Mitt is in the deepest of trouble................

I'm not clear on how the toy company became "insolvent."
The pdf file I linked says,

The Transaction was effectuated at a time when the Potential Defendants not only knew the [sic] that the economy was heading deeper into recession, generally, but that the toy industry and, more specifically, the Debtors' business, was in the midst of a downward trend. It appears that the Transaction was effectuated during the zone of insolvency or when the Debtors were insolvent, or, alternatively, the Transaction rendered the Debtors' insolvent.

Transaction = KB Toys using cash on hand plus loan proceeds to purchase KB stock from Bain and KB Toys insiders, and to give loan forgiveness and pay bonuses to KB Toys insiders,

Debtors = KB Toys,

Potential Defendants = Bain plus former KB Toys insiders.
 
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People have already seen this video and they don't care, everyone already knew Romney was rich and was a corporate CEO. 15 houses won't harm him either, many Republicans love that kind of greed, they wish they could live that way. That's one of the reasons why my mother is voting for him because she loves pompous rich people.

Nothing wrong with being rich. I think talent, hard work, smarts or whatever makes some individuals special means they deserve all of the extras they get.

But, people that use and abuse and leave misery behind to line their pockets, that is a whole other story. Technically legal doesn't necessarily mean moral or ethical. There SHOULD be some places a leader of integrity won't go. I think character is more important even than intelligence. Fortunately Ron Paul overflows with BOTH attributes.
 
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I just looked at the CPPIB management team. Lawyers and bureaucrats. Not a single one with a direct line investing job history and yet they control billions in Canadian employee pensions. Amazing. Probably all have their jobs due to politics. Sad. The people whose pensions are managed by these jokers are not well served.
 
When I think Mitt Romney I think Crony Capitalism. Not free market capitalism!

Yep, Mitt is a sell out. Nice enough fellow at a superficial level, but it is all about Mitt.

He lost me at "double Guantanamo ". Also, when he compared his sons working on his campaign to military service.

He also sees Iran as an existential threat. The MIC loves him.
 
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When I think Mitt Romney I think Crony Capitalism. Not free market capitalism!

Me too.

Success is something to be proud of. Being rich because you've used, abused or conned...that isn't success. You've sold your soul.
 
This video makes me like Mittens. Something is wrong. I need to go take a shower.
 
If you run up your credit cards right before declaring bankruptcy the bank can attempt to prosecute you for fraud. Isn't Bain doing essentially the same thing with the toy company? And, if so, why aren't the claimholders going after Bain for fraud?
 
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If you run up your credit cards right before declaring bankruptcy the bank can attempt to prosecute you for fraud. Isn't Bain doing essentially the same thing with the toy company? And, if so, why aren't the claimholders going after Bain for fraud?
Big Lot Stores filed suit against Bain and the some of the officers of the KB Companies for $45++ million, the amt of the note they took as part of the sale. The Court dismissed the suit. Don't know if the banks sued,

Court of Chancery Dismisses Complaint Because a Creditor Erroneously Asserted Derivative Claims as Direct in the Hope of Escaping Bankruptcy Court Jurisdiction
http://www.delawarebusinesslitigati...pe-of-escaping-bankruptcy-court-jurisdiction/

Big Lot Stores, Inc. v. Bain Capital Fund VII, LLC, C.A. No. 1081-N, 2006 WL 846121 (Del. Ch. Mar. 28, 2006).
http://courts.delaware.gov/opinions/(aiaezg55onf43q55l3rbkk45)/download.aspx?ID=73930
 
Update:
http://www.myfoxchicago.com/dpps/ne...-film-inaccurate-dpgonc-20120114-gc _17056648

Workers Call Bain Capital Film Inaccurate

Updated: Saturday, 14 Jan 2012, 11:15 AM CST
Published : Saturday, 14 Jan 2012, 11:15 AM CST

(The Wall Street Journal) - Three former factory workers featured in a film about layoffs at companies bought by Mitt Romney's Bain Capital say they weren't laid off by Bain, as the film implied, but got promotions and raises after Bain bought the plant they worked in.

The workers' charges of inaccuracy involve "When Mitt Romney Came to Town," a 28-minute film also known as "King of Bain." The film has become a focal point of the Republican presidential race in the past week. It was cited by rival Newt Gingrich at a televised debate last weekend and has been posted online by Winning Our Future, a group supporting Gingrich's candidacy. The group is also airing ads in South Carolina cut from the film.

Some Republicans are worried that Gingrich and other GOP candidates questioning Bain's work are adding credibility to similar attacks leveled by Democrats seeking to undermine Romney. On Friday, Gingrich called for Winning Our Future to address concerns about the movie.

"I am calling for the Winning Our Future Super PAC supporting me to either edit its 'King of Bain' advertisement and movie to remove its inaccuracies or to pull it off the air and off the Internet entirely," Gingrich said in a written statement.

Winning Our Future senior adviser Rick Tyler said that after reviewing a partial transcript of the taped interviews, the organization stands by the account presented in the film, but that it is reviewing the full interviews from which the movie was made to be sure the context is correct.

The film profiles four companies acquired by Bain and portrays the corporate restructurings that followed as a "cash rampage" that "would ultimately slash jobs in nearly every state in the country."

Mike Baxley and Tracy and Tommy Jones worked at UniMac, a washing machine plant in Marianna, Fla., that Bain purchased in 1998. They are three of the seven workers named in the film and the only ones mentioned in the Marianna segment.

The film presents the workers as saying that after Bain bought the plant, the company cut costs at the expense of product quality and worker welfare, and that they lost their jobs.

In fact, the company was sold by Bain to Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan, in 2005. It was the Canadian purchaser that oversaw the Florida plant's closure and the shift of its operations to Ripon, Wis., in 2006.

During Bain's ownership, the three employees each received multiple promotions, they said. After the plant closed, Jones said, he landed a consulting contract with UniMac's parent company, helping to coordinate the move of that plant and another in Florida. He, his wife, Tracy, and Baxley parlayed that work into Washers-R-Us, a commercial washing machine sales-and-service business in Marianna.

"I guess I have to apologize to Mitt by voting for him. I certainly won't vote for Gingrich," said Baxley. He said he had received two promotions and a 30 percent pay increase while Bain owned the UniMac plant, a unit of Alliance Laundry Systems LLC.

Baxley and the Joneses said they were approached in September by John Burke, who said he was a private producer from Baton Rouge, La., making a documentary about factory closings throughout the US, Baxley said.

Calls to Burke on a cell phone number Baxley provided weren't returned. Tyler of Winning Our Future said he didn't know who John Burke was and that the group had purchased the movie from an independent filmmaker named Jason Meath. Meath couldn't immediately be reached for comment.

Baxley and the Joneses had lunch with Burke, who initially seemed uninterested "in our success story," Baxley recalled.

A week later, Baxley said, Burke returned to Marianna, interviewed the three former workers on camera and paid them with Visa gift cards.

When he saw the film this week, "I was shocked," Baxley said.

The three former workers still do business with the Wisconsin factory, and "this could affect us negatively there," Baxley said.

Read more: The Wall Street Journal
 
This is not the path we want to take. RP has already come out against this line of attack in a Cnn interview I think.

I agreed with Ron Paul when he came out against this. Ron Paul was basically defending capitalism but Ron Paul has to be careful and like he did recently in an interview were he pointed out that he does not know the details of Bain's dealings but rather Ron Paul is condoning restructuring of a business. If some of these dealing of Bain are true it would be bad to defend them. I look at such dealings as bordering on criminal fraud when your endgame is to take the company to bankruptcy.
 
I agreed with Ron Paul when he came out against this. Ron Paul was basically defending capitalism but Ron Paul has to be careful and like he did recently in an interview were he pointed out that he does not know the details of Bain's dealings but rather Ron Paul is condoning restructuring of a business. If some of these dealing of Bain are true it would be bad to defend them. I look at such dealings as bordering on criminal fraud when your endgame is to take the company to bankruptcy.

Exactly. Ron has got to start using the words "True Capitalism" and "Crony Capitalism" and defining the difference. As an older gentleman who spends a lot of time in Washington, DC he is hard wired to defend capitalism against liberals and socialists. This is a good thing. The problem is there are crony capitalists and good capitalists. He knows the difference he just needs to speak of it more.
 
Romney is a cat and has nine political lives. When you look at his voting record, it is inconceivable how he can be considered a conservative based on principles set forth in the Constitution.
 
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