Blue horseshoe loves Simmons Bedding

In this case, the role usually played by Michael Douglas will be played by Thomas H. Lee Partners of Boston.

Simmons bedding is a 133 year old company that THL bought in 2003.

They are now imploding, costing bondholders millions - but THL has profited hansomely.

They've done so using practices that make no sense to a business interested in continuing to make mattresses, but make lots of sense if you're a private-equity firm interested in gutting the place for your own enrichment.

Twice after buying Simmons, THL borrowed more. It used $375 million of that money to pay itself a dividend, thus recouping all of the cash it put down, and then some.

A result: THL was guaranteed a profit regardless of how Simmons performed. It did not matter that the company was left owing far more than it was worth, just as many people profited from the mortgage business while many homeowners found themselves underwater.

Investors who bought that debt are getting virtually nothing in the new deal.

Same old Wall Street - they get theirs and everybody else gets the shaft.