Well, The Stock Market is Tanking, but Some Bankruptcies Work For Me.

Mainly…the possible impending bankruptcy of the premier election-stealing company of all time, Diebold Election Systems.

Read, oh supporters of clean elections, and rejoice:

Diebold Elections Systems, Inc. is no more. At least in name.

After a year and a half of conversely trying to dump their failed voting unit and/or lying to customers about the reliability and security of their voting systems, corporate parent Diebold is giving up the ghost of their election business which, according to an analyst in a Reuters report, was “responsible for less than 10 percent of Diebold’s revenue, and 100 percent of its bad publicity.”

According to a company statement [PDF] just released, Diebold Elections Systems, Inc. will become Premier Election Solutions as of today. The company president, David Byrd, who has overseen the disastrous election unit for some time, will stay on as President to go down with the ship, apparently.

[snip]

After a string of disastrous reports on the quality and security of their voting systems, along with plummeting stock prices since last week, it seems clear that Diebold, the once-great, more-than-100-year old company, is doing whatever they can at this point to save the corporate parent. While their stock price (DBD) plummeted at today’s opening bell, and is currently down some 5.6% from yesterday, the price has begun to rise again in the last hour or so on news of the sale.

More than anything, however, the move may well be a harbinger of a coming declaration of bankruptcy for Diebold/Premier as we see it. With the unit now spun off from the blue chip Diebold parent, declaring bankruptcy or dissolving the company all together might be less trouble for investors and the main company as a whole, as their extraordinary legal and financial liabilities continue to mount…

Justice is cruel, eh, Diebold/Premier? Or is it…delicious?

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