But, why would someone do that?
Moreover, I contend that to fully understand what happened here, one has to go back in time. Although, there is more to this story than has been disclosed to the public, that doesn't make it impossible to first deconstruct then reconstruct what happened.
TMPS needed to lease a plane. So, they found a company that could do it. It just happened to be one of Johan's business interests.
Given the need for modifications on the plane, TMPS enters an option to buy agreement since after modifications the plane would be altered beyond its original configuration.
Not withstanding any alterations for purposes of government would be costly and/ or impossible to reverse. So, this is vetted and approved by Johan with the clause that the option to buy would be triggered if payments were not paid as agreed.
This clause needed to cover any and all contingencies with respect to recovery of the plane asset plus an added benefit of controlling interest of TMPS upon default of the agreement.
Using the Toxic / Predatory Lending model, Johan gains extreme leverage over TMPS with full approval of its Board of Directors.
So, why did TMPS place the loss of control of the company at risk? Some would say they had no choice, no choice. TMPS must have been quite desperate to enter into such an agreement. It could be that they told the government something that wasn't quite true, then has to make good on it. And, Johan and his business interests made it possible.
I could go on and on. Suffice it to say, that this "Billionaire" who gets such praise and adoration, plotted and executed a scheme to takeover this company that reached out to him in desperation. And, he exploited it every step of the way.
Can wait for fired and shamed directors to tell what really happened. But, most of us already know that by the turn of recent events.
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