Wayside SALE for you Northeners
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Wayside Sale!
Comments (17)I will not order plants from Wayside as long as I live. Several years back, I ordered daylilies from Wayside but what I got weren't daylilies but miserable looking almost rotten roots of cheap plant. I forgot the name of plants but flowers are small ball shaped purple color and onion family. I see roots of this plant on other gardening stores priced less than 30 cents. How much did I pay for daylilies? I paied almost $50. Needless to say, I got back what I paid minus shipping and handling but my experience taught me about Wayside....See MoreThe J&P Park Wayside Bankruptcy sale
Comments (13)Well, it's not all that hard to speculate how they tanked. I have no insider info, and everything I have came from news articles also, but one sees this often in these cases where Wall Street has done leveraged buyouts of old name companies. This April 2007 article re Harry & David sale of J&P says Harry & David got $46 million in cash when they sold J&P to the Hachenbergs. Most of that was probably leveraged debt secured by the assets of J&P, which ultimately doomed J&P to fail. I did see an approx $800,000 judgment for unpaid royalties to David Austin LLC -- apparently none of the royalties due for the English roses ever got paid after the Harry & David buyout. That and all of J&P's other normal operating costs and credit would probably be amongst the unsecured debt, which means those folks would get close to nothing in the bankruptcy proceeding. As for the bankruptcy, I would further speculate that that the bankruptcy judge wiped out the debt and sold only the assets to the new owner for that $12.8 million price they announced. Then the folks who had held J&P's $44.79 million in listed current debt probably got the $12.8 purchase price divided amongst them, with secured creditors being paid first. And probably the secured creditors were the Wall Street bankers that structured the buyout a few years back. And the whole buyout deal was probably based on a glowing set of financial projections, probably made by those same Wall Street bankers at the time. And those bankers probably also made huge fees for that leveraged buyout deal. And pure speculation here -- but isn't it interesting that the $12.8 purchase price is just about the same as the $12.5 that your article said was borrowed when the leveraged buyout was done. Guess who got made whole? Gotta love Wall Street and those free market enthusiasts who vote against "goverment interference" (i.e. regulation) of what they do -- the Wall Street bankers consistently found themselves big fees and secured debt on the backs of older companies for whom they convinced owners to do these leveraged buyouts. And now the companies fail under the weight of that debt load and we are surprised? I'm not....See MoreCedrus Prostrate beauty- Wayside
Comments (6)Looks good - as it ages, keep an eye out for the occasional strong vertical growth and just snip it out if you want to keep it low-growing. Sam, have you needed to prune yours yet? It generally takes several years before one pops up....See MoreX post: Wayside SALE for the Northeners
Comments (1)Funny, I just received my first order from them today. It wasn't roses, though. I ordered their Daphne 'Eternal Fragrance'. Pretty little shrub, nicely packaged....See Moresummersrhythm_z6a
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