Well, the bankruptcy filings have been a very informative read. Had no idea they were dealing with that kinda keesh against big dady Lyco, #1 on the list of 20-primary/preferred/potato secured creditors. In fairness, Lyco prices are stupid wacked out too, so in reality it's probably not that many engines, as far as Lyco's global order book is concerned.
On the little people side of the ledger, some of the future unsecured creditors have managed to post their $0.02 (which is about all they'll get when they punt at the re-price contract). Their take is not too different than the anecdotes on reddit, which inform my conjecture that this is not going to be a case of most people acquiescing to the kit re-pricing, currently purported at a
32% markup, yikes.
As to dear leader, filings make it clear he's the primary DIP lender, unusual for a Chap 11. So those millions he's got in play are first-dibs insured in the event this re-org attempt goes south. The name of the game is control it seems. Granted, the filings haven't been approved yet, but the boilerplate manner in which this filing was submitted doesn't lend any inclination the proposed plan (mainly and most importantly imo, the Motion to Reject Customer Contracts) will get rejected. The latter motion is what this filing was ultimately all about imo, nothing surprising or controversial to me about that COA.
110 employees according to the filing. 340K bi monthly, pre-petition. No wonder they were MLM'ing the opex with customer deposits end game.
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Don't disagree with the petition, that if they were to stiff the W-2 folks, they would walk and this whole thing collapses right ricky tick.
Of course, in the end, the lawyers and "managers" of this future corporate spinoff/dismemberment are getting puh puh paid son.