Does anyone think that Tommy was brought in back in '09 for this reason? Internally we were NEVER told the company had this much debt. Tommy had a track record and has clearly been talking to BP for a while. The activist investor was just a convenient smokescreen for the EVP's.
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I'm from Springfield and am friends of the Morris family and can assure you this has been in the works for 2 years now. Elliot was contracted to moderate the takeover. Why do you think a massive hedge fund would even bother investing into retailers unless a buyer was already lined up? Don't feel bad a lot of investors made millions off this deal. Especially those of us close to the deal. You only have yourself to blame for not buying stock options since this deal has been obvious for months now to even the non-insiders.
I agree. When I worked at corporate, all upper management could say was Cabela's is opening all these stores with Cabela's money. Cabela's isn't borrowing money to open stores,etc. Just like Elliot coming in, it was all smoke and mirrors so employees wouldn't see the ever increasing debt Tommy and the boys were piling up!
You are absolutely correct, the activist investor was simply a smokescreen to divert the huge debt issue behind the door. This debt is not a Dennis deal, it is a tommy and team deal - tommy and his inept team own this and yet are walking away live fat goats after including golden parachutes that are truly sick even by industry standards.