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What happened here is Del Monte was sold in a leveraged buyout to the son of Ferdinand Marcos's money launderer. When the dictatorship collapsed the guy who was in charge of the shell companies and Swiss bank accounts and keeping track of the shrink wrapped pallets of $100s buried in the jungle just kept it all, and became a private equity fund. (typical private equity origin story)
He bought Del Monte with debt and then transferred all the debt to Del Monte once he owned it, then his creditors who are in on it resold the debt to retail investors and pension funds as AAA recession-proof revenue from a 100 year old canned food company, and now he has Del Monte declare bankruptcy to fuck them.
Any sources for this? It's interesting and I'd like to read more.
Sounds like a great story, is there anywhere to read about it?
I followed most of that.
But how I read it was "Fraud? Sounds like fraud. But the kind that rich people do and won't ever get punished for."
The ol' three card Del Monte
This is a brilliant comment - thanks for the laugh
Well that is a really concise and well written comment. Take my lemmy gold?
How do you transfer a personal debt to a business and not get in trouble?
Dunno, but Remington did it