Comment on Philz Coffee Being Sold to Private Equity Firm for $145 Million, Employees Reportedly Getting Screwed Out of Their Stock

return2ozma@lemmy.world ⁨1⁩ ⁨week⁩ ago

• very_well_lost@lemmy.world ⁨1⁩ ⁨week⁩ ago

  What the actual fuck

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  • WhatAmLemmy@lemmy.world ⁨1⁩ ⁨week⁩ ago

    The only reason this is possible is because we live in corporate dictatorships masquerading as “democracies”.

    Everyone knows this is criminal. The criminals don’t give a fuck.

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• technomad@slrpnk.net ⁨1⁩ ⁨week⁩ ago

  Grounds for serious litigation right there

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  • FenrirIII@lemmy.world ⁨1⁩ ⁨week⁩ ago

    They’ll drag it out until the poors give up.

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  • Pika@sh.itjust.works ⁨1⁩ ⁨week⁩ ago

    I don’t think it is unfortunately because this is completely legal as long as it was laid out in the terms of the stock when it was purchased.

    This isn’t preferred stock that we’re talking about, this is common stock and most of the time that type of stock is given out to employees as like an incentive program and generally hold no actual weight in the company itself and is the least priority when these types of sales occur.

    Basically, if they wanted to initiate litigation on this, their argument would have to be either that they were misled of the type of stock that they were purchasing, or that they didn’t adequately state the financial risks of the stock.

    By all means, I think they should try, especially that guy that said that they invested $10 million into that company and is losing it. I just don’t think it will go anywhere.

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    • technomad@slrpnk.net ⁨1⁩ ⁨week⁩ ago

      Of course, what a sleazy concept too. That is definitely unfortunate, if that’s the case. Thanks for the explanation.

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• KazuyaDarklight@lemmy.world ⁨1⁩ ⁨week⁩ ago

  Great, a new way to get screwed to worry about if the situation ever comes up. I wonder if there is any reasonable defense against this…

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  • waterSticksToMyBalls@lemmy.world ⁨1⁩ ⁨week⁩ ago

    Image

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• dejected_warp_core@lemmy.world ⁨1⁩ ⁨week⁩ ago

  One time, I had my shares reduced in value when my employer sold. I didn’t know they could just write them off at $0.

  I suppose it could be argued that, as an “investment” stock’s value (even pre-IPO) is fungible and not guaranteed. Still, this smells like theft.

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• Eyekaytee@aussie.zone ⁨1⁩ ⁨week⁩ ago

  i didn’t know you could do that

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• nucleative@lemmy.world ⁨1⁩ ⁨week⁩ ago

  Whoa. Not recommended to buy something that someone with an opposing financial interest can “cancel”.

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