Thursday, May 12, 2016

Shady Business

Donald Trump & Co. have four or more major corporate bankruptcies. What does this mean? It fundamentally means he's UNDEPENDABLE. He's shown 4+ times he'll fuck you over with no remorse.

I'm a businessperson, and highly trained in business. Agreements & honor are important, and it's best whenever possible to avoid the shadier edge of business.

Below is a disturbing news article about shady business. How can a company be suddenly bankrupt, but "not affected, still hiring, still growing"... ?

Unfair? How is bankruptcy fair to those whose unpaid services you've abused?

The true bottom line is to compete with such a firm is toxic. They're able to undersell when they've no intention to pay creditors. They run-up debts, and run away. They are harmful parasites. They hurt those around them and the larger community cause they cheat, and their manipulations run-up costs for everyone. They then spin vague stories excusing their self-indulgence and failure to perform properly. If a large unpaid account damaged your firm (for example), at least explain full details. Otherwise, you're a bum.

The Donald Trump has shown multiple times he's that type of parasite: BUM


http://www.capecodtimes.com/news/20160511/disposal-company-with-cape-contracts-files-for-bankruptcy

SOLID WASTE

Disposal company with Cape contracts files for bankruptcy
ABC Disposal has signed more than half a dozen Cape towns for trash disposal services

By Mike Lawrence  The Standard-Times
Posted May 11, 2016

NEW BEDFORD — ABC Disposal Service has filed for Chapter 11 bankruptcy protection but the financial maneuver won’t affect trash removal in southeastern Massachusetts or the more than 200 people employed by the company and affiliates, a company official said Wednesday.

"Our customers are not affected and our employees are not affected. In fact, we’re still hiring," ABC CEO Michael Camara said. "We’re still growing and still charging forward."

Plans remain on track to open ZERO Waste Solutions — the company’s new, $27 million, 100,000-square-foot waste recycling plant — next year in Rochester, Camara said.

More than a half dozen Cape towns, including Harwich, Mashpee, Orleans, Wellfleet, Provincetown, Barnstable, and Dennis, had signed up over the past several years to ship solid waste to the new plant but its opening has been repeatedly delayed.

"They will not be affected," Camara said. "We are not for sale. We are not going out of business."

The filing announced Wednesday was made in the Massachusetts district of U.S. Bankruptcy Court. It affects ABC Disposal Service, Inc., New Bedford Waste Services, LLC, and other affiliates. Camara said ABC and New Bedford Waste have some of the same owners. ABC Disposal handles trash removal — with more than 100 trucks operating in southeastern Massachusetts and Martha’s Vineyard, Camara said — while New Bedford Waste handles waste recycling and transfers. New Bedford Waste owns a construction and demolition debris recycling facility in Sandwich, which was destroyed in a fire in 2014 but later reopened. ABC Disposal operates out of several regional locations and is headquartered on Shawmut Avenue in New Bedford’s North End, near New Bedford Regional Airport.

While ABC has "been working on the refinancing for a while," he expected the issue to be resolved in the near future, Camara said.

"I have several investment bankers working on this," Camara said. "We expect to start to see term sheets and letters of intent very soon."

Rumors of financial challenges for ABC have circulated for several months. But Ken Blanchard, New Bedford’s director of facilities and fleet management, said in February that he wasn’t aware of any problems.

"The city’s contract with them is solid, and their performance is solid," Blanchard said at the time. "From what I see, everything’s going along pretty smoothly."

Blanchard said ABC is responsible for all of the curbside trash and recycling collection in New Bedford, in addition to its contracts across the region. City officials could not be reached after Camara’s announcement of the filing early Wednesday evening.

ABC Disposal has been in business in New Bedford for 49 years. Combined employment for ABC and New Bedford Waste can reach 230 people in the summer months, Camara said. When asked in February about potential financial troubles, Camara said "rumors" of layoffs or litigation were false and "very disturbing." No layoffs or legal disputes have arisen as a result of the Chapter 11 financing, he said.

"This doesn’t stop us," Camara said. "This just gives us the time to reorganize the company and get our financing finished."

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