> First Brands didn’t have the kind of money necessary to buy so many companies in such a short order, so it turned to financing.
So can we say that this collapse is a fallout from the easy money availability at the height of COVID? What was leadership thinking going on a such a buying spree though?
> If you thought all of that was bad, things got worse, as First Brands then sued its founder, Patrick James, alleging that he had pilfered at least $700 million from the company’s coffers.
......oh.
FT, Oct2025: The secretive First Brands founder, his $12bn debt and the future of private credit ( https://archive.is/jxn99 )
Guess I won't be putting a StopTech big brake kit on my Supra someday...
Sociopaths in charge of companies. Grow at all costs, profit at all costs, then when it inevitably crashes and burns, eject with that golden parachute, leaving the workers to suffer.
CapricornNoble|13 days ago
So can we say that this collapse is a fallout from the easy money availability at the height of COVID? What was leadership thinking going on a such a buying spree though?
> If you thought all of that was bad, things got worse, as First Brands then sued its founder, Patrick James, alleging that he had pilfered at least $700 million from the company’s coffers.
......oh.
FT, Oct2025: The secretive First Brands founder, his $12bn debt and the future of private credit ( https://archive.is/jxn99 )
Guess I won't be putting a StopTech big brake kit on my Supra someday...
rekabis|13 days ago