Cash running low. Brick & mortar meltdown for landlords of Dressbarn, Ann Taylor, Loft, Lou & Grey, Lane Bryant, Cacique, Catherines, and Justice. Shares annihilated.
In 2013, I called Goldman Sachs a “snake-oil salesman” for underwriting a $1 billion J.C. Penney stock offering. Investors got wiped out. Now the longer-dated bonds, including a 100-year bond, have collapsed.
A “bust out” is a fraud used in organized crime, wherein a business’s assets and lines of credit are exploited and exhausted to the point of bankruptcy.
