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Venture capitalists do, but corporate raiders do not.
This was clearly not a raid.
Don't expect Lak-an-i-hota of brains to answer. He is probably still looking up the term in a dictionary (and holding it upside down).
Borrow money to buy a company, buy compnay, place the debt for the borrowed money onto the company you just bought, fire workers or move the jobs out of America, then decalre bankruptcy so the goverment steps in with tax payer money to bail out the pension funded to the tune of 44 million dollars, you make 12 million.
Hmmmm...Sounds more like socialism to me.
No.
Buy controlling interest in company for next to nothing (there is a hint there). This includes a grossly underfunded pension which you are not responsible for.
Company has 18 to 24 months to live.
Borrow 100 million and pump it up.
Company lives for eight years. Does reasonable for a while.
Market goes soft
Company goes bankrupt. Workers lose jobs they were going to lose anyway.
About the same time you buy into this one, you help out a place in Indiana for about the same amount. In 2000, you sell your share for roughly 7 times what you paid in.
Liberals need an excuse to piss and moan because current sitting moron in chief has no record to run on (unless you call record debt something of an accomplishement).
Keep trying, I am enjoying this.
After its initial $8 million investment, the new company issued $125 million in bonds — paying $65 million to stockholders in 1994, according to GS Technologies Operating Co. filings with the Securities and Exchange Commission. Bain collected a $36.1 million dividend, according to Reuters.
GS Technologies announced plans to spend $98 million modernizing the Kansas City plant and in 1995, issued another $125 million in bonds to pay for a merger with another wire rod maker in South Carolina. Bain reinvested $16.5 million of its earlier dividend, Reuters wrote.
GST’s total debt in 1995: $378 million.
"After quickly raising profits, (Bain) had the company, less than one year after the buyout, borrow another $61 million to pay themselves a dividend. This left little room for error as profit, $32 million in 1995, could barely cover the increased interest expenses, rising from $9 million to $24 million," Kosman told us in an email.
"Even when profits fell below interest payments in 1998 and 1999 due to cheap imports, there was enough operating profit to survive if not for the interest expense."
In its 2001 bankruptcy filing, GS Industries listed total debts of $554 million.
PolitiFact | Obama ad claims Romney, Bain left misery in wake of GST Steel takeover
I repeat: Would Bain have made more money in the beginning or after 8 Years? How much did Bain make on the deal? BTW, how much did it cost taxpayers?
Why don't you tells us on when they would have made more money. What is for sure is that they were betting on GTS doing well...not going under. Taking their money out was getting some money back. Their goal was to sell it...to do that it had to be healthy and doing well.
You bastards just won't let go.
BTW: It cost the taxpayers no more than it was going to cost them had Bain not showed up. In fact, it might have been less. What part of that don't you understand.
The WSJ article on this posted upstream points out GTS would have gone tits up LONG before it did had Bain not tried to save it.
Borrow money to buy a company, buy compnay, place the debt for the borrowed money onto the company you just bought, fire workers or move the jobs out of America, then decalre bankruptcy so the goverment steps in with tax payer money to bail out the pension funded to the tune of 44 million dollars, you make 12 million.
Hmmmm...Sounds more like socialism to me.
No.
Buy controlling interest in company for next to nothing (there is a hint there). This includes a grossly underfunded pension which you are not responsible for.
Company has 18 to 24 months to live.
Borrow 100 million and pump it up.
Company lives for eight years. Does reasonable for a while.
Market goes soft
Company goes bankrupt. Workers lose jobs they were going to lose anyway.
About the same time you buy into this one, you help out a place in Indiana for about the same amount. In 2000, you sell your share for roughly 7 times what you paid in.
Liberals need an excuse to piss and moan because current sitting moron in chief has no record to run on (unless you call record debt something of an accomplishement).
Keep trying, I am enjoying this.
fabrication.
After its initial $8 million investment, the new company issued $125 million in bonds paying $65 million to stockholders in 1994, according to GS Technologies Operating Co. filings with the Securities and Exchange Commission. Bain collected a $36.1 million dividend, according to Reuters.
GS Technologies announced plans to spend $98 million modernizing the Kansas City plant and in 1995, issued another $125 million in bonds to pay for a merger with another wire rod maker in South Carolina. Bain reinvested $16.5 million of its earlier dividend, Reuters wrote.
GSTs total debt in 1995: $378 million.
"After quickly raising profits, (Bain) had the company, less than one year after the buyout, borrow another $61 million to pay themselves a dividend. This left little room for error as profit, $32 million in 1995, could barely cover the increased interest expenses, rising from $9 million to $24 million," Kosman told us in an email.
"Even when profits fell below interest payments in 1998 and 1999 due to cheap imports, there was enough operating profit to survive if not for the interest expense."
In its 2001 bankruptcy filing, GS Industries listed total debts of $554 million.
PolitiFact | Obama ad claims Romney, Bain left misery in wake of GST Steel takeover
Bain didnt invest $100 million dollars. They invest 8 million dollars then racked up 100's of millions in debt.
strike one, cheesedick.
'The attack ad blamed Romney and his investment firm for the failure of GST Steel, a Kansas City, Mo.-based company, two years after Romney had left Bain. It also ignored Bain successes such as Steel Dynamics Inc., where Bain's involvement helped create 6,000 jobs.'
Newark Mayor Cory Booker Defends Record Of Mitt Romney's Bain Capital - Investors.com
So youre saying if a bomber blows up a school with a bunch of kids in it, thats ok as long as they build another one.
Gotcha.
That bares no resemblance to what he said, moron.
Youve chosen another idiot who has been bailed out repeatedly and called it success because he was able to get paid with taxpayer money. Still a brainwashed socialist are you?
When did Romney get bailed out?
Why don't you tells us on when they would have made more money. What is for sure is that they were betting on GTS doing well...not going under. Taking their money out was getting some money back. Their goal was to sell it...to do that it had to be healthy and doing well.
You bastards just won't let go.
BTW: It cost the taxpayers no more than it was going to cost them had Bain not showed up. In fact, it might have been less. What part of that don't you understand.
The WSJ article on this posted upstream points out GTS would have gone tits up LONG before it did had Bain not tried to save it.
In other words, Bain saw more reward in propping the company up for a few years before they raped it? Apparently Bain couldn't "save" the company - not that they ever wanted to.
The fact that Romney sees nothing wrong with his career decisions tells us all we need to know about a potential Romney presidency. As a writer at New York Magazine put it:
It is arresting to imagine a Romney White House, inevitably filled with as many former Bain colleagues as each of his other public ventures have been: The PowerPoints, the 80-20 jargon, the clinical separation of decision-making from ideology, the detachment of those decisions from moral consequence, a persistent blind spot for people as people.
So youre saying if a bomber blows up a school with a bunch of kids in it, thats ok as long as they build another one.
Gotcha.
That bares no resemblance to what he said, moron.
Youve chosen another idiot who has been bailed out repeatedly and called it success because he was able to get paid with taxpayer money. Still a brainwashed socialist are you?
When did Romney get bailed out?
44 million dolars to bailout GST steel pensions.
No.
Buy controlling interest in company for next to nothing (there is a hint there). This includes a grossly underfunded pension which you are not responsible for.
Company has 18 to 24 months to live.
Borrow 100 million and pump it up.
Company lives for eight years. Does reasonable for a while.
Market goes soft
Company goes bankrupt. Workers lose jobs they were going to lose anyway.
About the same time you buy into this one, you help out a place in Indiana for about the same amount. In 2000, you sell your share for roughly 7 times what you paid in.
Liberals need an excuse to piss and moan because current sitting moron in chief has no record to run on (unless you call record debt something of an accomplishement).
Keep trying, I am enjoying this.
fabrication.
After its initial $8 million investment, the new company issued $125 million in bonds paying $65 million to stockholders in 1994, according to GS Technologies Operating Co. filings with the Securities and Exchange Commission. Bain collected a $36.1 million dividend, according to Reuters.
GS Technologies announced plans to spend $98 million modernizing the Kansas City plant and in 1995, issued another $125 million in bonds to pay for a merger with another wire rod maker in South Carolina. Bain reinvested $16.5 million of its earlier dividend, Reuters wrote.
GSTs total debt in 1995: $378 million.
"After quickly raising profits, (Bain) had the company, less than one year after the buyout, borrow another $61 million to pay themselves a dividend. This left little room for error as profit, $32 million in 1995, could barely cover the increased interest expenses, rising from $9 million to $24 million," Kosman told us in an email.
"Even when profits fell below interest payments in 1998 and 1999 due to cheap imports, there was enough operating profit to survive if not for the interest expense."
In its 2001 bankruptcy filing, GS Industries listed total debts of $554 million.
PolitiFact | Obama ad claims Romney, Bain left misery in wake of GST Steel takeover
Bain didnt invest $100 million dollars. They invest 8 million dollars then racked up 100's of millions in debt.
Now you are just trolling, troll.
'The Kansas City plant had two product lineshigh-carbon rods and grinding media (used in mining)that it felt could give it a competitive edge. But it needed investment, and Armco was tapped out. Bain nonetheless saw some potential and in 1993 joined other investors to acquire it for $80 million. Management renamed it GS Technologies (which would become part of a larger GS Industries) and poured an additional $100 million into modernization.'
Strassel: Vampire Capitalism? Please - WSJ.com
Why don't you tells us on when they would have made more money. What is for sure is that they were betting on GTS doing well...not going under. Taking their money out was getting some money back. Their goal was to sell it...to do that it had to be healthy and doing well.
You bastards just won't let go.
BTW: It cost the taxpayers no more than it was going to cost them had Bain not showed up. In fact, it might have been less. What part of that don't you understand.
The WSJ article on this posted upstream points out GTS would have gone tits up LONG before it did had Bain not tried to save it.
In other words, Bain saw more reward in propping the company up for a few years before they raped it? Apparently Bain couldn't "save" the company - not that they ever wanted to.
fabrication.
Bain didnt invest $100 million dollars. They invest 8 million dollars then racked up 100's of millions in debt.
Now you are just trolling, troll.
'The Kansas City plant had two product lineshigh-carbon rods and grinding media (used in mining)that it felt could give it a competitive edge. But it needed investment, and Armco was tapped out. Bain nonetheless saw some potential and in 1993 joined other investors to acquire it for $80 million. Management renamed it GS Technologies (which would become part of a larger GS Industries) and poured an additional $100 million into modernization.'
Strassel: Vampire Capitalism? Please - WSJ.com
They didnt INVEST $100 million. They issued $125 million in bonds then used that money to "modernize". That $125 million was then placed on GST as DEBT.
You see, it MATTERS where the money came from and how it went on the books.
Once again youre only presenting HALF the story and ignoring FACTS in order to suit your own ignorance based narrative.
SnickerFart has an agenda - and it doesn't include facts.
That bares no resemblance to what he said, moron.
When did Romney get bailed out?
44 million dolars to bailout GST steel pensions.
Said pension plan was underfunded before Bain Capital.
Yes or no?
Romney and Bain made millions from a steel plant that went bankrupt after Bain dramatically increased the companys debt. Workers lost their jobs and promised health and retirement benefits. Because Bain underfunded the companys pension fund, a federal agency was needed for a $44 million bail out.
The Real Romney Record: GST Steel
His supporters say the pension gap at the Kansas City mill was an unforeseen consequence of a falling stock market and adverse market conditions. But records show that the mill's Bain-backed management was confronted several times about the fund's shortfall, which, in the end, required an infusion of funds from the federal Pension Benefits Guarantee Corp.
Special report: Romney's steel skeleton in the Bain closet | Reuters
fabrication.
Bain didnt invest $100 million dollars. They invest 8 million dollars then racked up 100's of millions in debt.
Now you are just trolling, troll.
'The Kansas City plant had two product lineshigh-carbon rods and grinding media (used in mining)that it felt could give it a competitive edge. But it needed investment, and Armco was tapped out. Bain nonetheless saw some potential and in 1993 joined other investors to acquire it for $80 million. Management renamed it GS Technologies (which would become part of a larger GS Industries) and poured an additional $100 million into modernization.'
Strassel: Vampire Capitalism? Please - WSJ.com
They didnt INVEST $100 million.
A Brief History of Mitt Romneys Record of Putting Profits Ahead of People as CEO of Bain Capital
What is Bain Capital? Co-founded by Mitt Romney in 1984, Bain Capital is a classic strip and flip shop a private equity firm that made its money buying businesses and sucking profit out of them by any means possible that often resulted in a stack of pink slips for everyday Americans. As the New York Post reported, during his 15 years as head of Bain, Romney made fortunes by bankrupting five profitable businesses that ended up firing thousands of workers.
Heres how it often went down. Romneys Bain would buy a company and increase its short-term earnings through firing workers and shuttering plants in order to borrow enormous amounts of money. The borrowed money was used to pay Bain dividends, however, those businesses needed to maintain that high level of earnings to pay their debts. When they couldnt, that meant plant closures, more layoffs, bankruptcies, and in many cases, the end of the business. Yet these bankruptcies still meant huge profits for Bains investors. Furthermore, Bain continued to collect management fees even as companies failed.
Now you are just trolling, troll.
'The Kansas City plant had two product lineshigh-carbon rods and grinding media (used in mining)that it felt could give it a competitive edge. But it needed investment, and Armco was tapped out. Bain nonetheless saw some potential and in 1993 joined other investors to acquire it for $80 million. Management renamed it GS Technologies (which would become part of a larger GS Industries) and poured an additional $100 million into modernization.'
Strassel: Vampire Capitalism? Please - WSJ.com
They didnt INVEST $100 million.
Really? Firstly, how much did they pay for the company?
They didnt INVEST $100 million.
Really? Firstly, how much did they pay for the company?
Its all there in the links I provided already. Why dont you read a couple of them.
A company is not going to extract money from a company and screw the pension fund.
It would never fly. The feds would get that money back.
Bain took out 8 million dollars. The pension was under by 44 million.
If it had gone under in 95, it would have probably been more.
You bastards just won't let go.
