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In reply to the discussion: PRESS RELEASE: Racketeering Romney Lawsuit Becomes Official November 6th [View all]grantcart
(53,061 posts)71. You may be right about the potential of the lawsuit but I think that your comparisons to
OT are off base.
The facts are that Bain's raid on KB Toys was highly unethical if not illegal.
KB Toys had already gone through a buy out with a private equity firm.
They went through 'creative destruction' in 1996 Melville Corporation sells the company to Consolidated, and they strip it down:
In 1996, after an aborted attempt in 1995 to spin off Kay-Bee Toys, the Melville Corporation decided to sell the chain of 1,045 stores to Consolidated Stores Corporation for about $300 million. Consolidated already operated Toys Liquidators, Toys Unlimited, and the Amazing Toy Store close-out stores, as well as general retailers Odd Lots, Big Lots, All for One, and the It's Really $1.00 stores. William Kelley, chief executive officer and chairman of Consolidated's board, said in a New York Times article that he expected the combined businesses to offer 'a great deal of synergy.' Kay-Bee, under the direction of president Michael Glazer, continued to be run as a separate business within Consolidated's new Toy Division despite talk of its merging with their Toy Liquidators chain. Immediately after the sale, the stock of Consolidated surged upward. (my comment: hardly the sign of a company in trouble or needing further creative destruction)
Enter Bain Capital who papered the purchase of $ 300 million with only $ 15 million cash and then pull out $ 85 million cash in dividends. They load KB with unnecessary debt to finance their cash depletion and this takes a perfectly healthy company into bankruptcy only 4 years after Bain purchased it.
Who is left with the debt? Probably suppliers, landlords and employees.
If you rob a liquor store you will get 5 years but when you take a healthy toy store and take all its cash drive it into bankruptcy and leave a bunch of other people holding the paper there is no accountability.
Again you may be right in that the legal challenges may not bear fruit, but they should. What happened here should have merited severe civil penalties at the least.
This isn't even in the same universe as OT.
I rec'd it not for where the legal issues are but where they should be. There should be legal accountability for what Bain did at KB.
More details here:
http://www.democraticunderground.com/12511407
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PRESS RELEASE: Racketeering Romney Lawsuit Becomes Official November 6th [View all]
laserhaas
Nov 2013
OP
100% chance that motions to dismiss will be made. 100% chance they will be granted, with
AnotherMcIntosh
Nov 2013
#136
Actually, "bad guys" are persons who unnecessarily clog the court system and deprive people with
AnotherMcIntosh
Nov 2013
#143
Eaaaannnntttt! Wrong again typo pen! Bad guys/gals are ones who join the mob of bullies
laserhaas
Nov 2013
#147
That's the problem with you naysays. Can't get facts straight in your hell bent
laserhaas
Nov 2013
#23
When you pick a fact and offer something valid to the contrary, I'll discuss it with you
laserhaas
Nov 2013
#38
There's a world of difference between cases filed by govt prosecutors and pro se litigants.
AnotherMcIntosh
Nov 2013
#139
Watch how you know very little about the Law. RICO was provided for cases just like this one
laserhaas
Nov 2013
#144
If you read my Amended Complaint - it shows that part of the Racketeering scheme
laserhaas
Nov 2013
#36
No, they are all part of the gigantic conspiracy against this pro se litigant
jberryhill
Nov 2013
#57
Yes, I could not help thinking 'Orly Taitz' throughout the 8-10 pages I could wade through.
Richardo
Nov 2013
#54
You may be right about the potential of the lawsuit but I think that your comparisons to
grantcart
Nov 2013
#71
"The charge here is that Haas is exaggerating his role and doesn't have a claim." ... Right, lol?
ChisolmTrailDem
Nov 2013
#90
Yea, yea, I'm familiar with the story. And Im not shocked. It just struck me is all...
ChisolmTrailDem
Nov 2013
#97
Nevermind the OT thing, I just want to know why you rec'ed this big nothingburger, as it's
ChisolmTrailDem
Nov 2013
#92
The information provided to Rolling Stone was good enough for Taibbi's cover story
laserhaas
Nov 2013
#109
It's like when someone posts some bad satire from a non-Onion gag site
ProudToBeBlueInRhody
Nov 2013
#120
This bullshit has gotten nearly 100 recs? Seriesly???? And LOOK, the dupes
ChisolmTrailDem
Nov 2013
#66
I just cannot believe the names on that DU Rec list of people who are usually
ChisolmTrailDem
Nov 2013
#72
And it's still getting recs!!! LOL! Even after this bullshit has been soundly debunked and
ChisolmTrailDem
Nov 2013
#77
OMG! ROFLMAO!!! You guys are killing me! Thanks for the belly laffs today, I needed it!! LOL! n/t
ChisolmTrailDem
Nov 2013
#83
If I wasn't working from home, everyone would be wondering the same about me! ROFL!
ChisolmTrailDem
Nov 2013
#85
Well I have to say I can't think of anytime one of my rec's ever generated so
grantcart
Nov 2013
#100
I love it! Frequent listener, first time caller here, love your stuff, grantcart. Hee-Heeeeee! n/t
ChisolmTrailDem
Nov 2013
#101
Well, I guess if you put it that way, it's easy to leap before you look, lol. Hope you're
ChisolmTrailDem
Nov 2013
#96
Yeah, good luck with that wish counselor. If you don't comprehend the word "official"
laserhaas
Nov 2013
#116
Evidently, you find attorneys at law lying under oath and betraying their clients as Okay!
laserhaas
Nov 2013
#121
First of all counselor, a RICO Complaint, by its very nature, is an allegation of a Conspiracy.
laserhaas
Nov 2013
#129
You are babbling B.S. with no foundation. The court Did NOT order an Amended Complaint!
laserhaas
Nov 2013
#170
Wikipedia could help you improve upon your ignorance. As it states that RICO is to stop conspiracies
laserhaas
Nov 2013
#171
Yeah - good luck with that wish Tish! - LOOK UP you ------ and see the FACTs already in Evidence
laserhaas
Nov 2013
#180
Once again you are Bogus and full of bull. WOW - you point out the fact that I'm NOT an attorney
laserhaas
Nov 2013
#204
"it looks like he burned his one amendment-by-right opportunity unprompted."
Nuclear Unicorn
Nov 2013
#208
Wishing You laserhaas a nexus of good forces!! Thanks for Your courage & fortitude!!!
hue
Nov 2013
#131
So you want Romney to pay you for moving stuff out of KB toys when Bain gutted them?
DevonRex
Nov 2013
#132
Ha Ha - if Romney and his RICO gang of organized/corrupt crooks can't stop me
laserhaas
Nov 2013
#149
"He's losing more and MORE each and every day he fails to give us back eToys"
Nuclear Unicorn
Nov 2013
#161
"We put up a guarantee and compelled those prices to tens of millions"
Nuclear Unicorn
Nov 2013
#169
I ask for evidence. You claim you aren't required to present evidence then demand I
Nuclear Unicorn
Nov 2013
#176
If you truly have read the filings at length - then you "dare" / "double dog dare" to find validity
laserhaas
Nov 2013
#197
Your being petty, snide and down right ebol is helping the dark side and they applaud you for it
laserhaas
Nov 2013
#165
Best of luck, sir! No matter what your shortcomings, I'm proud that you're at least trying!
ancianita
Nov 2013
#151
Wow - decent persons among U.S. (Please be careful - being on the lawful side bodes bad here)!
laserhaas
Nov 2013
#183
You just stepped into a thread - with a lot of meanness going on - and said to another Welcome
laserhaas
Nov 2013
#187
There are way too few good people in this world, willing to be "openly" kind. THANK YOU
laserhaas
Nov 2013
#192
Link to the Summons issued (NOTE - I had to cross out stuff to make the Complaint and
laserhaas
Nov 2013
#200
Please feel free to PM your issue and I'll be happy to assist you in avoiding my hard knocks
laserhaas
Nov 2013
#167
Ha Ha - you crack me up. "so jealous". Ummm, let's see; R U jealous of being homeless?
laserhaas
Nov 2013
#168
I know 'Baitball Blogger' - I was making a point to those who would read it and might ????
laserhaas
Nov 2013
#185
Ummm - what flavor do you smother your crow with - when you eat it? LOOK UP at Update^^^
laserhaas
Nov 2013
#188
Hey - here's a thought for you. My CLI contracts guarantee Legal Fees & they Confessed
laserhaas
Nov 2013
#186
That might be improbable -as they own (have stolen billions); but not impossible.
laserhaas
Nov 2013
#199
Note the silence of the adversarial's when they ask for 1 proof - and are provide MANY!
laserhaas
Nov 2013
#201
Romneyworld Reckoning Imminent as Supporters Figure Out they Were Ripped OFF!
laserhaas
Nov 2013
#217