Quote:
Originally Posted by Fat Charlie
Deposits, maybe. But why on Earth would you return money to investors?
As Milo Minderbinder would put it, they have a share. They still own that share, and Paul Elio isn't stupid enough to buy a share in Elio at whatever price those investors did. Would you buy a share in Elio?
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Elio has collected wages and pay from his charity for Elio “business” since conception.
The companies sole purpose was to give him a job where he does nothing that while his investors bankroll his car and boat payments.
This is similar to Brite Sun Capital forcing Shopko to take out loans to pay their $100m a year wages.
Shopko was financially solid but not when giving loan funded charity to the Brite Sun dbags who couldn’t successfully manage a lemonade stand. Brite Sun interfered with the proper operation of ShopkoS management at every turn, the board could have easily run the company without their moronic presence and stayed profitable. Despite Brite Sun leaching and hemorrhaging money constantly Shopko surprisingly lasted many years under their non-management, this just shows how strong the brand was at purchase considering how hard Brite Sun had to work to kill the business.
Historically behavior as illustrated above would result in being murdered or imprinsoned and at the very least you would be ruined and unable to ever participate in business ever again.
Given the attitude that ripping people off is the only legit way to make money, these situations should result in automatic execution.
As a country this type of behavior has to be firmly dealt with so it stops.
Unfortunate our heads are too squarely up our collective rears to be bothered with worrying about fraud.