The pump and dump makes more sense. Potential jail time and freezing of assets. He probably had plenty of money and maybe a nice insurance policy for his family.
As of 2/28/01, BBBY had $1.4b in cash. A little more than a year later, after $385m in trailing twelve month Capex, almost $500m of TTM buybacks and negative TTM operating cash flow of $336m, the company currently has a a mere $144m in cash left. As of 02/28/02, they still had $470m in cash, but proceeded to spend on buybacks despite $3b in debt and almost another $2b in capitalized lease obligations.
This was and is a piece of junk and suggests almost Ponzi like behavior in the markets. I am sure controlling insider sales and massive corporate buybacks played a role, but when TTM free cash is -$700m or so and you have $144m in cash in the bank, at some point you can't get any more debt to fund yourself. The scheme involved naive investors to make it work.
No wonder regulators want more oversight on crypto markets. The dead CFOs insight was that yes, in this day and age, naive investors still exist. He was right for awhile.
My dads best friend growing up ended up CFO at a public company selling computers in the 90s. I don’t know the exact details but the CEO was shipping empty boxes to the the customers so he could record the sale (the couldn’t keep up with demand) and the recording the sale again later when there was a return. And they shipped the actual computer. Jimmy had a panic attack when he uncovered this and realized he was the one who would get to go to jail when the investors found out.
My dads best friend growing up ended up CFO at a public company selling computers in the 90s. I don’t know the exact details but the CEO was shipping empty boxes to the the customers so he could record the sale (the couldn’t keep up with demand) and the recording the sale again later when there was a return. And they shipped the actual computer. Jimmy had a panic attack when he uncovered this and realized he was the one who would get to go to jail when the investors found out.
The pump and dump makes more sense. Potential jail time and freezing of assets. He probably had plenty of money and maybe a nice insurance policy for his family.
Still a sad story.
Still crazy to think that all he got out of it before jumping was to sell 42K shares for just a million dollars at a modestly inflated price than fair market value, so it’s not even like he made a lot relative to his probable net worth given he still had over $6M worth in BBB stock alone. Also the class action lawsuit seems like a civil suit, but maybe there was more behind the scenes.
Being a CFO of a Fortune 500 company is not an easy job. Being the CFO of a struggling Fortune 500 company is brutal.
Still, it couldn’t be that bad unless he dumped the majority of his own money into the stock.
Tragic.
We don’t know his net worth despite his high income. It’s possible he made bets that put him deep enough in debt that he didn’t feel like he could ever crawl out of it. The richer you are, the bigger risks you can take, and sometimes people do that with their own money instead of other people’s money because of overconfidence.
It could also be a relationship, mental health, or drug abuse issue. Tragic any way.
Someone jumps off a building to kill themselves and it “could” be a mental health issue? Lol yeah I’d say that’s a safe bet.
We don’t know his net worth despite his high income. It’s possible he made bets that put him deep enough in debt that he didn’t feel like he could ever crawl out of it. The richer you are, the bigger risks you can take, and sometimes people do that with their own money instead of other people’s money because of overconfidence.
It could also be a relationship, mental health, or drug abuse issue. Tragic any way.
Someone jumps off a building to kill themselves and it “could” be a mental health issue? Lol yeah I’d say that’s a safe bet.
Not that hard to understand that sometimes the proximate cause leading to the act of suicide may be a mental health issue like depression, bipolar, schizo etc.; as opposed to wanting to avoid disrepute and jail time.
In case any readers are in the market, apparently (leave it to the NY Post) :
"Apartments in the “Jenga Building” feature 19-foot ceilings, double-height windows, white oak and stone floors, a gas fireplace, a chef’s kitchen and three terraces totaling 1,252 square feet with panoramic water and city skyline views."
Hope he at least took in the panoramic views on the way down.
LOL! Mike Lindell is a crack addict that went all in on crazy conspiracy theories and kept promising to produce evidence but never did. BB&B has been struggling for years as Target, Walmart, and Amazon keep eating into their customer base. They are a retailer with too many stores, drowning in bad real estate decisions, and one that has not had a cohesive merchandising strategy in nearly a decade. To blame their troubles on dropping "My Pillow" makes you about as uninformed and nuts as the aforementioned Mr. Lindell.
Godless? At some point you have to lose faith in a god that's focused on pillows above all of the real pain and suffering in this world.
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