Dick Smith is the Greatest Private Equity Heist of All Time

[dannyf]

The only people really laughing are Anchorage Capital - all the way to the bank.

And the LPs and their investors, many of them are retirees.

Did Anchorage Capital pay some money in goodwill or entitlements to the Dick Smith employees? Somehow I doubt it very much.

Why should they?

Think about those people that you had displaced in your life, the job seekers who you competed out, the kids who would have played on the ground where you built your house, the dying kids in Africa just because you couldn't forgo a $10 lunch, .....

Did you ever pay some money in goodwill or entitlement to those folks?

Somehow I doubt it very much.

Don't hold others to a standard that you aren't willing to hold yourself to.

[HackedFridgeMagnet]

http://www.theage.com.au/business/retail/dick-smith-ceo-denies-questionable-rebate-practices-20161005-grveyy.html

It's clear to me that Anchorage hired some stooge to dress up fake short term profits, so they can sell/float the company to stupid investors, which includes mainly the Australian Super Funds.
Anchorage are experts at this MO.
You really would have to be a fool to buy into a company that was floated by Anchorage or similar.
They did nothing about turning this company into a going concern, and very probably destroyed it by buying whatever rubbish they got rebates on.
I doubt they will make any of it stick to the ex CEO but I hope they can.
There is no doubt in my mind he was working for Anchorage and not working for Dick Smith.
 

[HackedFridgeMagnet]

I bought quite a lot of them too. But they don't seem to last.

[TerraHertz]

http://www.channelnews.com.au/retailers-charged-with-rebate-fraud-as-dick-smith-case-continues/
Retailers Charged With ‘Rebate’ Fraud As Dick Smith Case Continues
By David Richards| 12 Sep 2016
"Dick Smith directors and former senior executives now face the real possibility that they could be charged with fraud offences, if investigators of the $400 million collapse of the mass retailer, decide that there is enough evidence relating to the manipulation of rebates and information to the market."


From a month ago, and the article doesn't actually imply as much as its headline. But one can hope...