CEO Mike Schuyler's entire career has been one of sadistic, take all (usually by scam), leave no prisoners approach. Aug 5 2014 in spite of windfall compensation for Mike from his hand picked board, Entegra filed for bankruptcy for $237 million in debt from second-lien holders who were merely traded that for new "Series A" second lien notes and "cash that would be raised from new "Series B" second lien notes (Peter robbing to pay Paul to switch worthless debt for more worthless debt). Entegra's third lien holders were a little smarter, exchanging their #1.3 billion in claims for $550 million in new third lien debt but more importantly also controlling interest in the company upon emerging from bankruptcy - what's left of it after Mike Schuyler raided it at the cost of the creditors for himself - he never brags of any discounts he gave to the people receiving electricity - I never got one, did you? Worse of all Mike and Entegra never produced an ounce of electriciy from their own plant - just bought others (3 major ones, all in different States) with the belief from each that Entegra with Mike at the helm would save the plants and thereby save jobs. He only saved the profit of his windfall compensation.
Entegra Power Group Reviews
CEO Mike Schuyler's entire career has been one of sadistic, take all (usually by scam), leave no prisoners approach. Aug 5 2014 in spite of windfall compensation for Mike from his hand picked board, Entegra filed for bankruptcy for $237 million in debt from second-lien holders who were merely traded that for new "Series A" second lien notes and "cash that would be raised from new "Series B" second lien notes (Peter robbing to pay Paul to switch worthless debt for more worthless debt). Entegra's third lien holders were a little smarter, exchanging their #1.3 billion in claims for $550 million in new third lien debt but more importantly also controlling interest in the company upon emerging from bankruptcy - what's left of it after Mike Schuyler raided it at the cost of the creditors for himself - he never brags of any discounts he gave to the people receiving electricity - I never got one, did you? Worse of all Mike and Entegra never produced an ounce of electriciy from their own plant - just bought others (3 major ones, all in different States) with the belief from each that Entegra with Mike at the helm would save the plants and thereby save jobs. He only saved the profit of his windfall compensation.