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"asset-stripping" Definitions
  1. the practice of buying a company that is in financial difficulties at a low price and then selling everything that it owns in order to make a profit

97 Sentences With "asset stripping"

How to use asset stripping in a sentence? Find typical usage patterns (collocations)/phrases/context for "asset stripping" and check conjugation/comparative form for "asset stripping". Mastering all the usages of "asset stripping" from sentence examples published by news publications.

That led to this strategic asset-stripping move from Rakuten .
What we need to do is look at these asset-stripping schemes more skeptically.
To the outsider looking in, it seems very much like an asset-stripping situation.
These well-intentioned policies lack rigorous enforcement against predatory and asset-stripping products and services.
Caesars has proposed injecting $1.5 billion into its operating unit in return for settling the asset-stripping claims.
A common counter-argument is that much of the inward FDI since the referendum has been little more than asset-stripping.
Chinese investors are "busy asset-stripping" Zimbabwe's resources, the country's main opposition leader said in a speech this week, according to reports.
In fact, chances are your local paper is owned by either asset-stripping private equity vampires, or some local right-wing millionaire nutcase.
Theresa May's Conservative Party has promised to take a tougher line on foreign money, which it links to "aggressive asset-stripping [and] tax avoidance".
Things soured quickly, with Calvey accusing the investor of asset-stripping his bank prior to the merger — including via a London legal action that's now in arbitration.
It gave no details on what it meant by "pulled out" but said it had intervened in the loan renegotiation talks to prevent job losses and asset stripping.
The result was a growing barter economy, low exports, and asset-stripping, as burgeoning oligarchs bought up state enterprises and then moved their money out of the country.
"Sears wouldn't be in this case right now if not for the asset stripping Eddie Lampert has put people through," said Lily Wang, deputy campaign director for the group.
Relations between lenders and small businesses have come into focus since the financial crisis after some banks and their executives were accused of asset stripping clients for personal gain.
" The statement also singled out money laundering for "corrupt politically exposed persons," saying ABLV "has funneled billions of dollars in public corruption and asset stripping proceeds through shell company accounts.
He held combative press conferences outlining Russian corporate malpractice and passed along to journalists dossiers that described the way venal oligarchs engaged in asset stripping, wasteful spending, and share dilutions.
Junior bondholders, led by the Appaloosa Management hedge fund, want to show that parent company Caesar's private equity owners, Apollo Global Management and TPG Capital Management, benefited from the alleged asset-stripping.
"It was based on the attempt of the banks to takeover the company that the financial and telecommunications regulators have moved in to intervene and forestall down-sizing and asset stripping," it said.
Angry creditors have been holding out for the release of the investigation before deciding whether to back a proposal by Caesars to inject $1.5 billion into CEOC and settle the allegations of asset-stripping.
Apollo Global Management LLC and TPG Capital Management LP formed the Caesars casino holding company in a 2008 buyout and the three groups are facing claims of fraud and asset stripping by creditors of the bankrupt unit.
The casino unit has presented a reorganization plan that includes a $4 billion contribution from its nonbankrupt parent to settle allegations of asset-stripping prior to the unit's bankruptcy filing in January 2015, with $18 billion in debt.
But Brazil's slumping economy and the chronic financial problems plaguing domestic clubs — it is not uncommon for players to go unpaid for months — have some regarding China's current shopping spree as a worrisome asset-stripping of the Brazilian game.
The same review also recommends that the UK government and the NHS take ownership of training health AIs off of taxpayer-funded health data-sets — exactly to avoid corporate entities coming in and asset-stripping potential future medical insights.
"I have seen the deals that (Zimbabwean President Emmerson Mnangagwa) has entered into with China and others, they are busy asset-stripping the resources of the country," Nelson Chamisa said at a May Day rally on Tuesday, as reported by the BBC and local press.
" The suit also claims that, "In an effort to create a false record to cover up their asset stripping, at Lampert's personal direction, Sears employees repeatedly produced financial plans reflecting fanciful, bad-faith predictions that the company would experience an immediate and dramatic turn-around from deep and mounting losses to sudden profitability.
Publishers may appear complicit in the asset stripping of their own content and audiences for what — per this study — seems only marginal gain, but the opacity of the adtech industry implies that most likely don't realize exactly what kind of 'deal' they're getting at the hands of the ad giants who grip them.
" The suit was brought by Sears' unsecured creditors on behalf of Sears, alleging that, "In an effort to create a false record to cover up their asset stripping, at Lampert's personal direction, Sears employees repeatedly produced financial plans reflecting fanciful, bad-faith predictions that the company would experience an immediate and dramatic turn-around from deep and mounting losses to sudden profitability.
Labour's policy document goes on to say that parliament could seek deductions from the determined price based upon: - pension fund deficits - asset stripping since privatization - stranded assets - the state of repair of assets - state subsidies given to the energy companies since privatization Labour said existing debts would be carried into public ownership and honored in full, and that they would be refinanced over a period of time to benefit from the reduced debt costs associated with government borrowing.
Asset stripping is highly controversial topic within the financial world. The benefits of asset stripping generally go to the corporate raiders, who can slash the debts they may have whilst improving their net worth. However, since asset stripping often results in thousands of employees losing their jobs without much consideration of the consequences to the affected community, the concept can be unpopular in the public sphere. One particular example of where asset stripping cost a significant number of workers their jobs was in the Fontainebleau Las Vegas LLC case.
25 Subsequently, the new owners started an asset-stripping programme at ITC. In November 1988, ITC Entertainment was bought by its management.
He was declared bankrupt in the Republic of Ireland on 16 January 2012. In July 2012, Seán Quinn, his son Seán Jr and Peter Darragh Quinn were served with around 30 coercive court orders intended to reverse asset-stripping measures, after courts had earlier found that all three acted in contempt of orders restraining asset-stripping. Seán Quinn was not jailed as the judge agreed to a request by IBRC that he remain free to secure compliance with the coercive orders. However, representatives of IBRC have complained that Seán Quinn Sr. has "done nothing to purge his contempt and reverse the asset stripping since the July 20th coercive orders were made".
The process of asset stripping is not an illegal practice. If a corporate raider sells the target company's assets individually and pays off its debts the financial regulators have no room for investigation. However, some firms perform the process illegally and if found guilty may incur a substantial fine or even prison. Asset stripping by private equity firms in Europe is now regulated pursuant to the Alternative Investment Fund Managers Directive.
Tomlinson's appear to have been acquired by an asset stripping company in 1961, according to the Valence House Museum in Dagenham, who have the company minute book covering 1939 to 1961 in their collection.
Parents asked the Charity Commission to begin an inquiry in June 2006, accusing the trust of running down Parsons Mead so that its assets could be used for another school.Halpin, Tony (2006-06-22). "'Asset-stripping' forced private school to close".
Victor Posner (September 18, 1918 - February 11, 2002) was an American businessman. He was known as one of the highest-paid business executives of his generation. He was a pioneer of the leveraged buyout and became notorious for asset stripping.
'School news' in The Times (London), issue 67427 dated 17 April 2002, p. 33 However, a year after Gordonstoun had bought North Foreland Lodge for a figure reported to be £1 million, the school was closed, leading to allegations of asset stripping.
However, the Commission's enquiries led away from union activities towards investigation of so-called "bottom of the harbour" tax evasion schemes. These involved the asset-stripping of companies to avoid tax liabilities and, although facilitated by criminals among the Painters and Dockers Union, the practice benefited wealthy individuals.
A storm of public criticism on both sides of the Tasman erupted, and bitter accusations were levelled. In particular, it was asked how such massive losses were possible when Ansett had a healthy 74% average load factor. In an angry statement, Air New Zealand denied that there had been a programme of last- minute asset-stripping, that it had put A$200 million of Air New Zealand fuel bills through Ansett, cleaned out Ansett's bank accounts, or taken Ansett engines and spare parts to New Zealand. Ansett's administrators subsequently verified there had been no last-minute asset-stripping, but many refused to let facts get in the way, as Air New Zealand workers in Australia were abused and spat on.
The savings bank became insolvent in 2012 after years of asset-stripping, including the mysterious disappearance of its artistic collection. The fallout of the scandal affected high- and mid-ranking officials of the regional party UPN (Unión del Pueblo Navarro) who held political and managerial positions both within the bank and the Government of Navarre.
Tranz Rail won the Roger Award for The Worst Transnational Corporation operating in New Zealand on three occasions: 2000, 2001 and 2002, and was the first corporation inducted into the "hall of shame". The Awards came amidst critical reports of lax safety standards, inadequate maintenance, asset stripping and insider trading. Toll NZ has been a finalist for the Roger Award twice.
In May 2009, Zille accused the ANC of asset stripping. She related to the transfer of 1 000 hectares of provincial land in the Western Cape to a national body. The transfer was signed off by the former premier Lynne Brown on 21 April 2009, the day before the national elections. Zille alleged that the deal was done "secretly, in bad faith and with an ulterior motive".
In a 1990 issue of Melody Maker, a review of the band's live show at Glasgow stated: "The ropey new single, "Save Me", even comes with a touch of the vitriol more commonly reserved for the asset stripping Southern vultures who haunt Big Country's lowland industrial anthems." Mark Liddell of Riff Raff described the song as "catchy enough" in a review of the band's 1990 concert at the Hammersmith Odeon.
After the takeover, 433 people lost their jobs when assets were sold off and the company was stripped. Asset stripping has been considered to be a problem in economies such as Russia or China which are making a transition to being market economies. In these situations, managers of a state-owned company have been known to sell the assets they control, leaving behind nothing but debts to the state.
In October 2017, Wakefield City Academies Trust stood accused of "asset stripping" when it was reported to have transferred funds away from the schools it managed, including hundreds of thousands of pounds raised for the schools by volunteers. Wakefield City Academy could lose up to £800,000 of its reserves. Hemsworth Arts and Community Academy, a mixed secondary school in Wakefield, could lose £436,000 of its reserves. Heath View primary school, Wakefield, could lose £300,000.
Icahn developed a reputation as a "corporate raider" after his hostile takeover of Trans World Airlines in 1985. Icahn systematically sold TWA's assets to repay the money he borrowed to purchase the company, which was described as "asset stripping." In 1988, Icahn took TWA private, gaining a personal profit of $469 million, and leaving TWA with a debt of $540 million. In 1991, he sold TWA's London routes to American Airlines for $445 million.
As of April 2011 Sean Quinn and the Quinn family no longer have any role in the management, operations or ownership of the Quinn Group. The currently ongoing litigation about asset-stripping involves former properties of Quinn's in Ukraine and Russia. In Kiev, the IBRC has been trying to establish control over the Univermag "Ukraina" mall - so far unsuccessfully. In fact, IBRC has hired Russian Alfa Group's asset recovery arm to enforce its claims.
The Annex IV report is a government regulatory document comprising 41 questions, analysing a fund's investment portfolios, exposures, leverage ratios, liquidity and risk analysis. In chapter V, section 2, articles 26–30, additional obligations apply for AIFs acquiring controlling influence in non-listed companies. This is essentially directed at private equity firms, and partly aims to stop asset stripping. Article 26(5) defines "control" as holding over 50% of voting rights, including as a ‘club deal’.
After he left Goldman Sachs in 2002, he worked for and founded several hedge funds. Mnuchin was a member of Sears Holdings's Board of Directors from 2005 until December 2016, and prior to this, Mnuchin served on Kmart's Board of Directors. After Sears went bankrupt, the company that formerly owned it sued Mnuchin and ex-CEO Edward Lampert for "asset stripping" during their tenure. During the financial crisis of 2007–2008, Mnuchin bought failed residential lender IndyMac.
As President, Putin launched a campaign against corrupt oligarchs and economic mismanagement. He appointed Medvedev Chairman of gas company Gazprom's board of directors in 2000 with Alexei Miller. Medvedev put an end to the large-scale tax evasion and asset stripping by the previous corrupt management. Medvedev then served as deputy chair from 2001 to 2002, becoming chair for the second time in June 2002, a position which he held until his ascension to Presidency in 2008.
Newspaper header The sale process was confused, resulting in various lawsuits. Former employees did not receive their termination benefits. Later, Folio did pay some of the employees who had been laid off when the newspaper was closed in 2007, but many had not been paid by 2010 despite efforts by their union to obtain the money owed them. Folio Communications, who formally took over the media giant on 14 March 2007, was accused of asset stripping.
Many in the Chinese legal community feared that creating a single law to cover both state property and private property would facilitate privatization and asset stripping of state-owned enterprises. The draft law was subject to a constitutional challenge. Legal scholars, notably Gong Xiantian of Peking University, argued that it violated the constitutional characterization of the PRC as a socialist state. The law was originally scheduled to be adopted in 2005, but was removed from the legislative agenda following these objections.
The gist of all the denunciations was that top-heavy reversed pyramids of debt were being created and that they would soon crash, destroying assets and jobs. Thackray, John "Leveraged buyouts: The LBO craze flourishes amid warnings of disaster". Euromoney, February 1986. During the 1980s, constituencies within acquired companies and the media ascribed the "corporate raid" label to many private equity investments, particularly those that featured a hostile takeover of the company, perceived asset stripping, major layoffs or other significant corporate restructuring activities.
The Act succeeded in its initial aim of establishing a mental health care system for Alaska, funded by income from lands allocated to a mental health trust. However, during the 1970s and early 1980s, Alaskan politicians systematically stripped the trust of its lands, transferring the most valuable land to private individuals and state agencies. The asset stripping was eventually ruled to be illegal following several years of litigation, and a reconstituted mental health trust was established in the mid-1980s.
Batchelor had diverted almost all of the £400,000 Persimmon sponsorship money away from York to his racing team, and his promise of having ST members on the board never materialised. He left the club with a profit of £120,000 and admitted to asset stripping during his time as owner. Despite the off-field problems, York pushed for promotion in 2002–03 and were in an automatic promotion place by late March 2003. They won none of their last six matches and finished the season in 10th place.
Tomlinson Electric Vehicles was a British manufacturer of milk floats and other battery electric road vehicles, which also supplied vehicles to the Benelux countries. The company was formed in the mid 1930s. In 1949 they were taken over by King's Motors of Oxford, but the Tomlinson name was retained. They made a battery-electric railway locomotive in 1958, and hoped to diversify into this market, but were the subject of a hostile takeover by an asset stripping company in 1961, after which vehicle production ceased.
Goodall, p. 25 Catapult or trebuchet ammunition at Pevensey Castle The castle underwent repeated repair work during the 14th century, though poor maintenance and corruption appears to have caused its fabric to deteriorate rapidly. The main buildings of the inner bailey were totally reconstructed in 1301 but were reported to be in a ruinous condition only five years later. The castle's constable, Roger de Levelande, was accused of illicitly asset-stripping the castle by breaking up and selling the wooden bridge that connected it to the mainland.
Carl Celian Icahn (; born February 16, 1936) is an American businessman and philanthropist. He is the founder and controlling shareholder of Icahn Enterprises, a diversified conglomerate holding company based in New York City, formerly known as American Real Estate Partners. He is also Chairman of Federal-Mogul, an American developer, manufacturer and supplier of powertrain components and vehicle safety products. In the 1980s, Icahn developed a reputation as a "corporate raider" after profiting from the hostile takeover and asset stripping of the American airline TWA.
Early innovators of asset stripping were Carl Icahn, Victor Posner, and Nelson Peltz; all of whom were investors in the 1970s and 1980s. Carl Icahn performed one of the most notorious and hostile takeovers when he acquired Trans World Airlines in 1985. Here Icahn stripped TWA of its assets, selling them individually to repay the debt assimilated during the takeover. This particular corporate raid formed the idea of selling a company's assets in order to repay debt, and eventually increase the raider's net worth.
Robinsons merged with John Dickinson Stationery in 1966 to form the Dickinson Robinson Group (DRG), creating one of the world's largest stationery and packaging companies. Products with a high public profile included Sellotape and Basildon Bond. Between 1974 and 1979 DRG acquired Papeteries de La Couronne, J. Arthur Dixon, Royal Sovereign and John Heath. Roland Franklin (Pembridge Investments) acquired DRG in 1989 with a leveraged buyout worth £900m, fuelling debate within the British electorate about the asset stripping of established British companies and causing discomfort amongst the many remaining Robinson shareholders.
The Mayfair Set, subtitled Four Stories about the Rise of Business and the Decline of Political Power, is a BBC television documentary series by filmmaker Adam Curtis. It looks at Britain's decline as a world power, the invention of asset stripping in the 1970s, and how buccaneer capitalists shaped the climate of the Thatcher years, focusing on the rise of Colonel David Stirling, Jim Slater, Sir James Goldsmith and Tiny Rowland--members of London's elite Clermont Club in the 1960s. It won a BAFTA Award for Best Factual Series or Strand in 2000.
Its assets seemed to be being sold-off in an asset-stripping manner and by early 2001, Balkan's fleet was not even up to the task of meeting the airline's summer charter commitments, despite taking on some used 737-300s. In , the Zeevi group ceased funding the carrier and initiated legal action against the Bulgarian government over a million debt. Although the company was grounded and entered receivership, it resumed flying later that year. Short of cash, in 2002 Balkan's six weekly slots for Heathrow airport were sold to British Airways for million.
On 14 October 2011, Steve Cotterill took the vacant Nottingham Forest manager's position. He was succeeded by Michael Appleton, who was announced as the new manager on 10 November 2011. On 23 November 2011, a Europe-wide arrest warrant was issued for Portsmouth owner Vladimir Antonov by Lithuanian prosecutors as part of an investigation into alleged asset stripping at Lithuanian bank Bankas Snoras, which was 68% owned by Antonov and had gone into temporary administration the previous week. Operations in another of Antonov's banks, Latvijas Krajbanka, were suspended by Latvian authorities for similar reasons.
After World War II, Tuzla developed into a major industrial and cultural centre during the communist period in the Socialist Federal Republic of Yugoslavia. During the first decade of the 21st century, four former state- owned companies, including furniture and washing powder factories, were sold to private owners who were contracted to invest in and make them profitable. Instead, the new owners opted for asset stripping, stopped paying workers and filed for bankruptcy. The closures left hundreds of workers without jobs in a country that already has a high unemployment rate of between 27%–47%.
Asset stripping is a term used to refer to the practice of selling off a company's assets in order to improve returns for equity investors. In many cases where the term is used, a financial investor, referred to as a 'corporate raider', takes control of another company and then auctions off the acquired company's assets. The term is generally used in a pejorative sense as such activity is not considered helpful to the company. The proceeds of the sale of assets may be used to lower the company's net debt.
This was watered down from 30% in the draft (formerly in article 26(1)(a)). Article 27(1) states that funds have to notify investee companies and shareholders when they acquire control, and article 28(4) requires them to disclose the acquisition to stakeholder groups including employees or representatives via the investee's board. Article 29 places an obligation on the central Private Equity management company (rather than an investee companies) to give information on operational and financial developments in firm's annual reports. Article 30 lists distribution requirements, which are intended to prevent asset stripping in the first 24 months from acquiring control).
After the privatisation of Eircom, the highly profitable mobile phone division, Eircell, was sold to Vodafone. Some consider this act to be asset stripping by the large investors with interests in Eircom. Eircom announced in June 2007 that from 30 July line rental charges would increase by €1.18 bringing line rental charges – already the most expensive in Europe to a total of €25.36 per month for a PSTN analogue line, one source indicated it was the highest line-rental charge in the world. Also announced was an increase of between 4.8 and 4.9% on local and national calls.electricnews.
As the novel develops he is increasingly burdened by the business accumulations J R makes and his musical ambitions are sidelined. Bast's ambitions slide from opera to symphony, then to sonata and by the end of the novel he aspires to compose a suite. The responsibilities that come from being involved with the childish shenanigans of corporate takeovers and asset stripping has had a corrosive effect on Bast's capacity to create art. Indeed, the corrosive effect of today's messy, noisy society on everyone's capacity to create and appreciate art is a major theme of this novel—and, arguably, of all of Gaddis' novels.
Poore was CEO of Manganese Bronze Holdings, a company apparently more concerned with asset stripping than with motorcycle production. Subsequent political manoeuvrings led to the downfall of NVT, as taxpayer-assisted wranglings over amalgamations and sell-offs all but killed the once extensive UK motorcycle industry. In late 2008, Stuart Garner, a UK businessman, bought the rights to Norton from some US concerns and relaunched Norton in its Midlands home at Donington Park where it was to develop the 961cc Norton Commando and a new range of Norton motorcycles. On 29 January 2020, it was announced that the company had gone into administration.
Sean Quinn and the Quinn family no longer have any role in the management, operations or ownership of the Quinn Group. Quinn was declared bankrupt on 11 November 2011 in Northern Ireland; this was annulled on appeal but he was declared bankrupt in the Republic of Ireland on 16 January 2012. Quinn was sentenced at the High Court in Dublin on 2 November 2012 to nine weeks in jail, due to continued asset stripping and non-co- operation with the Irish Bank Resolution Corporation (IBRC). Quinn is married to Patricia and they have five children - Seán, Colette, Ciara, Aoife and Brenda.
During the 1960s he was the junior partner in Slater Walker, an asset stripping vehicle used by Jim Slater to generate immense paper profits until 1973. An ill-timed attempt to take over Hill Samuel resulted in the loss of city confidence in Slater Walker and Jim Slater became for a time a "minus millionaire". Peter Walker's political career survived and after retirement from politics he returned to the City as Chairman of Kleinwort Benson. Other business positions Walker held included: Chairman of Allianz Insurance plc, Vice Chairman of Dresdner Kleinwort and non-executive director of ITM Power plc.
When Lord Hesketh's plans were first announced, they were greeted favourably by the British motorcycle press, who regarded them as the beginnings of the rebirth of the British motorbike industry. A considerable amount of the investment capital was raised from motorcyclist enthusiasts. After the company collapsed, such small investors (who in hindsight seem to have been hopelessly optimistic) lost most of their money, whereas at the liquidation sale Lord Hesketh managed to reacquire most of the manufacturing rights cheaply. This led to a certain amount of bad blood, and Lord Hesketh was suspected of asset-stripping.
The SFO website as of 2013 outlined several types of fraud it classified as corporate, including asset stripping, which involved company directors taking company funds or assets of value while leaving behind the debts. Other types of prosecuted corporate fraud include fraudulent trading, where a company carries on a business for any fraudulent purposes. An example of a successful SFO prosecution for fraudulent trading is the InterGB group, the collective name for a number of companies that, between 1996 and 2000, extracted more than £85 million from three financial institutions by submitting false invoices. The chairman of the group was jailed for seven years.
25 Subsequently, the new owners started an asset-stripping programme. In November 1988 ITC Entertainment was bought by its management.Bond's sale of ITC estimated at £60m. John Bell, City Editor. The Times, Thursday, 10 November 1988 In 1990, ITC abandoned television production and concentrated on low-budget feature films. TV production at ITC would not resume until the company forged a deal with producer David Gerber in 1993. In 1989, ITC Home Video was formed in the United Kingdom, to make use of the many hours of programmes in the archive, then unseen for years. This short-lived home entertainment division would end in 1991.
As of 2010 Emmanuel Ikhazobor, sole administrator of the Nigerian Stock Exchange (NSE), was threatening to delist companies that did not comply with legal and regulatory requirements. Companies were failing to submit their audited reports when auditors noted the possibility of misappropriation of funds. For example, FAMAD Plc, which had the first female president of ICAN as chairman of its board, had not held annual general meetings for about four years because the auditors had queried financial transactions and therefore the annual reports had not been submitted. Apparently there had been massive asset stripping in the company before it was finally de-listed in 2008.
Chase Corp had a major effect on the New Zealand economy, starting out in the 1970s with small property developments, becoming an extremely large player in the New Zealand commercial property market in the 1980s. In the early 1980s, Chase Corp operated as a corporate raider, taking over companies whose shares they thought were under-priced, and then either 'asset stripping' or restructuring the company. Launching itself as a publicly listed company in April 1983, Chase Corp's share price rose to a high of $10.40 by June 1987, with an estimated value of NZ$3.6 billion. Chase Corp was one of the largest companies on the New Zealand share market.
After the closure of the Zanon factory, workers occupied the abandoned factory in a desperate attempt to keep their jobs. They justified this by the large amount of money they were owed in back pay, the fact that the Zanon factory had been built with public funds, as well as worries about asset stripping. These events occurred in the general context of the turmoil created by the 2001 economic crisis. Following the initial occupation, the workers spent months camping outside of the factory without receiving any wages. Facing an attempted lockout by Zanon's management, the workers voted on October 2, 2001, to remain in the factory.
Argentine Economy Minister Hernán Lorenzino claimed that asset stripping at YPF had financed Repsol's expansion in other parts of the world, while Repsol officials denied charges of underinvestment in its YPF operations. Argentine Deputy Economy Minister Axel Kicillof rejected Repsol's initial demands for payment of US$10.5 billion for a controlling stake in YPF, citing debts of nearly US$9 billion. The book value of YPF was US$4.4 billion at the end of 2011; its total market capitalization on the day of the announcement was US$10.4 billion. The bill was overwhelmingly approved by both houses of Congress, and was signed by the president on May 5.
The Kirchner administration in turn pointed to high dividend yields and low investment levels at YPF in relation to profits. Argentine Economy Minister Hernán Lorenzino claimed that asset stripping at YPF had financed Repsol's expansion in other parts of the world, while Repsol officials denied charges of underinvestment in its YPF operations and instead cited the Vaca Muerta discovery as a motivation for the takeover. Vaca Muerta, a 30,000 km² (11,600 mi²) unconventional oil field with proven recoverable reserves of up to 927 million barrels, had been discovered by RepsolYPF in November 2011. Repsol executives declared however that government policies would have to change in order to allow investment in new production.
A 1967 originally Czechoslovak–Italian co-production, this was Forman's first color film. It is one of the best–known movies of the Czechoslovak New Wave. On the face of it a naturalistic representation of an ill-fated social event in a provincial town, the film has been seen by both film scholars and the then-authorities in Czechoslovakia as a biting satire on East European Communism, which resulted in it being banned for many years in Forman's home country. The Czech term zhasnout (to switch lights off), associated with petty theft in the film, was used to describe the large-scale asset stripping that occurred in the country during the 1990s.
Slater's autobiography sets out his early plans and visions regarding company acquisitions, and describes the processes he employed to bring them about. Once companies came under his control his strategy was to maximise the return on those of their assets that he judged disposable—be they property, plant or workforce. These tactics proved to be highly successful and profitable in the short-term, such that "Slater Walker" became a byword for a particularly forceful and financially rewarding form of capitalism. The acquisition and disposal of company assets in this manner became known as "asset stripping", a phrase term that carries with it connotations of hardship and distress associated with the human costs of unemployment.
The bank was concerned that asset-stripping was still going on and that assets could be "irretrievably lost". Seán Quinn was sentenced by Ms Justice Elizabeth Dunne at the High Court in Dublin on 2 November 2012 to 9 weeks in jail, noting that "In my view he has only himself to blame." Quinn was released from Mountjoy Prison on 3 January 2013, although he had been allowed to attend the Christening of his granddaughter in December. On 24 January, a two-day cross-examination began in court of all five adult children of Quinn, as well as of Karen Woods, wife of Seán Jr., and of Niall McPartland, husband of Ciara.
Although the "corporate raider" moniker is rarely applied to contemporary private equity investors, there is no formal distinction between a "corporate raid" and other private equity investments acquisitions of existing businesses. The label was typically ascribed by constituencies within the acquired company or the media. However, a corporate raid would typically feature a leveraged buyout that would involve a hostile takeover of the company, perceived asset stripping, major layoffs or other significant corporate restructuring activities. Management of many large publicly traded corporations reacted negatively to the threat of potential hostile takeover or corporate raid and pursued drastic defensive measures including poison pills, golden parachutes and increasing debt levels on the company's balance sheet.
Corporate raids occasionally aim to generate large amounts of money by hostile takeovers of large, often undervalued or inefficient (i.e. non-profit-maximizing) companies, by either asset stripping and/or replacing management and employees. In other circumstances, the greenmailer seeks out assets the target company has built up as equity, such as real estate, and attempts to have the target company dispose of those assets and lease them back via a recurring lease payment, while returning the sold-off real estate to shareholders as a special dividend. One example of this practice was the attempted takeover by William Ackman's Pershing Square Capital Management of American retailer Target, which had a large inventory of mature or nearly mature real estate properties in its corporate portfolio.
In August 2016, the former principal and founder of Kings Science Academy, the former finance director, and a former teacher who was the founder's sister were found guilty of defrauding public funds of £150,000. In October 2017, the Wakefield City Academies Trust collapsed, and The Observer reported that "Wakefield City Academies Trust now stands accused of 'asset stripping” after it transferred millions of pounds of the schools’ savings to its own accounts before collapsing. On 8 September it released a statement announcing it would divest itself of its 21 schools as it could not undertake the ´rapid improvement our academies need' ". The Academies Financial Handbook describes the correct way of managing public assets. 'Compliance with the handbook is a condition of each trust’s funding agreement'.
Private equity in the 1980s was a controversial topic, commonly associated with corporate raids, hostile takeovers, asset stripping, layoffs, plant closings and outsized profits to investors. As private equity reemerged in the 1990s it began to earn a new degree of legitimacy and respectability. Although in the 1980s, many of the acquisitions made were unsolicited and unwelcome, private equity firms in the 1990s focused on making buyouts attractive propositions for management and shareholders. According to The Economist, “[B]ig companies that would once have turned up their noses at an approach from a private- equity firm are now pleased to do business with them.” Private equity investors became increasingly focused on the long term development of companies they acquired, using less leverage in the acquisition.
An "updated heritage management plan" was included in the sale and Australia Post said it would seek National Heritage listing for the newly sold building "in recognition of its historical importance and to reinforce existing heritage protections". Criticism of the sale described it as simply "asset stripping" and referred to the government's lack of care of the city's heritage and its past, as well as doubts over the new owners' ability to protect the building in the future. Sino Land, which is the sister company of Far East Organisation, is also notable for acquiring and owning The Fullerton Hotel Singapore, which was formerly the General Post Office of Singapore from 1928 to 1996. The iconic hotel is notable for being the prominent feature on Singapore’s city waterfront.
The wave of financialization that set in the 1980s is facilitated by governmental deregulation which has made the financial system one of the main centers of redistributive activity. Stock promotions, Ponzi schemes, structured asset destruction through inflation, asset stripping through mergers and acquisitions, dispossession of assets (raiding of pension funds and their decimation by stock and corporate collapses) by credit and stock manipulations, are, according to Harvey, central features of the post-1970s capitalist financial system. That aspect relies entirely on the fact that the quantity of money in circulation and therefore demand levels and price levels are controlled by the boards of directors of privately owned banks. Those boards of directors are also on boards of corporations and any number of other legal vehicles who are also profiting from asset price swings.
16 August 2004 saw the Freight Victoria business and rural track lease was purchased by Pacific National, but by November 2006 they entered into an agreement to sell the track lease back to the Victorian Government for $133.8 million, with the sale completed on 7 May 2007 and V/Line becoming track manager. In December 2007 Pacific National announced plans to sell or close its grain transport and Portlink rural container business operations in Victoria. The decision has been criticised as it will force grain growers to use higher cost road transport to transport the annual grain harvest from rural silos to the ports. The decision has seen many commentators accuse Pacific National of only acquiring the operations of Freight Australia in 2004 for the purposes of asset stripping and eliminating competition in rail freight.
Where the King had been able to establish himself as founder, he exploited his position to place compliant monks and nuns as the head of the house while non- royal patrons and founders also tended to press superiors for an early surrender, hoping thereby to get preferential treatment in the disposal of monastic rights and properties. From the beginning of 1538, Cromwell targeted the houses that he knew to be wavering in their resolve to continue, cajoling and bullying their superiors to apply for surrender. Nevertheless, the public stance of the government was that the better-run houses could still expect to survive, and Cromwell dispatched a circular letter in March 1538 condemning false rumours of a general policy of dissolution while also warning superiors against asset-stripping or concealment of valuables, which could be construed as treasonable action.
In December 2007 Pacific National announced plans to sell or close its grain transport and Portlink rural container business operations in Victoria, selling or closing Patrick's intermodal freight business in Tasmania, and downsizing to a bare minimum Pacific National's grain operations across New South Wales. The decision was criticised as it forced grain growers to use higher cost road transport to transport the annual grain harvest from rural silos to the ports. The decision has seen many commentators accuse Pacific National of acquiring the operations of Freight Australia in 2004 only for the purposes of asset stripping and eliminating competition in rail freight. In 2008, the company declined to sell wagons which had reached the end of their useful life to other Australian rail operators, indicating that the wagons would be scrapped or exported to Saudi Arabia.
The chief characteristic of a Hanson company was that of a short-term cash-generating machine, involving large scale redundancies, and the slashing of research and development to the bone - all the hallmarks of an asset stripping operation. Hanson was well known for his support of ex-Conservative MP Neil Hamilton, who became famous for his involvement in the "cash-for-questions affair" in the mid-1990s. He was also an active "Eurosceptic", opposed as he was to Britain joining the Euro zone, and was a founding member of Business for Britain, an anti-EU organisation. He was also a member of the Bruges Group, which advocates a substantial renegotiation of Britain's relationship with the EU, or if that is not possible, total withdrawal from the EU. His billion-dollar empire earned Hanson the nickname "Lord Moneybags".
It was prohibited from 1929.Companies Act 1929 s 45 The prohibition remains in regard to public companies,Second Company Law Directive art 25 and CA 2006 ss 677-678 however the Companies Act 1981 relaxed the restrictions and the Companies Act 2006 section 678, following various sources of academic criticism, repealed the prohibition for private companies altogether. It became possible to "take private" a public company (on its purchase, change the company from a plc to an Ltd). The result has been a growing number of leveraged buyouts, and an increase in the private equity industry of the UK.J Armour, 'Share Capital and Creditor Protection: Efficient Rules for a Modern Company Law' (2000) 63(3) Modern Law Review 355, 374, also noting that "LBOs do have the capacity to harm creditors" and some are motivated by "asset stripping" even though empirical studies suggest gains to other groups are high.
Hall of transportation section, parts of tram Škoda 14 T on left, modernized metro wagon 81-71 on right Low floor tram Škoda 15 T in Prague After the Communist Party lost power in late 1989, the company was privatized into the hands of management. Mismanagement and asset stripping led to a collapse. The company was restructured and some factories closed. Except for some smaller companies named Škoda and Škoda Auto, after the chaotic 1990s period, the Czech Škoda companies were again regrouped within the holding company Škoda Holding a.s. in 2000. In 2010, the holding company changed its name to Škoda Investment, a.s.. Following the change in the political climate in 1989, Škoda started along a path of privatisation and used the time to come up with an optimal production programme, make new business contacts and look for markets other than those that had so far been its priority markets, communist countries. In 1991, a foreign partner for the passenger car works Škoda Auto a.s.
On January 19, 2019, Sears Holdings officially announced that they had won the auction, and that some of the then existing stores were to remain open. On January 24, 2019, a group of unsecured creditors, which included Simon Property Group, filed a motion with the bankruptcy court to overturn the deal Sears Holdings had recently made with Lampert claiming that Lampert had been "engaged in serial asset stripping" of the company at the expense of suppliers and landlords. The creditors had requested that the bankruptcy court rule to have the company be liquidated instead of being reorganized so that the creditors would be able to recover more money that was still owed to them. On January 28, the federal government-operated Pension Benefit Guaranty Corporation announced that they were not in favor of Sears Holding's current agreement with Lampert since that agreement would create a $1.7 billion funding gap in the employee pension fund, requiring American tax-payers to cover the shortfall.
Also, under Prime Minister Vladimír Mečiar, the Koliba Film Studio was privatized in 1995 and within two years Mečiar's children are said to have held an 80% stake in the company. Allegations of asset stripping and fraud dogged the company, and after Mečiar was voted out of office in 1998 the Ministry of Culture sued Koliba to recover money given to make feature films that were not produced, one of a number of suits launched by the post-Mečiar government in relation to companies that had been privatized by Mečiar. The legal action dragged on through the early 2000s and did nothing to clarify the position of Koliba, effectively prolonging the stagnation and leaving the studios dilapidated and in disrepair. Nevertheless, the Slovak film industry did not completely grind to a halt and important post-Communist era films include Šulík's Everything I Like (Všetko čo mam rád, 1992), and The Garden (Záhrada, 1995), both lyrical films that depict tense father-son relationships, and Vlado Balco's Rivers of Babylon (1998), which is sometimes interpreted as a critical allegory of Mečiar's rise to power.
On January 24, 2019, a group of unsecured creditors, which included Simon Property Group, filed a motion with the bankruptcy court to overturn the deal Sears Holdings had recently made with Lampert claiming that Lampert had been "engaged in serial asset stripping" of the company at the expense of suppliers and landlords. The creditors had requested that the bankruptcy court rule to have the company be liquidated instead of being reorganized so that the creditors would be able to recover more money that was still owed to them. On January 28, the federal government-operated Pension Benefit Guaranty Corporation announced that they were not in favor of the current Sears Holding agreement with Lampert since that agreement would create a $1.7 billion funding gap in the employee pension fund that would require the American tax-payers to cover the shortfall. In papers filed on February 1 with the bankruptcy court, ESL "outlined plans to close three Kmart stores per month in 2019" if the court decides to accept ESL's purchase bid.
The film takes a non-linear approach to the life of Sir Richard "Greedy" McCreadie, a billionaire fashion mogul, with frequent flashbacks to his rise from relatively humble (though still affluent and privileged) circumstances as an outcast and rebellious student at an unnamed British public school, to his rise in the 1970s and 1980s as a powerful high-street fashion merchant, to his testimony at a recent government hearing on financial and ethical abuses within the fashion industry. It becomes clear that, despite McCreadie's self- image as a hard-nosed and savvy businessman with multiple celebrity friends, much of his wealth is in fact based on ruthless exploitation, including a reliance on sweatshops in Southeast Asia for his fashion lines, tax avoidance, asset stripping and similar questionably ethical financial dealings. Much of the film focuses on the build-up to McCreadie's 60th birthday party, a Gladiator-themed celebration on the island of Mykonos which McCreadie hopes will settle his nerves after his disastrous and publicly-damaging performance at the government hearing. To further help restore his reputation, he has hired Nick, a socially-awkward journalist, to ghostwrite a flattering memoir for him.

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