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Another interesting one company finding. Affiliate company’s (now only manned by technicians) watch out. I’m waiting for the affiliate companies strategic defaults and bankruptcies to begin.
Yes they throw all the companies under the bus as liability in the case of a loss, but reserve the right to interject and use protection litigation as the Parent Company to protect revenue streams from those companies generating the income to the holding company.
Clearly this filing declares, by the company’s own admission (their legal representation), we are not one company. The company is structured in such a way as to mitigate risk. Nothing more. It’s a holdings company. The company declared that they had no customers and provided no services and threw its affiliate companies under the bus for nothing more than to externalize the risk the suite represented. They are in the business of this as they put more and more risks on its associates as well. Enterprise should be very wary when entering into an agreement with this company. Rebranding is simply lipstick on a pig. The culture will always be the same. Sad really. It could be so much more.
It would be interesting to see the response to the filing.