#Gate classes

[gate2026]

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[fever-dreamer97]

Hori literally serving up so many hard drawings after BNHA ending, like did we only get crumbs the whole time 😭😂

[mostlysignssomeportents]

Red Lobster was killed by private equity, not Endless Shrimp

For the rest of May, my bestselling solarpunk utopian novel THE LOST CAUSE (2023) is available as a $2.99, DRM-free ebook!

A decade ago, a hedge fund had an improbable viral comedy hit: a 294-page slide deck explaining why Olive Garden was going out of business, blaming the failure on too many breadsticks and insufficiently salted pasta-water:

https://www.sec.gov/Archives/edgar/data/940944/000092189514002031/ex991dfan14a06297125_091114.pdf

Everyone loved this story. As David Dayen wrote for Salon, it let readers "mock that silly chain restaurant they remember from their childhoods in the suburbs" and laugh at "the silly hedge fund that took the time to write the world’s worst review":

https://www.salon.com/2014/09/17/the_real_olive_garden_scandal_why_greedy_hedge_funders_suddenly_care_so_much_about_breadsticks/

But – as Dayen wrote at the time, the hedge fund that produced that slide deck, Starboard Value, was not motivated by dissatisfaction with bread-sticks. They were "activist investors" (finspeak for "rapacious assholes") with a giant stake in Darden Restaurants, Olive Garden's parent company. They wanted Darden to liquidate all of Olive Garden's real-estate holdings and declare a one-off dividend that would net investors a billion dollars, while literally yanking the floor out from beneath Olive Garden, converting it from owner to tenant, subject to rent-shocks and other nasty surprises.

They wanted to asset-strip the company, in other words ("asset strip" is what they call it in hedge-fund land; the mafia calls it a "bust-out," famous to anyone who watched the twenty-third episode of The Sopranos):

https://en.wikipedia.org/wiki/Bust_Out

Starboard didn't have enough money to force the sale, but they had recently engineered the CEO's ouster. The giant slide-deck making fun of Olive Garden's food was just a PR campaign to help it sell the bust-out by creating a narrative that they were being activists* to save this badly managed disaster of a restaurant chain.

*assholes

Starboard was bent on eviscerating Darden like a couple of entrail-maddened dogs in an elk carcass:

https://web.archive.org/web/20051220005944/http://alumni.media.mit.edu/~solan/dogsinelk/

They had forced Darden to sell off another of its holdings, Red Lobster, to a hedge-fund called Golden Gate Capital. Golden Gate flogged all of Red Lobster's real estate holdings for $2.1 billion the same day, then pissed it all away on dividends to its shareholders, including Starboard. The new landlords, a Real Estate Investment Trust, proceeded to charge so much for rent on those buildings Red Lobster just flogged that the company's net earnings immediately dropped by half.

Dayen ends his piece with these prophetic words:

Olive Garden and Red Lobster may not be destinations for hipster Internet journalists, and they have seen revenue declines amid stagnant middle-class wages and increased competition. But they are still profitable businesses. Thousands of Americans work there. Why should they be bled dry by predatory investors in the name of “shareholder value”? What of the value of worker productivity instead of the financial engineers?

Flash forward a decade. Today, Dayen is editor-in-chief of The American Prospect, one of the best sources of news about private equity looting in the world. Writing for the Prospect, Luke Goldstein picks up Dayen's story, ten years on:

https://prospect.org/economy/2024-05-22-raiding-red-lobster/

It's not pretty. Ten years of being bled out on rents and flipped from one hedge fund to another has killed Red Lobster. It just shuttered 50 restaurants and declared Chapter 11 bankruptcy. Ten years hasn't changed much; the same kind of snark that was deployed at the news of Olive Garden's imminent demise is now being hurled at Red Lobster.

Instead of dunking on free bread-sticks, Red Lobster's grave-dancers are jeering at "Endless Shrimp," a promotional deal that works exactly how it sounds like it would work. Endless Shrimp cost the chain $11m.

Which raises a question: why did Red Lobster make this money-losing offer? Are they just good-hearted slobs? Can't they do math?

Or, you know, was it another hedge-fund, bust-out scam?

Here's a hint. The supplier who provided Red Lobster with all that shrimp is Thai Union. Thai Union also owns Red Lobster. They bought the chain from Golden Gate Capital, last seen in 2014, holding a flash-sale on all of Red Lobster's buildings, pocketing billions, and cutting Red Lobster's earnings in half.

Red Lobster rose to success – 700 restaurants nationwide at its peak – by combining no-frills dining with powerful buying power, which it used to force discounts from seafood suppliers. In response, the seafood industry consolidated through a wave of mergers, turning into a cozy cartel that could resist the buyer power of Red Lobster and other major customers.

This was facilitated by conservation efforts that limited the total volume of biomass that fishers were allowed to extract, and allocated quotas to existing companies and individual fishermen. The costs of complying with this "catch management" system were high, punishingly so for small independents, bearably so for large conglomerates.

Competition from overseas fisheries drove consolidation further, as countries in the global south were blocked from implementing their own conservation efforts. US fisheries merged further, seeking economies of scale that would let them compete, largely by shafting fishermen and other suppliers. Today's Alaskan crab fishery is dominated by a four-company cartel; in the Pacific Northwest, most fish goes through a single intermediary, Pacific Seafood.

These dominant actors entered into illegal collusive arrangements with one another to rig their markets and further immiserate their suppliers, who filed antitrust suits accusing the companies of operating a monopsony (a market with a powerful buyer, akin to a monopoly, which is a market with a powerful seller):

https://www.classaction.org/news/pacific-seafood-under-fire-for-allegedly-fixing-prices-paid-to-dungeness-crabbers-in-pacific-northwest

Golden Gate bought Red Lobster in the midst of these fish wars, promising to right its ship. As Goldstein points out, that's the same promise they made when they bought Payless shoes, just before they destroyed the company and flogged it off to Alden Capital, the hedge fund that bought and destroyed dozens of America's most beloved newspapers:

https://pluralistic.net/2021/10/16/sociopathic-monsters/#all-the-news-thats-fit-to-print

Under Golden Gate's management, Red Lobster saw its staffing levels slashed, so diners endured longer wait times to be seated and served. Then, in 2020, they sold the company to Thai Union, the company's largest supplier (a transaction Goldstein likens to a Walmart buyout of Procter and Gamble).

Thai Union continued to bleed Red Lobster, imposing more cuts and loading it up with more debts financed by yet another private equity giant, Fortress Investment Group. That brings us to today, with Thai Union having moved a gigantic amount of its own product through a failing, debt-loaded subsidiary, even as it lobbies for deregulation of American fisheries, which would let it and its lobbying partners drain American waters of the last of its depleted fish stocks.

Dayen's 2020 must-read book Monopolized describes the way that monopolies proliferate, using the US health care industry as a case-study:

https://pluralistic.net/2021/01/29/fractal-bullshit/#dayenu

After deregulation allowed the pharma sector to consolidate, it acquired pricing power of hospitals, who found themselves gouged to the edge of bankruptcy on drug prices. Hospitals then merged into regional monopolies, which allowed them to resist pharma pricing power – and gouge health insurance companies, who saw the price of routine care explode. So the insurance companies gobbled each other up, too, leaving most of us with two or fewer choices for health insurance – even as insurance prices skyrocketed, and our benefits shrank.

Today, Americans pay more for worse healthcare, which is delivered by health workers who get paid less and work under worse conditions. That's because, lacking a regulator to consolidate patients' interests, and strong unions to consolidate workers' interests, patients and workers are easy pickings for those consolidated links in the health supply-chain.

That's a pretty good model for understanding what's happened to Red Lobster: monopoly power and monopsony power begat more monopolies and monoposonies in the supply chain. Everything that hasn't consolidated is defenseless: diners, restaurant workers, fishermen, and the environment. We're all fucked.

Decent, no-frills family restaurant are good. Great, even. I'm not the world's greatest fan of chain restaurants, but I'm also comfortably middle-class and not struggling to afford to give my family a nice night out at a place with good food, friendly staff and reasonable prices. These places are easy pickings for looters because the people who patronize them have little power in our society – and because those of us with more power are easily tricked into sneering at these places' failures as a kind of comeuppance that's all that's due to tacky joints that serve the working class.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/05/23/spineless/#invertebrates

[naarisz]

Dream in red

[basha-art]

Karlach in qunari style clothing from Dragon Age. While revisiting the original concept art, I thought, "Hey, this would look great on her, I want to see this crossover!" So, I decided to have a bit of fun and this is the result.

[targarrus]

creator/ destroyer

[veritablenonsense]

sctir is such a good story if you're obsessed with worldbuilding Implications because yoojin is also Constantly thinking about that stuff. He's just a (previously) regular guy who has to live in this weird urban portal fantasy world so he cares about stuff like tax brackets and zoning laws and fair contract-writing and alternative uses of everyone's crazy supernatural powers. I can't count the number of times I started thinking "wait, couldn't you-" only to have it answered the next sentence. When his internal monologue mentioned dungeon resets being used for public waste disposal i practically cheered

[crispyliza]

It's a blessing actually

[taygra5shaon]

@hellothisisangle , thanks you for giving us the template for this! and thanks you @kawareo for giving me the idea to do this (saw your version with Strike, and I love it, so, thanks)

It's a bit of a interesting concept to make, so, when I saw this challenge, I couldn't resist, so there they are!

first of all, as you see, green and red are HUGE part of all of version of Jacq (because I love those color). the colors topical of the races are a bit off, because Bhaal know shit about them.

His background doesn't change, he is raised by a human woman and a hobgoblin for 6 years until the cult take him back. he still became a druid after the tadpole (part of my canon), but the classes before it are differents.

His personality doesn't change a lot, but there are parts of it that got more prominent depending on the race.

here we go:

Lolth-sworn Drow: (cleric of the death domain) similar to his tiefling form, he is a pretty big guy, his skin is a weird shade of green, very different from the others drows. he's a bit more calm and suave than the original version.

Forest Gnome: (ranger gloom stalker) this little guy he's the most composed of them all, and the most malicious. He is quite tall for a gnome, but all version of Jacq are quite bigger than the normal, so is to be expected.

Ghit: (monk of the way of the shadow) this little shit is sassy, and is not afraid to show it. as a ghit raised in Baldur's Gate, a lot of people were curious about him, but this version of Jacq is an isolationist, he just disappeared when people got to close (the society of brillants wanted to study him, but it didn't go well).

Human: (paladin oathbreaker) oh, he was a paladin of Bhaal, before the tadpole, and after that, without even knowing, became a oathbreaker because he is nice with people. he is like the original version, even if a bit more grumpy.

Orc: (sorcerer draconic bloodline) same as the original version, but more chill. he is a mountain of an half orc, really intimidating but nice guy inside.

High Elf: (bard of the college of swords ) ohhhh, he is charming as hell this guy, and a bit arrogant. he prefer the violin and the arp as instruments, and he is a good dancer. he is the least bigger of them all, but he is freaking tall and creepy.

Mountain Dwarf: (rogue assassin) found it funny that he is a REAL cannibal, because is a dwarf who eat others dwarfs , lol. he is a proud little guy, who stab people just because. Gale go crazy because of that.

Black and green Dragonborn: (barbarian berserker) should I explain how this motherfucker is a big intimidating machine of death ? the biggest Dragonborn in circulation, he can transform in a real dragon if he want, and he bite. it became a competition with Astarion for how many people they bite.... he is very intelligent despite been barbarian.

so, here we are.

[grey-wardens]

I won't lie - losing the eldritch blasts and the hexes took some getting used to. Nothing but void where once there was hellfire. So I stoked new fires in myself using the lessons my father once taught me.

[voltaical-art]

im sick of drawing high fantasy fashion

[chronurgy]

Gortash designs and builds mechanisms so I imagine he has to be able to sketch fairly decently in order to sketch his projects and designs. And I'm imagining a pile of charcoal sketches of Durge, done over their entire acquaintance, starting out with sketches of them in battle and then slowly becoming more detailed and intimate and as they do, the titles changing from things like "The Bhaalspawn" and "Bhaal's Chosen at Their Bloody Work" to "The Chosen in Contemplation" and finally just Durge's name

[emperorsgf]

alternate classes shadowheart the shadow monk “punching people’s lights out in the name of shar.”

[mattelektras]

the horns aren't so bad, i guess. maybe a bit of wax could spruce them up.

[itsafreetrialofdeath]

multiclassed!

[unitedfrontvarietyhour]

Billionaires shouldn't exist at all, let alone running our entire society.

(Pt.1)