:15
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he's obnoxious, but he's not wrong the guy still writes like he's doing a featured article in WIRED in 1998, but the overview of the process of destroying the internet is accurate
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Jun 14, 2023 23:17
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i always read his name as dr cornrow
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Jun 14, 2023 23:20
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that's clearly a picture of frankie muniz, you can't trick me
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Jun 14, 2023 23:20
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doctor owo
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Jun 14, 2023 23:21
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PIZZA.BAT posted:how the hell are these companies still receiving these bonkers loans? when the practice first came about i can maybe understand getting burnt by it but my assumption is that any financial institution capable of issuing a half billion dollar loan is also capable of due diligence to the degree of ‘these guys were just bought by vulture capitalists maybe we shouldn’t extend this’ the loans are actually convertible bonds that in default give them control of the company. the bank typically values the company either for scrap or operating post default. however, banks just immediately sell the bonds to
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Jun 14, 2023 23:22
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i’ve said it before and i’ll say it again
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Jun 14, 2023 23:24
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infernal machines posted:he's obnoxious, but he's not wrong he promised me adhoc WiFi peer-to-peer music sharing between moving cars on the freeway
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Jun 14, 2023 23:26
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echinopsis posted:i’ve said it before and i’ll say it again we really wish you'd stop
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Jun 14, 2023 23:26
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pseudorandom name posted:he promised me adhoc WiFi peer-to-peer music sharing between moving cars on the freeway he's a futurist, so needless to say, he's wrong, a lot, about the future. the present though, he appears to have a fairly clear view of
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Jun 14, 2023 23:28
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infernal machines posted:he's obnoxious, but he's not wrong pretty sure I first read that post when it was carried by wired, lol
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Jun 14, 2023 23:33
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I would take 1998 wired over a medium post
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Jun 14, 2023 23:34
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1998 wired was fine. we got some great stuff out of wired in the 90s. it was also 25 years ago this is from 1996 and a great article that manages to encapsulate the style, for reasons you'll discover if you look at the byline infernal machines fucked around with this message at 23:38 on Jun 14, 2023 |
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Jun 14, 2023 23:35
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oh, word?
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Jun 14, 2023 23:54
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quote:Citing data from analytics firm YipitData, WSJ reported that ChatGPT "has nearly double the average number of daily search sessions as Bing search does." 
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Jun 15, 2023 00:28
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On the topic of Instant Pot and Pyrex, when Corning sold Pyrex they then went whole hog into fiber optics and ended up flooding the loving market and having to scale way the gently caress back. A buddy's dad got laid off there years ago and was one of like two people who knew how their old computer poo poo storm functioned. No idea what ultimately came of that. All I know is that he barely touches a computer these days and just gardens. I do drive past an unfinished fiber optic manufacturing tower every week that has been that way for like two decades now.
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Jun 15, 2023 00:29
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i got the funemployment axe today 4 months severance and 3 months paid COBRA and accelerated vesting (lol it's worth $0, i cashed all the good stuff out at the IPO) my whole business unit is gone including my boss and his boss. people inside tell me they're becoming another boring "bank-lite" financials and data company but for restaurants. 4 years and a good attitude and work got me a lot of friends who were pretty upset and surprised i'm gone. i feel like i died in a way?
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Jun 15, 2023 00:53
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4 months is loving insane. sorry to hear you got the chop but you seem like a sharp cookie, you'll get somethin lined up.
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Jun 15, 2023 00:55
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cheese eats mouse posted:
p deece imo, try to have some fun between jobs if possible
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Jun 15, 2023 00:58
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Jonny 290 posted:4 months is loving insane. sorry to hear you got the chop but you seem like a sharp cookie, you'll get somethin lined up. i got 4/5ths of one month lol
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Jun 15, 2023 01:19
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cheese eats mouse posted:i got the funemployment axe today condolences. 4 months is pretty good tho. hope you can enjoy a month before digging back in to 
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Jun 15, 2023 01:20
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if i get laid off im contractually obligated to get 12 months severance
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Jun 15, 2023 01:26
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goondolences
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Jun 15, 2023 01:49
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rotor posted:p deece imo, try to have some fun between jobs if possible my partner is pushing me to work on my pottery and apply for a residency, travel to some national parks and just enjoy a few months. oregon summers are the best so imma enjoy the vacation. I was planning on leaving so I still have a healthy emergency fund
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Jun 15, 2023 02:01
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cheese eats mouse posted:my partner is pushing me to work on my pottery and apply for a residency, travel to some national parks and just enjoy a few months. oregon summers are the best so imma enjoy the vacation. I was planning on leaving so I still have a healthy emergency fund you sound well prepared, enjoy also hi fellow portlander
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