Just one day after billionaire George Soros was accused of trying to bribe the cousin of his Brazilian super-model ex, Adriana Ferreyr, with $250,000 to convince her to drop her lawsuit against the octogenarian, he’s already on to bigger and sexier purchases. No, not that pot legalization thing again.
George Soros plans on saving American Apparel and making sure we do not run out of underfed models in tube bras.
Things had been looking bleak for Dov Charney, the founder of American Apparel and its 70s porn aesthetic. His company was set to go bankrupt as recently last year, until a recent promise of an influx of cash by Boston-based Crystal Financial, which is looking to extend Bank of America’s $75 million loan to the company by buying the terms of the credit. Crystal’s lead investor is Mr. Soros’ and his hedge-fund.
(Ron Burkle tried this maneuver last year, offering to take over the $75 million credit from Bank of America, but was blocked by Lion Capital, a British-based bank that hold the terms to a $90 million loan for AA. Capital declined, fearing that Mr. Burkle would try to take over American Apparel…though why that would be any worse than Mr. Soros doing so is anyone’s guess.)
At any rate, this is great news for Mr. Charney, who now appears not to be near bankruptcy, thanks to an increase in sales. (Baby clothing was a great idea for the company, though woe to the mother who shops for her child at the same place she buys her neon-colored unitard and sparkly leggings.)
Hey, maybe Mr. Soros and Mr. Charney can bond over being sued by mobs of angry women.
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