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MichMan

(13,522 posts)

8. It failed under his watch too

Reply to LuvLoogie (Reply #7)

Fri Dec 20, 2024, 11:38 PM

Friday

Mandell lost control of the company he founded in 1999 — three years after taking the company public. He had blamed the then-CFO for not tracking inventory correctly, leading the company to not file a 1998 audit on time.

That caused its shares to crash, and investor Michael Tennenbaum took control of the business for a relatively low price after it was delisted.

So, when it went public, he likely enriched himself with the proceeds, and then when things fell apart under his watch, blamed the management team that he had hired, while the stockholders took massive losses. Mandell was fired by the Board of Directors

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SheltieLover

13 replies

= new reply since forum marked as read

Highlight:

wow. All Party City stores shut . ending pay and benefits immediately (corp employees, right before Christmas. HARSH!! [View all] BlueWaveNeverEnd Friday OP

Rat bastards....nt wcmagumba Friday #1

sure, the CEO Litman made 2.8 million in 2023, best interests of the company? another asshole CEO Shellback Squid Friday #2

That's what... 2naSalit Friday #3

""That is without question the most difficult message that I've ever had to deliver," Litwin said raccoon Yesterday #11

Was this a many times leveraged private equity buy/sell Klarkashton Friday #4

Searsed and Kmarted to death after being raped of its assets ?. magicarpet Friday #5

All the more reason why we need a Universal Basic Income in the US. n/t area51 Friday #6

Private Equity are the skimmers and takers. The bloodsuckers feeding off of human enterprise. LuvLoogie Friday #7

It failed under his watch too MichMan Friday #8

My husband worked for them for a couple of years MANative Yesterday #9

Is this a shock! I haven't been on a Party City store in 30 years. 33taw Yesterday #10

Republicon-style management screws the workers BoRaGard Yesterday #12

It's not 1999 anymore. JanMichael Yesterday #13