The once-trendy, San Francisco-born coffeeshop chain Philz Coffee has struck a deal to be sold off to a private equity firm for $145 million, but any employees who bought stock are getting the shaft, as they won’t see a penny of that money.
      • WhatAmLemmy@lemmy.worldEnglish
        29·
        3 days ago

        The only reason this is possible is because we live in corporate dictatorships masquerading as “democracies”.

        Everyone knows this is criminal. The criminals, and everyone who enables their crimes, don’t give a fuck.

      • Pika@sh.itjust.worksEnglish
        4·
        3 days ago

        I don’t think it is unfortunately because this is completely legal as long as it was laid out in the terms of the stock when it was purchased.

        This isn’t preferred stock that we’re talking about, this is common stock and most of the time that type of stock is given out to employees as like an incentive program and generally hold no actual weight in the company itself and is the least priority when these types of sales occur.

        Basically, if they wanted to initiate litigation on this, their argument would have to be either that they were misled of the type of stock that they were purchasing, or that they didn’t adequately state the financial risks of the stock.

        By all means, I think they should try, especially that guy that said that they invested $10 million into that company and is losing it. I just don’t think it will go anywhere.

        • technomad@slrpnk.netEnglish
          3·
          3 days ago

          Of course, what a sleazy concept too. That is definitely unfortunate, if that’s the case. Thanks for the explanation.

    • KazuyaDarklight@lemmy.worldEnglish
      30·
      3 days ago

      Great, a new way to get screwed to worry about if the situation ever comes up. I wonder if there is any reasonable defense against this…

    • dejected_warp_core@lemmy.world
      11·
      3 days ago

      One time, I had my shares reduced in value when my employer sold. I didn’t know they could just write them off at $0.

      I suppose it could be argued that, as an “investment” stock’s value (even pre-IPO) is fungible and not guaranteed. Still, this smells like theft.

    • nucleative@lemmy.worldEnglish
      3·
      3 days ago

      Whoa. Not recommended to buy something that someone with an opposing financial interest can “cancel”.

    • ikt@aussie.zoneEnglish
      81·
      3 days ago

      i didn’t know you could do that

      edit: also most evil two paragraphs you have ever read in your life? really?

  • Raiderkev@lemmy.world
    30·
    3 days ago

    Fuck Philz coffee. Fuckin diabetes in a cup. I went in there and tried to order a latte once.

    “Sorry, we don’t DO espresso drinks here. We only do drip coffee, but I can promise it’ll be the best coffee you ever had in your life!”

    “Fine, whatever, I’ll take it”

    They put fucking condensed milk or something in there making it way too goddamn sweet. That was just the regular one. They also have flavored ones with presumably even more sugar. I don’t see the appeal at all. They are selling Mr. Coffee ass drip coffee with some carnation condensed milk for like $8 or whatever. Absolutely trash coffee. I don’t understand what people like about it.

    I feel bad for the employees though, that’s fucked. Am I surprised that the guy that got rich selling people the same shitty coffee they can make at home for a premium by simply adding something sweet and fatty in it is a shitty person? Far from it.

  • pdxfed@lemmy.world
    81·
    3 days ago

    Dutch Bros set the cringe level for going public pretty high in just one image image

    But this could rival it for pathetic sleaze.