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Dan Gillmor
@dangillmor@mastodon.social  ·  activity timestamp 2 months ago

The untrammeled greed of the founders of Philz Coffee -- and the financial looters who are buying the company -- is exceeded only by their pure contempt for the employees whose shares in the company are being vaporized.

How can this be legal? Because "capitalism" rules.

https://missionlocal.org/2025/07/philz-coffee-private-equity-sell/

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moggie
@EverydayMoggie@sfba.social replied  ·  activity timestamp 2 months ago

There are plenty of other places for people to get a good cup of coffee. And if they hear about this, probably a lot of them will go somewhere else.

@dangillmor

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prozacchiwawa
@prozacchiwawa@functional.cafe replied  ·  activity timestamp 2 months ago
@dangillmor met phil at the original location a few times over the years and he seemed like a good guy. sad to hear how it's ending.

my best memory of philz will always be walking in one morning to find a parrot club meeting there to socialize their parrots.

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Ralph Redmond
@Zoom42@mstdn.party replied  ·  activity timestamp 2 months ago
@dangillmor Vulture capital kills everything it touches
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Toni Aittoniemi
@gimulnautti@mastodon.green replied  ·  activity timestamp 2 months ago
@dangillmor ”There must be in-groups who the law protects but does not bind, and out-groups who the law binds but does not not protect.”
-Frank Wilhoit

This is the only true rule of conservatism.

And it was made in the context of pointing out that we have no other politics than #conservatism left.

All parties today protect the wealthy at the price of hurting the non-wealthy. Only different flavours of implementing #wilhoitslaw remain in power.

This needs to change.

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Log 🪵
@log@mastodon.sdf.org replied  ·  activity timestamp 2 months ago
@dangillmor Better hire some extra security with that bonus, Jabers.
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Chuck
@ChuckMcManis@chaos.social replied  ·  activity timestamp 2 months ago
@dangillmor Presumably it had a fairness hearing? (https://dfpi.ca.gov/rules-enforcement/laws-and-regulations/fairness-hearings-2/fairness-hearing-frequently-asked-questions-and-answers/) ? The court can moot things like 2x and 3x liquidation preferences for preferred shares.
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Thomas Sturm
@tsturm@famichiki.jp replied  ·  activity timestamp 2 months ago
@dangillmor Wow. Would have not expected this from Phil - I remember him being around the stores in SF and being well liked by the staff.

Ripping off the cafe employees is vile. $10,000 in stock worth nothing is a huge hit for them and it’s nothing for those investors that are wiping them out.

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Steve Rehrauer
@introversion@universeodon.com replied  ·  activity timestamp 2 months ago
@dangillmor Private equity firms are parasites.
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Binsk​ ​:donor: :blobcat_thisisfine:
@binsk@infosec.exchange replied  ·  activity timestamp 2 months ago
@dangillmor I expect any goodwill will be vaporized as part of the acquisition as well. Without that employee experience, a pour-over is a pour-ever and acquired nearly anywhere.
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