It is pretty clear that no one at ELI and its readership has any love for Getty Images, any of its employees, or what they do. They have made themselves thousands of enemies over the years and created a lot of badwill. They continue to do what they do and they drive more people to ELI.
Unfortunately, I have very little inside information on Getty Images and I continue to hope that one day someone will come to me with juicy information on the inner workings of Getty Images.
In 2008, a Getty employee named Chloe made me very unhappy and I had to write a couple of unhappy letters to her which gave birth to ELI and inspired the alliance of me and Oscar Michelen. This further lead to alliances with many other people who have since become really good friends with us. We don't like extortion bullshit and look out for each other's backs. Not only that, we teach readers some really good information, tactics, and strategies to defend and protect themselves.
As far as most of us are concerned, we are relishing the day Getty Images gets brought down to their knees and fortunately for us, Getty's own hubris, poor management, and obnoxious ways has come back to haunt them.
Investor report services and the financial press have been covering Getty Images' very poor financial condition. They are saddled with tons of debt and investor ratings and reporting of Getty Images is very bad.
Not many people like Getty Images. Investors don't like them, extortion letter victims hate them, photographers dislike them, and even their customers don't like them. Getty Images has managed to piss of so many people from different constituencies that Getty's credibility is essentially shit. Almost no one believes their propaganda.
Based on my preliminary research of Getty Images financial condition from Bloomberg, Moody's, and other financial reporting websites, I have come to the conclusion that Getty Images will eventually have to file Chapter 11 bankruptcy which is a forced legal re-organization overseen by bankruptcy courts.
When a company becomes insolvent and its cash revenues are insufficient to support debt and operations, they often seek court-protection. And to do that, they have to file Chapter 11 bankruptcy. When that happens, it sends a serious chill to all stakeholders such as employees, vendors, suppliers, customers, etc.
I honestly think that Getty stakeholders will be interested in someone covering Getty Images' deteriorating financial conditions. It may be that Getty can turn things around but from my perspective, it looks bleak. Hence, this thread is dedicated to a possible Chapter 11 bankruptcy filing by Getty Images. The debt levels appear to be a serious problem and the only way to get rid of it is through bankruptcy. I don't think any potential buyer of Getty Images will want to acquire them without the bankruptcy process to jettison the debt.
There are two serious loan deadlines looming on the horizon in 2019 and 2020. So, it will be interesting to see what transpires between now and then.
Topic: My Prediction: Getty Images Might File Chapter 11 Bankruptcy in the Near Future (Read 4132 times)