While everyone has been debating over the last three months, whether or not, Mitt the pitts, would be the GOP nominee (an item we have been telling everyone for years - that it has been planned for a decade). Meantime, Rmoney continues his Robber Baron ways extraordinaire, fleecing his own party and rigging the nomination. The right wants to elect a wrong. A Vulture Capitalist who founded and ran an organized criminal empire named Bain.
Meanwhile, we will continue to provide you with tidbits of the real pitts. The Romney who is a bad business man as a producer of products or companies, other than his entity Bain; which is a genius entity at committing federal fraud.
Today, we focus on the big Win Win for Romney, Bain and various entities that lost Mattel Toys $1 Billion. It is called "The Learning Company" and there remains many unanswered questions - even today - of the debacle.
How to Lose Billions of Dollars and give away a company
It was a company started by educators Teri Perl, Anne McCormick, Leslie Grim who, in the age of APPLE, thought they had a profitable and entertaining way to teach children. They were also joined by one person fresh from ATARI (WArren Robinett).
Wikipedia denotes those facts and then concludes that Mattel acquired The Learning Company from 1%'r Oleary. But this is not true. Recently, as if Wikipedia was in on helping protect Mitt Romney and Paul Traub, many things have been pulled down, changed or speciously not mentioned.
Here's the Wikipedia link (here) = that states;
Mattel purchased the company in 1999 for $3.8 billion from entrepreneur Kevin O'Leary, renaming it "Mattel Interactive", in what has been called one of the worst acquisitions in corporate history. Mattel sold Learning Co. to Gores Technology Group, receiving $27.3 million for the unit.
Law firm MNAT merges Bain's Learning Company with Mattel
A Delaware law firm, Morris Nichols Arsht & Tunnel ("MNAT") - was involved with the merger of The Learning Company with Mattel. MNAT also works for Bain and Goldman Sachs issues in Delaware. The merger is labeled as one of the worst deals in history. As denoted by Stanford Law School Securities Actions (here) that states;
Mattel Inc. on Thursday closed the books on what has been called one of the worst acquisitions in corporate history, announcing a $122-million settlement with shareholders over its ill-fated purchase of Learning Co. --
Mattel bought the software company in 1999 for about $3.5 billion, a price that many observers considered too steep. As the unit began to bleed money, ultimately costing Mattel more than $1 million a day, the company's stock began to crumble, eventually falling more than 65%.
Mattel immediately began bleeding and losing $1 million per day and actually gave away The Learning Company to Gores Technology Group. A few years later, Gores paid Mattel $27 million. What a bargain huh. Especially given the fact that The Learning Company grosses $750 million per year. As denoted on Gores website;
ACQUISITION OF THE LEARNING COMPANY BY GORES TECHNOLOGY COMPLETED.
LOS ANGELES -- October 19, 2000 -- Gores Technology Group (GTG) today said that it has completed the acquisition of The Learning Company, a world class developer and publisher of innovative, interactive technology tools, from Mattel, Inc. (NYSE: MAT). Gores Technology is a leading privately held international acquisition and management company.
The Learning Company is the second largest consumer software company in the world, after Microsoft. The company has a number one market share in the U.S. in the education and productivity sectors. The Learning Company has approximately 1500 employees worldwide. Fiscal 1999 revenues were $ 750 million dollars. Products are distributed using a multi channel approach that includes retail, direct marketing, OEM's, the Internet and schools. Included under The Learning Company umbrellas are three divisions: Entertainment, Productivity and Education. Its titles include: "Reader Rabbit's", "Carmen San Diego", "Print Shop", "Myst", "Chessmaster", and "Pokemon."
Hidden Secret of Bain/ Romney associates involvement in Merger
As previously mentioned, the Bain and Goldman Sachs law firm of MNATwas involved in the merger of The Learning Company with Mattel. Though there is a major effort and specious campaign to yank the proof of all this down from the web - we've kept a copy. You can the actual signing at this link (here).
Everywhere you go, there's less and less of the previous boasts and brags by Bain that it owns this or that. They can go through sort of a stall/ stale period of business profiteering and acquisitions etc; because they believe Mitt the pitts will get into the White House and their shark frenzy feeding can begin.
So, this leaves me with general lack of proof. The merger transpired, Mattel lost billions and Bain was involved. Though the great, purported 100% with integrity WikiPedia keeps pulling down, changing or leaving out relevant issues on Bain/ Romney and Paul Traub etc. WE ARE still blessed that the web is so large - that they can't get everything. Here, we are not only blessed with proof, an actual Smoking Gun of sorts. We also can demonstrate - by Bain's own "lack of remarks" - their intent to conceal.
Chicago Tribune Listing Bain and The Learning Company details hidden - stating;
Debt retirement: Learning Co., the troubled software company, said it will retire $150 million in debt by issuing preferred stock to financiers Thomas H. Lee Co., Bain Capital Inc. and Centre Partners Management LLC. Lee, Bain and Centre will buy a $150 million issue of Learning Co.'s 5 1/2 percent senior convertible notes from the Tribune Co., the software company's largest shareholder. The financiers will pay about $123 million for the notes, then surrender them to Learning Co. for preferred stock.And, of course, Romney and no one man can handle all this by themselves they must have persons to handle transistion, attorneys to handle contracts, accountants and - most importantly - Chief Executives of the entities - who go with the flow. As can be seen at this Blog "Schoolingintheownershiptsociety" - it denotes the fact that Romney/ Bain and Michael C Perik / CEO of The Learning Company - are happy with each other. Stating;
Said Perik, at the time, "I am also pleased to be able to work again with Bain Capital. First at The Learning Company, then at Houghton Mifflin, and now at The Princeton Review, I have been impressed by the firm's ability to identify market leaders and its skill at building lasting value for all the stakeholders.".
That website leads us to Bain's own website (here) that mentions The Learning Company and tries to stay silent on all the other issues germane. That states this bland - no comment remark;
The Learning Company
The Learning Company is a recognized leader in educational software and adventure games that engage children of all ages as well as adults who grew up solving cases with Carmen Sandiego and fording rivers along the Oregon Trail. As learning tools are becoming increasingly adaptive and immersive, The Learning Company has combined its rich heritage and proven approach with the latest technology to make learning fun for students, teachers, and parents.
The Learning Company was acquired by Mattel Inc. in May 1999.
Romney/ Learning Company and Many Unanswered Questions
Thus, one has to ask the question that begs "Why are they hell bent to hide such cases as this"? Because Bain and Romney cannot brag about making millions and billions while our public companies such as Mattel losing millions and billions. Because MNAT, one of Romney/ Bain's beneficial law firms, has to keep up the lies it told in the eToys case. Where it failed to disclose connections to Bain, Mattel and Goldman Sachs. Though MNAT did half ass lie by confessing that it was connected to The Learning Company (after all it is a Public SEC record). MNAT lied and left the candid facts out that it was also connected to Bain, Goldman Sachs and Mattel.
On the TOWNHALL website story "Democrats Pretty Excited to Bludgeon Romney and Bain Too" (here) - it denotes the fact that the Bain movie by Newt has served a Red Herring purpose to handle the exposure that Mitt Romney has on such cases as The Learning Company and eToys. Come August the Bain issues is to be considered old news. But, some Democrats are expected to hold the tiger by the tail - as TOWNHALL states;
[Democratic strategists] acknowledge that they planned to roll out the Bain angle later for a reason, they find it pretty hard to contain their grins overall. “I would have preferred to wait, yes, to keep the bottle of whup-ass fresher,” one Obama campaign strategist told TPM. “At the same time — and this is important to note — having the Republicans eat their own actually makes the Bain story more potent than we ever could because it instantly validates it as a line of attack and falls on independent ears as a matter of legitimate debate, not as a partisan line of attack.” "[Bain is] a general election issue for independent and swing voters in places like Ohio, Michigan, Pennsylvania, and Indiana,” a senior Democratic strategist told TPM. “We were shocked that his rivals went there but nonetheless pleased because now the charges about his status as a corporate raider enjoy the lustre of bipartisan ship.”
Referencing Talking Points Memo - Townhall websites states;Once Democrats decide its time to make their ultimate Bain push, they’ll have the resources to flood the zone with TV spots, direct mail (likely referencing Bain layoffs in targeted swing states), and a small army of Democratic lawmakers and operatives reinforcing the story 24/7 on cable news.As I've told everyone here and throughout the web from the beginning. Mitt Romney's Bain entity is an Organized Criminal Entity that engages in fraud and corruption of our federal systesm of justice. This country has never knowingly elected a Al Capone/ Robber Baron Pirate type as President.
However, if we do not find it within ourselves as a nation - to denote the facts apropos and large - chances are we will cross that precedent line.
For there are crimes in The Learning Company case that no one has ever addressed.
How was Mattel stupid enough to Lose $3 Billion dollars?
Were the Books Cooked?
Or were they just plain Dumb?