31–40 of 125 posts
From the guardian: “But about 220,000 investors, who contributed £75m in crowdfunding across seven “equity for punks” rounds, could walk away with nothing.” I used to love the idea of crowdfunding but then I watched a bunch of people buy worthless common stock and get hosed over and over.
From the guardian: “But about 220,000 investors, who contributed £75m in crowdfunding across seven “equity for punks” rounds, could walk away with nothing.” I used to love the idea of crowdfunding but then I watched a bunch of people buy worthless common stock and get hosed over and over.
As George Carlin said, “it’s a big club, and you’re not in it.” Capitalism is not for the little guy, or at least not the version we’ve built.
That's not very punk, is it?
From the guardian: “But about 220,000 investors, who contributed £75m in crowdfunding across seven “equity for punks” rounds, could walk away with nothing.” I used to love the idea of crowdfunding but then I watched a bunch of people buy worthless common stock and get hosed over and over.
As George Carlin said, “it’s a big club, and you’re not in it.” Capitalism is not for the little guy, or at least not the version we’ve built.
Nothing is stopping you from investing in a company, or putting your money into a stock or other investment. If anything, over the years the club has become a lot less exclusive. When did Carlin say that? Think about how much more access any given person, at least in the United States, has to financial products.
From the guardian: “But about 220,000 investors, who contributed £75m in crowdfunding across seven “equity for punks” rounds, could walk away with nothing.” I used to love the idea of crowdfunding but then I watched a bunch of people buy worthless common stock and get hosed over and over.
For the bars that are being closed, they are less closed and more like abandoned remnants of the now-dead previous company. Perhaps the shareholders should just reclaim the abandoned items of value physically.
I've been hearing buzz that the whole alcohol industry is in trouble, from a perfect storm of cultural changes that culminate in young people drinking less, and particularly drinking less in bars. With that context, it seems notable that the booze company in question here was purchased by a "beverage and medical cannabis " corp.
In 2017 a US equity firm TSG Consumer Partners acquired a 22% stake in Brewdog. But unlike the Equity for Punks' "ordinary" shareholders, TSG was given "preference shares". That meant that if Brewdog was sold, TSG was first in the queue to get back its investment plus any return owed, possibly leaving little or nothing for small investors.
5 Statement of capital (prescribed particulars of rights attached to shares)
Class of share
Preferred C Shares
Prescribed particulars
Amount") shall be applied as follows:
1. an amount shall be distributed among the holders of the Preferred 'C' Ordinary Shares which shall be the greater of:
a) the Deemed Acquired Price of all Preferred 'C' Ordinary Shares together with, in respect of each Preferred 'C' Ordinary Share an amount equal to 18 per cent of the Deemed Acquired Price per year (based on a 365 day year) accruing daily and compounding annually from the date of issue up to and including the date of the return of capital; and
b) such amount of the Distribution Amount as would be applied to the holders of the Preferred 'C' Ordinary Shares if they ranked pari passu with 'A' Ordinary Shares and 'B' Ordinary Shares; and
2. any balance of the Distribution Amount following the application of the amount referred to in (1) above shall be applied to the holders of the 'A' Ordinary Shares and the 'B' Ordinary Shares (in accordance with the terms of the Articles of Association), provided that in the instance that Article 6.2.1(a) applies, the Warrant Shares shall have nil value for the purposes of Article 6.2.2.
Any return on Preferred 'C' Shares shall be made amongst their holders pro rata as nearly as possible to their respective holdings of Shares of that class.
Earlier quoted context omitted.
As George Carlin said, “it’s a big club, and you’re not in it.” Capitalism is not for the little guy, or at least not the version we’ve built.
… they’ve built.
If so I’d love to know what that is so I can go there.
Earlier quoted context omitted.
Maybe so. But it's not just the price of booze which is the problem; other problems include online dating (meeting people is now less of a reason to go to bars), cultural apprehensions about hooking up while drunk, and cannabis providing a superior experience (at least in the US, maybe less of a factor in the UK?)
Cannabis in the UK is still illegal, so unless you're picking up weed from your local dealer, it's not a big thing outside the home. But price of booze is killing pubs here. Getting close to £8 a pint now in London. £10 for a pint of Guinness in many bars.
But don’t let my biological logic stand in the way of cultural madness - if a coherent society in your view requires a poison in order to facilitate then that society is probably not worth keeping going