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9 months agoWhat happened here is Del Monte was sold in a leveraged buyout to the son of Ferdinand Marcos’s money launderer. When the dictatorship collapsed the guy who was in charge of the shell companies and Swiss bank accounts and keeping track of the shrink wrapped pallets of $100s buried in the jungle just kept it all, and became a private equity fund. (typical private equity origin story)
He bought Del Monte with debt and then transferred all the debt to Del Monte once he owned it, then his creditors who are in on it resold the debt to retail investors and pension funds as AAA recession-proof revenue from a 100 year old canned food company, and now he has Del Monte declare bankruptcy to fuck them.
They can go anywhere, 100 miles is just where the supreme court gave them automatic probable cause that anybody in that distance is presumed crossing the border and can be randomly searched without a warrant. Outside of that they just have to remember to lie in court like normal cops.