Soldato
I'm convinced they've bought in and knowingly overleveraged these companies on the assumption the government would bail them out if the **** hit the fan
In the case of Thames, it was the previous investors 10-15 years ago that did it. They are long gone.
The new investors will take the hit for something they didn't directly cause nor profit from. But it's on them, they should have done due diligence before buying the company.