.
Consider this a follow-up dairy to An SEC Action I Missed [Update] by Marie2.
Was Mitt Romney Running His Own Bankruptcy Ring?
After looking at some of the companies Bain Capital managed and eventually bankrupted, a pattern develops that begs the question; did Mitt Romney & Bain Capital own a bankruptcy ring consisting of Jack Bush, Barry Gold, Paul Traub, and Michael Glazer?
Matt Taibbi’s Rolling Stone cover story, “Politics: Greed and Debt: The True Story of Mitt Romney and Bain Capital,” provided a description of how Romney leveraged companies with debt, zero assets, and eventual bankruptcy. Taibbi briefly mentioned KB Toys as an example of Bain Capital’s practice of taking out millions of dollars in cash, adding millions more to the company’s bottom line, and leaving creditors claiming Romney’s team was “breaking open the piggy bank.” If Taibbi had delved deeper into Romney’s record, he would have discovered that besides KB Toys, his incestuous bankruptcy team also were involved in Jumbo Stores, Stage Stores, FAO Schwartz, and eToys bankruptcies that always worked for Bain’s benefit and left investors and creditors with nothing to show for their trouble.
Jon E. Abramczyk, partner at MNAT, successfully represented Bain Capital, Vornado and KKR in the Court of Chancery litigation challenging their acquisition of Toys-R-Us, and recently served as co-lead counsel to Pan American Energy, Inc. in a jury trial in the Superior Court.
Papers imply Bain, others partnered in bid-rigging conspiracy
