Chapter 4
Do Mergers and Acquisitions Create Value?
The acquiring company’s only motive was to milk the company of cash flow and raise their own return-on-investment. They destroyed employee, customer, and supplier morale. The merger involved a leveraged buyout and a junk bond issue was necessary to bridge the financial gap. The liberal nature with which they applied questionable accounting procedures to make financials look better before going public with the bond issue was abominable. Both the public accounting firm and the SEC must have been asleep. Anyone even remotely familiar with proper accounting procedures should have been able to see through their ruse.
I had to leave. Their actions compromised my ethics both personally and professionally. ...
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