- borrow some money, use it to buy a company.
- transfer the debt onto the company. Now, somehow, you own the company but paid nothing for it.
- break up the company, sell off the parts, keep the money. The company goes bankrupt and the original lenders get nothing
- repeat. Bizarrely you can keep on doing this over and over again, people will still keep lending you the money!
- borrow some money, use it to buy a company.
- transfer the debt onto the company. Now, somehow, you own the company but paid nothing for it.
- break up the company, sell off the parts, keep the money. The company goes bankrupt and the original lenders get nothing
- repeat. Bizarrely you can keep on doing this over and over again, people will still keep lending you the money!