This Is, Ahem, Unusual: Autotrader Insiders Borrowed Money To Pay Themselves A $400 Million Dividend

A handshake in the shadows

Autotrader is about to IPO and it’s warned future shareholders that credit limitations will restrict it from paying out a dividend.

That’s normal.

What’s not: Just three months ago, Autotrader insiders borrowed as much as $1.3 billion in order to pay themselves a $400 million dividend.

Fortune’s Dan Primack, who publishes a must-read email every morning, has the full, weird story.

Go read it.

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