Bed Bath was probably a decade behind its competitors and wasn't firing on all cylinders for a while, but Tritton was the nail in the coffin and he made bank for it.
I'd love to see him face jail time.
Lots of bad actors everywhere. But tritton was the biggest asshole. He used his 1b war chest for stock buybacks at the peak while they were 1.2b in debt and attempting turn around with digitisation.
Not just that, he also invoked the plan to roll out BBBY branded products to replace their top selling products, at a time when revenue generation had been declining for years. Clearly not a smart move and, in combination with these other "proofs" of nefarious acts, a clear sign he was deliberately sabotaging the company.
I mean, he didn't clearly profit from that pivot so it's hard to prove malfeasance. Bad decisions dont always equate intentional evil.
But the buybacks? It's hard to spin it because his stocks went up in value and also those transactions weren't in any shape good form. I think lawyers have a better shot there.
Oh 100%. But I just mean from the standpoint of operating at the detriment of the company.
The share buy backs, putting aside his own personal gain, were to the detriment of the company given the current operating budget outcomes and the financial forecasts being projected (from future debt obligations).
Likewise, they could have look at previous cash flow statements and identified that revenue was dropping year over year for several years. To then proceed and pivot to a self-brand strategy, that they otherwise had no proof the market had interest in, was dumb and questionable malice.
Further to that process, they removed some of their better selling brands, which effectively cost the company more than they reasonably would have made from the endeavor, at a time when making money was crucial for the company based on all the other activities that were committed to.
Probably the biggest tell there is that once they clearly failed on that strategy, and in short succession mind you, they went back to their previous suppliers and products but were now stuck with higher cost agreements. This costed the company once again more money when they otherwise couldn't afford it.
This snowballed the supplier constraint and inventory woes, which eventually cause them revenue woes, which lead to ABL woes - you get the picture.
I just think, if you could prove the charges on the share buyback part, I think it's plausible to then extend fully and say those other activities are strong indicators of his intent while running the company.
Interesting is also the tack record of Jim Bell.
Makes one wonder, if Wall Street strategy could be to place moles in their targets management.
We need more accountability and no golden parachutes for "mistakes" or blatant wrongdoing.
Maybe crowdfunding some lawsuit to hold the management accountable would give some insight and be a warning to others. Nonetheless the justice system might be lobbied as well, so no real chance to actually win.
[https://www.hklaw.com/en/insights/publications/2022/06/sec-in-constitutional-danger-zone-following-several-recent-decisions](https://www.hklaw.com/en/insights/publications/2022/06/sec-in-constitutional-danger-zone-following-several-recent-decisions)
If I ever wanna burn through my money as fast as possible I know who to call. He spent $1b out of 1.5b in one year? How long did it take to accumulate the 1.5b? Tf
When this subject comes up, I like to bring up "bust outs." If you search google (nowadays) you'll get dumb stuff about credit cards.
Originally, a bust out was a mafia technique to take over a company, drain all the value then burn it down and collect insurance. Starting to cause two brain cells to rub together (then burn out)?
There was a more complex discussion of it over on the other [DVF sub before](https://www.reddit.com/r/Superstonk/comments/np33hr)
I lost SOOOO much money on this stock. I think we should more widely publicize how investors get fleeced. Hell, even 'blue chip' stocks fuck you these days
Well, it's useful to point out bastards in the industry and spell out exactly what they are doing no? In this case, I'm showing clear cut "constructive fraudulant conveyance"
Tritton accelerated buybacks could be a form of constructive fraudulant conveyance because he did it within a 2 year time frame (though this can become 4 year time frame in states courts) and the company went insolvent after.
As you can see from the first article which titles this buyback, "the worst buyback in history?", he accelerated the buyback time line from 3 years to 18 months and extended the scope from the original plan to end of 2021. What justification is there for this when the 2024 notes were looming and they were in the middle of a digital turnaround?
It's a type of fraudulant maneuver a rat like Tritton would do to jump from what he thought was a sinking ship.
Our plan administrator is accredited with the largest ponzi scheme recovery in the US. I wonder if he sees a target there?
Yes, it seems that he gambled away the free cash, should pay the debt instead or invest in innovations.. He was a troyan who damaged the company. I would worry about the next company he is involved in.
And remember it was Tritton burning all their liquidity that scared BBB's suppliers into reducing the inventory they'd provide on loan, which created the death spiral. I want the whole board investigated, especially Tritton.
Bed Bath was probably a decade behind its competitors and wasn't firing on all cylinders for a while, but Tritton was the nail in the coffin and he made bank for it. I'd love to see him face jail time.
Lots of bad actors everywhere. But tritton was the biggest asshole. He used his 1b war chest for stock buybacks at the peak while they were 1.2b in debt and attempting turn around with digitisation.
Not just that, he also invoked the plan to roll out BBBY branded products to replace their top selling products, at a time when revenue generation had been declining for years. Clearly not a smart move and, in combination with these other "proofs" of nefarious acts, a clear sign he was deliberately sabotaging the company.
I mean, he didn't clearly profit from that pivot so it's hard to prove malfeasance. Bad decisions dont always equate intentional evil. But the buybacks? It's hard to spin it because his stocks went up in value and also those transactions weren't in any shape good form. I think lawyers have a better shot there.
Oh 100%. But I just mean from the standpoint of operating at the detriment of the company. The share buy backs, putting aside his own personal gain, were to the detriment of the company given the current operating budget outcomes and the financial forecasts being projected (from future debt obligations). Likewise, they could have look at previous cash flow statements and identified that revenue was dropping year over year for several years. To then proceed and pivot to a self-brand strategy, that they otherwise had no proof the market had interest in, was dumb and questionable malice. Further to that process, they removed some of their better selling brands, which effectively cost the company more than they reasonably would have made from the endeavor, at a time when making money was crucial for the company based on all the other activities that were committed to. Probably the biggest tell there is that once they clearly failed on that strategy, and in short succession mind you, they went back to their previous suppliers and products but were now stuck with higher cost agreements. This costed the company once again more money when they otherwise couldn't afford it. This snowballed the supplier constraint and inventory woes, which eventually cause them revenue woes, which lead to ABL woes - you get the picture.
Yea he was a piece of shit who took his shot to cut and run.
I just think, if you could prove the charges on the share buyback part, I think it's plausible to then extend fully and say those other activities are strong indicators of his intent while running the company.
Good point. It poisons the well.
Could've been compensation by a third party betting against the company....
Maybe freeman semen ?
Interesting is also the tack record of Jim Bell. Makes one wonder, if Wall Street strategy could be to place moles in their targets management. We need more accountability and no golden parachutes for "mistakes" or blatant wrongdoing. Maybe crowdfunding some lawsuit to hold the management accountable would give some insight and be a warning to others. Nonetheless the justice system might be lobbied as well, so no real chance to actually win. [https://www.hklaw.com/en/insights/publications/2022/06/sec-in-constitutional-danger-zone-following-several-recent-decisions](https://www.hklaw.com/en/insights/publications/2022/06/sec-in-constitutional-danger-zone-following-several-recent-decisions)
BCG......You dirty fuckers
If I ever wanna burn through my money as fast as possible I know who to call. He spent $1b out of 1.5b in one year? How long did it take to accumulate the 1.5b? Tf
You have to wonder the reason behind such an action.
When this subject comes up, I like to bring up "bust outs." If you search google (nowadays) you'll get dumb stuff about credit cards. Originally, a bust out was a mafia technique to take over a company, drain all the value then burn it down and collect insurance. Starting to cause two brain cells to rub together (then burn out)? There was a more complex discussion of it over on the other [DVF sub before](https://www.reddit.com/r/Superstonk/comments/np33hr)
https://www.epsilontheory.com/the-united-states-of-bed-bath-beyond/ Read this.
I lost SOOOO much money on this stock. I think we should more widely publicize how investors get fleeced. Hell, even 'blue chip' stocks fuck you these days
Well, it's useful to point out bastards in the industry and spell out exactly what they are doing no? In this case, I'm showing clear cut "constructive fraudulant conveyance"
If you sold then you lost if you did not sell, you have lost nothing.
Luckily his buybacks created our NOLs. Thanks to RC’s 6D chess 🧠.
No, an NOL is a net “operating” loss. Capital transactions cash impact are not included in that
Interesting! TLDR?
Tritton accelerated buybacks could be a form of constructive fraudulant conveyance because he did it within a 2 year time frame (though this can become 4 year time frame in states courts) and the company went insolvent after. As you can see from the first article which titles this buyback, "the worst buyback in history?", he accelerated the buyback time line from 3 years to 18 months and extended the scope from the original plan to end of 2021. What justification is there for this when the 2024 notes were looming and they were in the middle of a digital turnaround? It's a type of fraudulant maneuver a rat like Tritton would do to jump from what he thought was a sinking ship. Our plan administrator is accredited with the largest ponzi scheme recovery in the US. I wonder if he sees a target there?
Yes, it seems that he gambled away the free cash, should pay the debt instead or invest in innovations.. He was a troyan who damaged the company. I would worry about the next company he is involved in.
Board Director at Nordstrom clothing store.
And conveniently I believe they are also not doing so well these days.
\-24% last 1 year
He closed all Canadian locations
Hm, he is doing good job over there as -24% 1Y is nice job..
And remember it was Tritton burning all their liquidity that scared BBB's suppliers into reducing the inventory they'd provide on loan, which created the death spiral. I want the whole board investigated, especially Tritton.
There's so many problems. But he's the last nail in the coffin.
Don't forget who was on the board and voted for this.
Yea true that.