Thread regarding Sungard Availability Services layoffs

beginning of the END for SGAS

https://dgtlinfra.com/sungard-availability-services-for-sale/

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Post ID: @OP+1gqoTvvZ

15 replies (most recent on top)

Sold to the lowest bidder. Who would pay a premium for outdated data centers, legacy products and solutions, and p*ss off customers.

The fire sale talked about for years finally comes to fruition.

Soon.

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Post ID: @ajgv+1gqoTvvZ

JP is so out of his depth, sadly I think this is the end of SGaS. Massive crash to earth!

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Post ID: @axtk+1gqoTvvZ

According to a law firm handling bankruptcy cases, about 10% make it out of the process with a restructuring plan. 90% of the cases go straight to Chapter 7 asset liquidation after 120 days. What's our chances of making out of Chapter 11 with prolonged mismanagement from LT team from start?

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Post ID: @9itc+1gqoTvvZ

"Good riddance to bad rubbish" as they say.

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Post ID: @9fey+1gqoTvvZ

@4beb+1gqoTvvZ

What did you think of JP's all hands on deck call? What's the point of TP, PD presentations? Was that to distract us all while the company is in bankruptcy?

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Post ID: @8mau+1gqoTvvZ

@2ktn

No way! Dr. Phil taught us that not only is bankruptcy bad for literally every other company but this one, but you actually get to CHOOSE your bankruptcy judge! WOW!

Also if the raises don't come we'll blame the judge! WIN-WIN!

For now, please swallow these BS stories about customers checking on our well-being and asking to pay in advance.

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Post ID: @4beb+1gqoTvvZ

Judging from the article... We are on a fast track to Chapter 7....

”Filing a petition under chapter 7 "automatically stays" (stops) most collection actions against the debtor or the debtor's property. 11 U.S.C. § 362. But filing the petition does not stay certain types of actions listed under 11 U.S.C. § 362(b), and the stay may be effective only for a short time in some situations. The stay arises by operation of law and requires no judicial action. As long as the stay is in effect, creditors generally may not initiate or continue lawsuits, wage garnishments, or even telephone calls demanding payments. The bankruptcy clerk gives notice of the bankruptcy case to all creditors whose names and addresses are provided by the debtor.”

https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics

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Post ID: @2ktn+1gqoTvvZ

No surprise, once you are bought out by venture capitalists this is what happens I think they got screwed in the deal they're probably not going to make what they thought if they make anything at all

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Post ID: @2skw+1gqoTvvZ

What is the average employee doing during the day? I’d mail it in until they force me out

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Post ID: @1pix+1gqoTvvZ

Is that a one way ticket for the Leadership team? Great idea.

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Post ID: @1ybv+1gqoTvvZ

I'll start the bidding, one bitcoin and a trip to Mars.

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Post ID: @1qki+1gqoTvvZ

“Sungard’s creditors have agreed to cap any credit bid they may make for any/all of the company’s assets at a to-be-determined reserve price.“

What assets does SGAS have? They are renters not owners. Current vultures already sold off al the meat.

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Post ID: @1usu+1gqoTvvZ

The sale scenario is probably the only viable approach but the reserve price is going to have to be really low (just enough to cover consultant and attorney fees)

Equalization is an interesting option. While it gets rid of the most of the debt (for the second time) it fails to address the fundamental problem of incompetent leadership

Sadly, the top execs will probably get their big “success” bonus regardless of the outcome.

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Post ID: @jfn+1gqoTvvZ

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