Thread regarding Dean Foods Co. layoffs

Eric Beringause- Resigned as CEO, but one of the two remaining board members

Dean Foods website has hidden their investor relations page but it can still be found via google.
8K filed on May 7 lists Eric Beringause and one other as only 2 remaining board members and 2 accountants as only 2 remaining executives.

https://ir.deanfoods.com/node/23071/html

Must be a couple of more dollars to be had by those four. Nothing for shareholders though:
"Following consummation of the Sale Transactions, the Company is formulating a Chapter 11 plan of liquidation to be submitted for Bankruptcy Court approval, pursuant to which the Company anticipates that all outstanding shares of its common stock will be cancelled with shareholders receiving no distributions thereunder."

Still don't understand how total liquidation ended up Chapter 11 and not Chapter 7, but what's done is done.

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Post ID: @OP+14V4zVwz

9 replies (most recent on top)

Agree with sediments about Eric.

I learned a lesson, got bit pretty badly betting on the turn around.

I really do think there is legal room here for some action if anyone cared enough.

The problem is, finding people who care enough to devote time to it. For example, I looked at their balance sheet, not an expert accountant but simple investigation lead me to a few disturbing things that were pretty easy to spot. A line item that accounted for 2 Billion of expenses that hadn't changed in a few years is a clear issue that could likely change some aspects of what the fundamentals of the business looked like.

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Post ID: @2kis+14V4zVwz

The Dean Foods board of Directors spent at least a decade completely derelict in their responsibility to the shareholders approving bad plan after bad plan, and not holding leadership accountable. Jim Turner etc. all should have been sued, booted off the board many years ago.

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Post ID: @2xzo+14V4zVwz

Well workers made out pretty good all things considered. May not be the case long term, but short term most are still working at a time when many, many others aren't.
Share holders could have acted years ago and ousted the board but were all too willing to buy the "temporary but expected downturn due to cost of raw milk and people consuming less milk / selling off everything but fluid milk gives us a strategic advantage / this latest round of cost cutting is what will turn things around / yeah we've said all this before, but this time is different " lies over and over again.
People who get to the CEO level have a track record and what they've done in the past is usually a good indicator of what they'll try when hired by a new company.
With Ralphie that track record was pissing off customers, losing business, shutting down locations and outsourcing work until the company went bankrupt. Exactly what happened at Dean Foods.
Eric's track record was as a hired gun who quickly lined companies up for a sale, got his big bonus for arranging the sale, and moved on to collect the next bounty. While this was his first bankruptcy, what led to the bankruptcy all occurred before he was hired. Not defending him and think he's a POS for lying about a turnaround that he knew was never going to come. But if put a snake in a cage with a mouse, don't act surprised when the snake eats the mouse.

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Post ID: @2fbv+14V4zVwz

Eric totally head faked a lot of people and lied about prospects of a turn around.

This process has been pretty crazy and not fair to any share holders or workers of this company.

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Post ID: @1dtm+14V4zVwz

Dean management now with dfa so it will be the same hands off approach til they file for their own bankruptcy SAME CLOWNS SAME RESULTS

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Post ID: @1bbl+14V4zVwz

DFA isn't big enough to take over 44 plants at once and make immediate changes. Change will come. Might not be for the better, but it will happen.

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Post ID: @1ovs+14V4zVwz

Dfa will be next !! Nothing changed at our plant. Same inept management making bad decisions and not being held accountable. RIP DEAN FOODS !!! save room down there DFA will be joining you soon !!

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Post ID: @1ago+14V4zVwz

CFO will be around until all assets are sold, auctioned off or disposed of. Stock is getting cancelled as there is no money left for shareholders.

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Post ID: @1jvz+14V4zVwz

I heard CFO is still working in Wind-Down Co. for another month or two.

Stock was always going to be worth zero unless unsecured banks could recapitalize with a small amount of value to spread around.

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Post ID: @1hbu+14V4zVwz

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