Speaking of unions, the UAW ruined the US auto industry.
Clover had been operating since 1996 when it was acquired by Golden Gate in 2010 for an undisclosed price. Golden Gate followed the usual path of private equity buyouts -- it piled debt on the underlying company to extract dividends.Using the leveraged loan market as a wallet, the company took loans that funded dividend payments totaling at least $278 million -- $100 million in 2013 and $178 million in 2014. (Portions of the overall proceeds went to shareholders as well as to refinance the company’s existing debt and certain fees, according to a Moody’s report.) Clover also asked lenders for a further $100 million in 2014 to pay for an acquisition.
Yehuda57 needs to spew a certain amount of sarcasm in order to survive through the day.
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