this post was submitted on 01 Aug 2024
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Structured bankruptcy is not the cataclysmic event CEOs and major shareholders want you to believe.
I know a startup that declared bankruptcy and "sold" to another organization... owned by the startup holders... to avoid paying debt.
It's all a game to take more money out of taxpayers.
Yeah that's called phoenixing and is very illegal.
lol so is insider trading. Still happens all the time.
I'm not advocating for doing illegal things, but I will say that way more people and organizations are doing it and getting away with it than are caught.