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All reports Ive seen say they borrowed 8 million dollars to buy GST. That number seems incredibly low to me, but I have yet to see anything disputing it.
Oh that I believe.
And I know people who worked on the expansion they funded with the 100 million plus they borrowed.
I am not buying the whole 554 million in debt.....who'se going to loan that kind of money out against a paltry 100 million or so in assets ?...and those would not even be discounted yet.
Vidi has no clue. They paid $75 million for the company. Then they did their first bond offering and paid out $64 mm to their venture investor partners, and took a $36 mm dividend themselves.
A corporate vulture would have probably bailed at this point, but Bain re-invested $16.5mm in the $100mm remodernization themselves, and issued more debt on a merger with a South Carolina company. Again, not something a corporate raider would be doing.
All reports Ive seen say they borrowed 8 million dollars to buy GST. That number seems incredibly low to me, but I have yet to see anything disputing it.
Oh that I believe.
And I know people who worked on the expansion they funded with the 100 million plus they borrowed.
I am not buying the whole 554 million in debt.....who'se going to loan that kind of money out against a paltry 100 million or so in assets ?...and those would not even be discounted yet.
Vidi has no clue. They paid $75 million for the company. Then they did their first bond offering and paid out $64 mm to their venture investor partners, and took a $36 mm dividend themselves.
A corporate vulture would have probably bailed at this point, but Bain re-invested $16.5mm in the $100mm remodernization themselves, and issued more debt on a merger with a South Carolina company. Again, not something a corporate raider would be doing.
The very first line is BS. This was not a successful company.
Kansas Citys GST Steel was a successful company that had been making steel rods for 105 years when Mitt Romney and his partners took control in 1993.
Do you have anything that confirms your accusation?
Oh that I believe.
And I know people who worked on the expansion they funded with the 100 million plus they borrowed.
I am not buying the whole 554 million in debt.....who'se going to loan that kind of money out against a paltry 100 million or so in assets ?...and those would not even be discounted yet.
Vidi has no clue. They paid $75 million for the company. Then they did their first bond offering and paid out $64 mm to their venture investor partners, and took a $36 mm dividend themselves.
A corporate vulture would have probably bailed at this point, but Bain re-invested $16.5mm in the $100mm remodernization themselves, and issued more debt on a merger with a South Carolina company. Again, not something a corporate raider would be doing.
And funny enough, even of your version were true...
Bain under Romney took 75 million dollars and turned it into half a billion dollars in debt in under a decade!
How the hell could you want someone so inept running the country?
Either way you paint it, Romney is either a vulture or an incompetent.
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.
Bain pumped over 100 million into the place. And it was doing well...for a while.
Bain took over in 1993 and was engaged for eight years. That isn't what they normally do.
Bain did not suck their investment out of it. They were hoping to turn it just like they did Steel Dynamics. Can you read moron.
And if Bain had raided the pension, they would have been taken to court. The pension program was grossly underfuneded (one more reason not to get involved). If they took money out of the pension....I have never seen any documentation to that effect.
The company went belly up when the market for it's products went soft.
You bastards just can't let go.
Bain got most of its money back by forcing CTS to take on unsustainable debt. Bain pulled their money out, with a damn good profit in that scheme. Bain made more money when they raped the pension fund, and forced the American taxpayer to contribute chump change, compared what those 20-30 year workers put int.
Romney was a predatory capitalist. Nothing he did convinces me that he'll pull a secret plan out his ass to create jobs.
Bullcrap.
Bain leveraged the existing assets and talked banks into loaning the company huge amounts of money for expansion. I know people in engineering firms who worked in that place for years (and when they first got there, they were afraid to go into the production areas they were in such bad shape). Regulators didn't help things much as it seems it took longer to get permits to some things.
The company wasn't spiraling down like it was before.
The market for it's products went soft and it was shut down. There were hints of labor issues too. The unions whined all the time...even though it would not have lasted much past 1995 had Bain not come in.
Please document the pension rape you describe. I have never seen anything to that effect or are you just farting out talking points.
Bain made paultry money on this place compared to what they made on Steely Dynamics.
You morons just keep bleating.
There was a whole thread on this and you pissants just need to replay it in the hopes you can change the outcome of the discussion this time.
Owebama's War on Dogs. Fail.
Owebama's War on Women. Fail.
Owebama's War on Free Enterprise. Fail.
(Well, he is kicking America's ass right now, I just mean his class war against Bain)
Owebama's War on God / Christianity - Stay tuned!!
Bain got most of its money back by forcing CTS to take on unsustainable debt. Bain pulled their money out, with a damn good profit in that scheme. Bain made more money when they raped the pension fund, and forced the American taxpayer to contribute chump change, compared what those 20-30 year workers put int.
Romney was a predatory capitalist. Nothing he did convinces me that he'll pull a secret plan out his ass to create jobs.
Bullcrap.
Bain leveraged the existing assets and talked banks into loaning the company huge amounts of money for expansion. I know people in engineering firms who worked in that place for years (and when they first got there, they were afraid to go into the production areas they were in such bad shape). Regulators didn't help things much as it seems it took longer to get permits to some things.
The company wasn't spiraling down like it was before.
The market for it's products went soft and it was shut down. There were hints of labor issues too. The unions whined all the time...even though it would not have lasted much past 1995 had Bain not come in.
Please document the pension rape you describe. I have never seen anything to that effect or are you just farting out talking points.
Bain made paultry money on this place compared to what they made on Steely Dynamics.
You morons just keep bleating.
There was a whole thread on this and you pissants just need to replay it in the hopes you can change the outcome of the discussion this time.
You have no clue what you're talking about. When Bain took over, it bled the pension fund and issued preferred stock. It got back the money that it initially bought stock with, and made a huge profit. What was left was a company with an unsustainable debt. Bain also left the taxpayer with the pension obligation.
You're either very stupid or a liar. Well, you could be both.
Obama is in a sheer panic right now as his attack on capitalism has blown up in his face.
Big Bain Backfire | Mitt Romney for President
Corey Booker is on Rachel Maddow right now, criticizing the Republican feeding frenzy.
Bullcrap.
Bain leveraged the existing assets and talked banks into loaning the company huge amounts of money for expansion. I know people in engineering firms who worked in that place for years (and when they first got there, they were afraid to go into the production areas they were in such bad shape). Regulators didn't help things much as it seems it took longer to get permits to some things.
The company wasn't spiraling down like it was before.
The market for it's products went soft and it was shut down. There were hints of labor issues too. The unions whined all the time...even though it would not have lasted much past 1995 had Bain not come in.
Please document the pension rape you describe. I have never seen anything to that effect or are you just farting out talking points.
Bain made paultry money on this place compared to what they made on Steely Dynamics.
You morons just keep bleating.
There was a whole thread on this and you pissants just need to replay it in the hopes you can change the outcome of the discussion this time.
You have no clue what you're talking about. When Bain took over, it bled the pension fund and issued preferred stock. It got back the money that it initially bought stock with, and made a huge profit. What was left was a company with an unsustainable debt. Bain also left the taxpayer with the pension obligation.
You're either very stupid or a liar. Well, you could be both.
What was left was a Country with an unsustainable debt. Obama also left the taxpayer with the pension obligation.
Exactly what Obama and his union cronies are doing to America.
Bullcrap.
Bain leveraged the existing assets and talked banks into loaning the company huge amounts of money for expansion. I know people in engineering firms who worked in that place for years (and when they first got there, they were afraid to go into the production areas they were in such bad shape). Regulators didn't help things much as it seems it took longer to get permits to some things.
The company wasn't spiraling down like it was before.
The market for it's products went soft and it was shut down. There were hints of labor issues too. The unions whined all the time...even though it would not have lasted much past 1995 had Bain not come in.
Please document the pension rape you describe. I have never seen anything to that effect or are you just farting out talking points.
Bain made paultry money on this place compared to what they made on Steely Dynamics.
You morons just keep bleating.
There was a whole thread on this and you pissants just need to replay it in the hopes you can change the outcome of the discussion this time.
You have no clue what you're talking about. When Bain took over, it bled the pension fund and issued preferred stock. It got back the money that it initially bought stock with, and made a huge profit. What was left was a company with an unsustainable debt. Bain also left the taxpayer with the pension obligation.
You're either very stupid or a liar. Well, you could be both.
What was left was a Country with an unsustainable debt. Obama also left the taxpayer with the pension obligation.
Exactly what Obama and his union cronies are doing to America.
You have no clue what you're talking about. When Bain took over, it bled the pension fund and issued preferred stock. It got back the money that it initially bought stock with, and made a huge profit. What was left was a company with an unsustainable debt. Bain also left the taxpayer with the pension obligation.
You're either very stupid or a liar. Well, you could be both.
What was left was a Country with an unsustainable debt. Obama also left the taxpayer with the pension obligation.
Exactly what Obama and his union cronies are doing to America.
And you were too stupid to know that Bush financing tax cuts for the top, using debt, wasn't going to impact the known fact that the boomers would be retiring? Are you really this clueless, or just another right wing liar?
Yay!!! It's Boosh's fault!!! It was just a matter of time.
What was left was a Country with an unsustainable debt. Obama also left the taxpayer with the pension obligation.
Exactly what Obama and his union cronies are doing to America.
And you were too stupid to know that Bush financing tax cuts for the top, using debt, wasn't going to impact the known fact that the boomers would be retiring? Are you really this clueless, or just another right wing liar?
Yay!!! It's Boosh's fault!!! It was just a matter of time.