Education We Like to Ride Bicycles

Reading the sale deal it looks like Giant gets the company and the Union Bank of Nebraska gets the $20million to cover it's secured loans to Stages (and loses $12million in unsecured loans too). Everyone else gets a fart in the wind.

Typical bankruptcy shenanigans.

Frankly it could have been worse, Giant is at least an actual cycling company and Stages will continue to exist in some capacity. Although I expect them to throw those Peloton style 'smart bikes' in the bin where they belong.

 

All Giant have to do is get 34m back in profits from this over the next X years to clear the debt and purchase and they can dissolve what ever becomes of it should they wish whilst everyone else is left high and dry. A smart way to get back what’s yours in the long run but at the expense of everyone else as you have noted.

Bankruptcy should be just that with all assets lost and those responsible held under criminal charges for negligence. You’d get less Mickey Mouse businesses and far less people willing to risk it through fear of repercussions.

 

Rainy bike ride around Swansea seafront planned for tomorrow.
I've got mudguards now, so I'm sorted!

 

Mike Bike by SuperHans123 posted 22 Sep 2024 at 15:53

Mike Bike 2 by SuperHans123 posted 22 Sep 2024 at 15:53

Garmin by SuperHans123 posted 22 Sep 2024 at 15:53

 

I should have gone out today, really wish I did as the coming weather just isn’t looking to be at all nice..