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Maui Divers is the largest unsecured creditor.
Hilo Hattie files Chapter 11 Bankruptcy
What really is interesting that the company was just recently sold! I guess somebody didn%26#39;t do much due diligence. :)
Hilo Hattie files Chapter 11 Bankruptcy
As much as I enjoy going there maybe they should change the name to BuyLow Hatties !!!!
Well, that is just terrible! There goes all those free necklaces I used to procure for my numerous girlfriends. :(
I hope the one in Lahaina stays open, as I have used their ladies room several times. Hey -- it%26#39;s a bona fide contribution to the public ... and close to Starbucks.
The new owners did a great job - ran %26#39;er into the ground in only four months !
Maybe that was the idea....
Buy a company for a small upfront down with the final due in a 6mos or a year, get a Huge business loan, siphon off the assets, loan and all cash, go bankrupt and default on the loan. Slimy but legal.
There are people out there who do this regulary with solid companies . Remember the Producers???
That is really too bad. It%26#39;s sort of a Hawaiian institution. I hope Maui Divers is okay!
Dan, stick to things you know something about.
And how does the situation depicted in the fictional Producers have anything in common with the scenario you described? You do know that the Producers was fiction ?
With due respect... I am aware of 2 such business buy outs....as a plaintiff along with Chase M. Bank who also got burned for almost a Mill.... So yes ,I have a very deep knowledge and experience with this tactic....all the way through the Supreme Court of New York.... OK
The producers was fiction...with a very plausable premise. When is a failure more profitable .
Yes Dan, and I am ';aware'; that the sun and the moon exist but that does not make me an astronomer.
I repeat, your rant on the Hilo Hattie situation shows that you nothing about bankruptcy. For one thing it is not legal to siphon off the assets, loan, and cash as you state.
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