ATS is looking to purchase the only company that’s had a worse 2010 in the industry of scam ticketing, Redflex. With the speculated per share price of near $3.00, it’s clear that ATS brass is almost as delusional as their team of sue-happy lawyers.
Both companies have been losing money in massive amounts because of lost contracts, millions of unpaid tickets and perpetual lawsuits. The only way ATS could afford to purchase a majority stake in Redflex would be with another cash infusion from America’s public enemy #1: Goldman Sachs. Matt Taibbi of Rolling Stone proclaims that Goldman is “the great Vampire Squid, wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money”
Ironically, Redflex actually bought ATS, run by the Tutons back in 1995. They then waited two years, formed their company again and have been operating under the same name ever since. Now the roles are reversed.
What’s very different this time around is that the political climate has become very toxic and revenues are plunging for the camera scam. Redflex’s profits alone have dropped 92.6% in the last year. In the last few years, photo ticketing programs have been routed at the ballot box, losing all 15 public votes.
Only a money monster like Goldman Sachs could absorb this mess and not flinch. Of course their investment will not pay off as the cameras continue to come down across the country, but that’s never stopped the Vampire Squid before.