It's April 1st and SgAS has not declared Chapter 11/13 and UK has not been sold. So much for "rumors"
54 replies (most recent on top)
for sale: a bunch of gently used intel and ibm servers, some data centers and seats with phones. everything must go. sell quickly! good news is carlstadt dc has a p--n shop next to it.
Can’t wait to see Alfred “sign off” one last time.
Yes uk first for sure!
A vulture capitalist is an investor who buys up distressed companies in order to turn them around so he can sell them at a profit. Vulture capitalists are often criticized because of their aggressive behavior.
The US entity held all of the assets, but I still expect the UK to be first to go. Think about this logically, the new board are hedge fund owners. They're not in business to build and grow a business. They ARE in the business of making profits on their investments, which tells me they'll be looking for a quick flip and sell of of anything and everything. They are not going to wait around and "build equity".
Yes, very interesting that UK was not part of Chapter 11.
20 year old infrastructure, lack of vision ( eg we didn’t react to market changes in time..). The time for a turn around has come and gone... for us fans of the show “billions” we all know direction hedge funds will go... sell off assets... the fact that U.K. is not part of chapter 11 is telling.... look for that to be sold first....
Giggles was surely giggly on the phone. I really don't understand how this is a "good" thing. How long before Chapter 11 turns into Chapter 7? Scared about our severances.
Where's the Candid Camera ?
Welcome to the jungle
Yahoo....??? Good grief... perfect analogy... driven into the ground by years of bad leadership decisions and sold for penny’s on the dollar... go home, you are drunk...
Look, you can’t just put aside diversity and inclusivity. I mean, I used to be at Yahoo and I can tell you how important it was for yahoo to have support for LGBTQ and overall diversity. My manager said that senior leadership wants to emphasize more of this as one of the cornerstones of the new Sungard after we finish chapter 11. The workforce will have to change to compete in the cloud industry. I’m looking forward to all the changes.
You have got to be kidding me Cortez. Customers are going to be drawn to us because we are "dedicated to diversity"? Get your head out of your culo, bro.
Wow!! Someone is really drinking the Kool-Aid!!! Diversity! OMG, that is hilarious!!
You're kidding, right ? It tells me they are outsourcing to cheap labor at the expense of decreased support.
Some of you underestimate power of branding. It's Sungard's history that we are pioneers of DR. That is fact. I see Chapter 11 reorg as minor hiccup and the company will get revitalized and back on track. We also can't forget appeal of diversity. We have support teams in India, other places, and that tells customers we are dedicated to diversity. So it's not all doom and gloom here.
I have to say well played by Stern not only screws the company up with his (lack of) leadership BUT also admits it in a press release, masterclass! and then takes 5m to go and spend on his private art collection..
The only reason we have lots of "cash" is due to the massive rolling layoffs and sales of DCs . I hate the fact they say we have lots of "cash", knowing how we got the cash. It's dirty money
"Pioneers of DR" and $2.00 will get you a cup of coffee. I don't care what kind of financial experts you have, if the money ain't comin in , it ain't comin in.
The only expertise they'll show is how to squeeze everything they can out of it for themselves.
Pioneers of DR???? Yes, maybe 20 years ago but Stern just admitted in a news article that the company hasn't changed in 20 years and he's been asleep at the wheel all of the last 9 years while he's been in charge.
I think this is good news for Sungard as somebody mentioned.
“10 to 15% of Chapter 11 cases result in successful reorganizations”
I can see Sungard in that percentage range. We now have some real financial experts on board who can put this Chapter 11 to something positive. All this puts Sungard in a good position. And don’t forget we’re the pioneers of DR. That’s got to count a lot.
“So you think I'm saying that 85 % fail is optimistic ?”
I’m saying that no report or statistics offer any comfort to those affected by a Chapter 11. My comment was directed to somebody in general who attempts to put a spin on Sungard’s death spiral.
Folks, for those of us in the trenches, it’s over. More than ever, this is a loser company. I’m just grateful I got an offer from another company, just in time. Best of luck to my colleagues.
So you think I'm saying that 85 % fail is optimistic ?
“Reports and studies indicate that about 10 to 15% of Chapter 11 cases result in successful reorganizations.”
Yeah, but it doesn’t avoid the fact that many employees get whacked in the process. But keep that optimism going as Giggles moves your job to India.
Retention offer???? Anyone have additional info on this?
Reports and studies indicate that about 10 to 15% of Chapter 11 cases result in successful reorganizations.
again you are all fooling yourself if you think we're going to come out of this for everyone you give me that successful I can give you a hundred that have failed you're going to compare SunGard as to GMAC who is backed by the government in a bailout
"Some Chapter 11 cases are highly successful (think General Motors and Chrysler),"
These type companies were able to re-brand and had promise of new products after getting the finances in order.
Don't see that in SG's case.
from @YmiUmkx-1fsu:
"This is actually a good outcome, compared to where the company was last week and other alternatives. So I don't understand the negativity."
That's true. No problems here at all. It certainly doesn't matter that when a company files Chapter 11, the employees are also impacted big time. After all, we have a wonderful utopia at Sungard AS. No problems whatsoever, especially when creditors basically take over a company in Chapter 11 and this is how they view the employees: "The expenses associated with a workforce, including wages, pensions and other benefits, usually represent the company's highest single expense category, and it is not unusual for creditors to demand that management take action to reduce labor costs. Therefore, layoffs during a Chapter 11 cases are not unusual."
Dude, you're either being funny or just irresponsibly stupid. I got to hand it to you: you're really funny! In the mean time, try educating yourself about Chapter 11:
https://www.thebalancecareers.com/what-to-do-when-your-company-files-chapter-11-bankruptcy-316247
So if you still work at sgas and didn’t get a retention offer. What does that mean?
Yes a good outcome. You must be in the marketing department. You must have signed your 1 yr retention offer with the bonus on the back end. You are the designee to reply to these posts with the spin. Reason you got 1 yr is because they expect to break up and dissolve in a year stupid
Good!!! Lol you joker vultures are going to make it worse who wants to do business with a company that has an 11 on their head regardless of how quick it goes down
This is actually a good outcome, compared to where the company was last week and other alternatives. So I don't understand the negativity.
There is a reason the new owners are called vulture capitalists. Let the spin begin. Stern doesn’t give a p--p. He admits his stupidity in the article by saying we did nothing to improve the strategy in the 9 yrs I’ve been here. He’s getting his 5m to walk
More layoffs?
It’s starting to hit the news wires.
https://www.philly.com/columnists/sungard-plans-bankruptcy-reboot-hedge-funds-replace-buyout-artists-20190402.html
Chapter 11 restructuring . buh bye debt its happening tomorrow
I just saw it
I told you!!! I was not kidding.. it's for real.
Email???
Funny that Huey Lewis & The News “If This Is It” was playing in the background at the supermarket when I received the email... Coincidence?
Ah well, brought back memories of the glorious 80s if only for a moment...