Mastodawn

Do any of you know who Parkland Corporation is/was?

Probably not, but you probably use their services. #Wikipedia: https://en.wikipedia.org/wiki/Parkland_Corporation

Early last fall I contacted #MP Jeff Kibble, #CPC about a pending take-over by #Sunoco, LP, a #Texas-based #oil-company-turned- #CorporateRaider. I asked my MP to oppose this takeover, the details of which basically come down to: borrow $2.65B USD, give the money to shareholders, watch it implode and roast marshmallows.

He did nothing.

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#CdnPoli #BCPoli

Parkland Corporation - Wikipedia

Kevin Severud Oct 12, 2023

@GPJohnston We've been watching this play out since the '80s, right?
- Purchase company
- Extract assets
- Leave shell of company behind
- Xfer all wealth to senior Execs/Board
- Fire employees and let the carcass decay

I'll reference Carl Icahn as a prime example.

This may or may not be quite the exact fit for the mismanagement (or willful management) of Rite Aid but it's in the ballpark.

Unregulated fraud and grift at the end of the day.
"It's all legal!" Yup, cuz the crooks wrote the law.

#CorporateRaider #LBO #PrivateEquity #VentureCapital #WashRinseRepeat