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A toy company pays the 2002 Salt Lake Olympic Committee (SLOC) a million dollar licensing fee for the rights to produce and sell stuffed animal likenesses of the Olympic mascots.  

The SLOC makes an honest mil, and children everywhere smile.

But when the CEO of the licencor is the CEO and owner of a company with an ownership stake in the licencee, and when both of those CEOs are named Mitt Romney, you know there is a bigger story there, and you know that things are about to get interesting.

September 25, 1999
By Jerry Springer
Desert News Staff Writer

Mattel To Bring Mascots to Life
Toymaker signs on as Licensee for 2002 Games

On Friday the Salt Lake Organizing Committee, announced that Mattel, the renowned maker of such toys as Barbie, Cabbage Patch Dolls, Chatty Kathy, and Hot Wheels, has signed on as a Games Licensee.  The deal guarantees SLOC more than $1 million in advance payments from sales royalties.

"There is no better company than Mattel to help us bring the Olympic Mascots to life for children of all ages." Said SLOC President Mitt Romney.

Romney said SLOC was immediately drawn to Mattel because of the company's worldwide reputation and an existing distribution network rivaled by no other toymaker.  "To have a toymaker of Mattel's stature is a great benefit" Romney said.  "They are a premier manufacturer."

http://news.google.com/...

What Mitt Romney neglected to mention on September 25, 1999 was his own personal ownership stake in Mattel, and the not quite so plush and cuddly story behind it.

Below the orange indictment we'll help #retroactively restore the record.

Quick Version:

Short Version:
1997 Bain and others acquire principal stake in The Learning Company (TLC)
1998/12 Mattel Toys announces $3.8 billion purchase of TLC
1999/02 Romney leaves Bain for the Olympics
1999/05 Mattel/TLC Merger is completed
1999-2000 Mattel bleeds money
1999/09 Mattel signs on as sponsor for the Olympics
2000/02 Mattel CEO resigns over TLC debacle
2000/04 Mattel walks away from the near worthless wreckage of the The Learning Company
2001-2002 A whole bunch of cool Mitt Romney commemorative Olympic pins are released to the adoring public.

Long Version:
1980
The Learning Company is founded

1984
Bain Capital Inc. is founded.  W. Mitt Romney is sole shareholder and controlling entity

1997/08/26
Romney and Bain to acquire stake in The Learning Company

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... The financiers will pay about $123 million for the notes, then surrender them to Learning Co. for preferred stock.
http://articles.chicagotribune.com/...
  • Lee's contribution is $75m, Romney/Bain's is $28m and Centre's is $20m.
  • Romney/Bain's $28m is equivalent to 22.7%, which will be used below to determine their post-merger position in Mattel.

1997/12/12
SEC Filing
http://www.sec.gov/...Lee, Bain, and Centre Purchares will acquire common and preferred stock and seats on the TLC board of directors.
1998/12/14
Press Release
Toy maker Mattel today said it will acquire educational software maker the Learning Company for $3.8 billion in stock.
http://news.cnet.com/...
CNBC will later list this as
one of the 5 Worst Mergers of All Time
Mattel has remained a childhood staple for decades, and in 1999, it attempted to tap into the educational software market by scooping up almost-bankrupt The Learning Company (creators of great learning-is-fun games like Carmen Santiago & Myst).

Less than a year later, The Learning Company lost $206 million, taking down Mattel’s profit with it. By 2000, Mattel was losing $1.5 million a day and its stock price kept dropping. The Learning Company was sold by the end of 2000, but Mattel was forced to lay off 10 percent of its employees in order to cut costs.

1998/12/15 - 1999/02/11
Mitt Romney, by virtue of his control of a seat on the board of directors of The Learning Company, either is or is not actively participating in the Mattel/TLC merger process.   Any information about Romney's participation in the merger would be more than I have now, which is zero.

1998/12/22
This SEC 13D filing documents the acquisition of beneficial interest in Mattel by Lee, Bain, and Centre, notes their voting their shares in favor of the merger, and requiring them to maintain ownership of their shares until completion of the merger.

General statement of acquisition of beneficial ownershipAcc-no: 0000898430-98-004512 Size: 46 KB
(3)...the Lee and Bain Stockholders have agreed to vote the 572,315 shares of TLC Preferred Stock (convertible into 11,446,300 shares of TLC Common Stock) over which they have voting power in favor of the Merger Agreement

(4)  ...the Lee and Bain Stockholders may not dispose of the [shares] that are directly held by them until the consummation of the Merger or the termination of the Merger Agreement.

1999/02/11
Mitt Romney is announced as CEO of the 2002 SLOC Olympic Games.
He remains sole owner, CEO, etc. etc. etc. of Bain Capital

Nevertheless,

Romney will have to sever ties with any companies that do business with the games. Bain Capital has ownership stakes in many companies and Romney serves on various boards of directors.Kristin Moulton, AP
1999/02/12 - 1999/05/13
This is the period between Romney's stepping on as CEO of the Olympics and the completion of the Mattel/TLC merger.   The fundamental question for this three month period is:  "Did Mitt Romney participate in Mattel/TLC merger process between February 12, 1999 and May 13, 1999?  

1999/04/19
Mattel/TLC Joint Prospectus

1999/05/13
Mattel/TLC Merger is completed.

Mattel, Inc today announced that it has completed its merger with The Learning Company, and that The Learning Company is now a division of Mattel.
http://www.datamonitor.com/...
1999/06/22
This date brackets Bain ownership in Mattel as a 'key financial investor.'  My source is secondary as linked in the blockquote.   The uncited reference to the primary source is quote "On 6/22/99, Bear Stearns issued a report "Initiating Coverage" on Mattel by Jacobson."
Signs that The Learning Company Integration Is Going Smoothly. Investors continue to worry about the possibility of a [sic] unforeseen blow-up as Mattel moves to integrate The Learning Company, which was acquired in May 1999. We think these concerns are overdone.
...
Finally we also like that key financial investors in TLC, Thomas H. Lee Company, Bain Capital and Centre Partners, have 18 million Mattel shares and show no indication of wanting to sell. Looking at the long-term big picture, we are enthusiastic about the long-term implications of Mattels diversification-minded acquisitions, which should reduce the companys dependence on any one brand in the future. We would also note that TLC sell-through trends are picking up with sales in April up 25%, according to PC Data
http://www.whafh.com/...
1999/06/22
I think I now have enough information to estimate Romney/Bain's stake in Mattel based upon three factors:  
  1. the 18 million shares held by Lee/Bain/Centre above
  2. Bains fractional ownership relative to Lee and Centre pre-perger = 22.7%(Lee:9,146,340;Bain:3,414,640;Centre:2,439,020;Total=15,000,000exact;)
  3. Mattel closes at $24.14 on June 22, 1999

18,000,000 * 22.7% * $24.14 =

$98.6 Million

===

Another way to arrive at an estimate of Romney/Bain's position is as follows.  SEC filings state that

approximately 126 million Mattel common shares were issued in exchange for all
shares of Learning Company common stock outstanding as of the merger date.
Romney/Bain at 22.7% of 18 million shares would hold about 4.1 million.   Those 4.1 million represent about 3% of the 126 million shares noted above.  The stock merger was noted to be values at about $2.8 billion.   3% of 2.8 billion is about 84 million, placing this estimate well within range of the $98.6 million tallied above.

1997/07/22
Mattel Press Release (as cited in SEC Filing)

"Our U.S. business was up 5 percent in the quarter, driven by
increases in Fisher-Price(R), American Girl(R), Mattel Media and The
Learning Company
," Barad said.
...
"And, as we expected, The Learning Company is producing above average
growth in both revenue and margin, which was one of the reasons this
merger made so much sense for Mattel.

http://www.sec.gov/...
1999/08/16
Mattel releases report for the 2nd Quarter of 1999
(SEC Filing)

http://www.sec.gov/...

1999/09/25
The Salt Lake Olympic Committee and Mitt Romney announce that Mattel Toys has signed a contract as an official licensee for the 2002 Winter Olympics.

1999/12
Mattels loss for the 4th quarter is $184 million, "again primarily due to sales declines at The Learning Company." http://www.tuck.dartmouth.edu/...

2000/02/03
Jill E. Barad resigns as CEO of Mattel Toys

There is nothing I can say to gloss over how devastating the Learning
Company’s results have been to Mattel’s overall performance.
 Because
there must be accountability, I and the board agree that I must resign today
as chairman and chief executive and from the board.” – Jill E. Barad,
Former Mattel CEO, Conference call with analysts on February 3, 2000
http://www.tuck.dartmouth.edu/...
2000/04/03
Mattel to Ditch The Learning Company
Call it a learning experience. Mattel said today that it is looking to sell its interactive software unit, The Learning Company, which the toy maker had characterized as a distraction and blamed for disappointing 1999 earnings, less than a year after buying it.  http://www.forbes.com/...
2001/08/08
"Are we there yet Mitt?" commemorative Olympic Pin released to the adoring public

2001/10/31
"Keep Pulling Mitt" commemorative Olympic Pin released to the adoring public

2002/01/01
"Happy New Year Mitt" commemorative Olympic Pin released to the adoring public

2002/02/14
"Hey Mitt, We Love You" commemorative Olympic Pin released to the adoring public.

Notes & Credits:
I took a moment this morning to look for any relation between Bain and sponsor Mattel.  I quickly found this giant monster under the bed.   I'm still not even close to understanding what this all means but getting the timeline out there will allow the dates and documents to be filled in as we go.   I was going to credit an earlier diary for my inspiration, but on reread of that particular diary and its back-links I won't mention it at all.

Postscript:
The Olympic commemorative pins are authentic.  I don't believe they were made by Mattel but by a different vendor.  There's even one for sale on Ebay right now.   Credit to many of the images here goes to Ken Bullock, who has this to say about them:  

Ken Bullock scoffs at what he calls "the Superman" pin, which features Romney "with a Clark Kent chin," wrapped in an American flag.

"I don't know how to put words to describe how narcissistic they are," Bullock says.
http://www.npr.org/...

.   If I'm using them without copyright permission the 2002 SLOC Olympics and Super Mitt are welcome to sue me.

8:52 PM PT: Re-worded title, to make it clear Bain owned part of Mattel, not the other way around.

Mon Jul 16, 2012 at  7:20 PM PT: I just found a secondary reference in a legal filing that references a 1999/06/22 Bear Stearns report noting Lee, Bain, and Centre as stakeholders.   This is a key date, and a key fact.

Wed Jul 18, 2012 at 12:50 PM PT: Posting changes to the timeline.  

Originally posted to Shuksan Tahoma on Sun Jul 15, 2012 at 06:51 PM PDT.

Also republished by The Bain Files.

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Comment Preferences

  •  Mr. Etch-a-Sketch man still lives. (3+ / 0-)
    Recommended by:
    JeffW, greenbird, sethtriggs
  •  Swell... n/t (3+ / 0-)
    Recommended by:
    greenbird, Paper Cup, sethtriggs

    Float like a manhole cover, sting like a sash weight! Clean Coal Is A Clinker!

    by JeffW on Sun Jul 15, 2012 at 07:02:38 PM PDT

  •  So the question becomes (9+ / 0-)

    How much did Romney benefit from the Olympic contracts he steered to Bain/himself?

    "I was a big supporter of waterboarding" - Dick Cheney 2/14/10

    by Bob Love on Sun Jul 15, 2012 at 07:04:38 PM PDT

  •  Interesting quote: (12+ / 0-)
    Because there must be accountability, I and the board agree that I must resign today as chairman and chief executive and from the board.” – Jill E. Barad, Former Mattel CEO
    It would appear that the titles Chairman and CEO do have some weight and meaning after all.

    Interesting.

    ad astra per alia porci

    by harrije on Sun Jul 15, 2012 at 07:06:40 PM PDT

  •  I couldn't believe (7+ / 0-)

    the pins were authentic -- I kept looking for the "snark" tag.  Can it be that he was looking ahead to further political aspirations by having all those "cute" Mitt pins to back up his assertion that he singlehandedly saved the Olympics (not just the SL Games but somehow by insinuation the entire movement).

    Wow -- thanks for the great diary

  •  Mattel's Official Olympic Stuffed Animal Mascots (3+ / 0-)

    1. Are the ugly pins in this diary official Olympic pins?

    2. What, pray tell, did the stuffed animal mascots look like?
    (anyone have an image?)

    3. How much did Romney make on Mattel's stuffed animal deal?

  •  Amazing research! (5+ / 0-)

    The power of the internet, and for 'we the people' to do research and share like never before!

  •  You asked which investors are Bain... (3+ / 0-)
    Recommended by:
    Shuksan Tahoma, greenbird, semiot
    1997/12/12
    SEC Filing

        http://www.sec.gov/... Bain, and Centre Purchares will acquire common and preferred stock and seats on the TLC board of directors.

    Q:  Can anybody tell if this allows us to determine the approximate total ownership stake of each of these players? [emphasis mine]
    I looked at the filing and am certain that, these are all Bain corporations:

    GROUP MEMBERS:        BAIN CAPITAL FUND V, L.P.
    GROUP MEMBERS:        BAIN CAPITAL FUND V-B, L.P.
    GROUP MEMBERS:        BAIN CAPITAL INVESTORS V, INC.
    GROUP MEMBERS:        BAIN CAPITAL PARTNERS V, L.P.
    GROUP MEMBERS:        BCIP ASSOCIATES, L.P.
    GROUP MEMBERS:        BCIP TRUST ASSOCIATES, L.P.
    GROUP MEMBERS:        BROOKSIDE CAPITAL INVESTORS, INC.
    GROUP MEMBERS:        BROOKSIDE CAPITAL PARTNERS FUND, L.P.
    GROUP MEMBERS:        BROOKSIDE CAPITAL PARTNERS, L.P.

    •  Joshua Bekenstein was on BCIP management cmtte (3+ / 0-)
      Recommended by:
      Shuksan Tahoma, greenbird, semiot
      (15) Joshua Bekenstein, an individual ("Mr. Bekenstein"), as a member of the Management Committee of BCIP and BCIPT;

      (16) Brookside Capital Partners Fund, L.P., a Delaware limited partnership ("Brookside Fund"), by virtue of its direct beneficial ownership of 18,292 shares of Preferred Stock;

      (17) Brookside Capital Partners, L.P., a Delaware limited  partnership ("Brookside Partners"), as sole general partner of Brookside Fund;

      (18)  Brookside Capital Investors, Inc., a Delaware corporation ("Brookside Investors" and, together with BCF-V, BCF-V-B, BCP, BCI, BCIP, BCIPT, Mr. Romney, Mr. Bekenstein, Brookside Fund and Brookside Partners, the "Bain Reporting Persons"), as sole general partner of Brookside Partners;

      So, if I understand this, even if Mitt Romney had divested from Mattel, which he didn't, his buddy and business partner, Joshua Bekenstein, would still have been involved with overseeing a Mattel investment.

      I don't know much about the other names on the list.

    •  thanks for reading that. (4+ / 0-)

      It was easy enough to sort out the Bain Group from the Lee Group and the Centre Group, and the distribution of shares by count and percentage, I figured that much out.

      I figured out that each of the 3 groups earned a seat on the board of TLC.

      What I didn't figure out - is if this document tells us what percent of the TLC preferred, common, voting shares each of these groups acquired.

      Does it collectively represent a controlling interest in TLC?

      When they purchased the Tribune Company's notes, Tribune was the largest shareholder, as quoted above, but that doesn't give a percent the Tribune owned and it doesn't tell what percent of Tribune's ownership it sold to the three.  

      And I have no experience in researching these kinds of things so hints, even how simple, are appreciated.

      thanks again.

  •  McCain's opposition research on Mitt? (9+ / 0-)

    Buzzfeed is claiming to have it and to have posted it here:McCain Research on Mitt

    Flipping through it. It's 200 pages and looks real, but I've never seen opposition research before, so what do I know?

    And I really have to get some sleep.

    It does have a really long section on flip-flops.

    Hope someone can get to this tonight. If not, I'll dig through it tomorrow.

    •  I did find that today in my search too. (3+ / 0-)

      I think there were a couple tangential references to The Learning Company, I didn't find anything immediately germane to this diary.

      I replied to you over in Open Thread.  

      Encourage you to just post it in the morning as a barebones diary with just a couple examples of searches and found nuggets....

      then we'd have it up there as a collaborative resource to work off of.

      sleep sounds good.

  •  I believe the pins may have been made by (2+ / 0-)
    Recommended by:
    Shuksan Tahoma, greenbird

    O.C. Tanner, an official Olympic licensee (go to bottom, then count up four horizontal boxes, and it is on the left. You might also note some of the others...)

    202-224-3121 to Congress in D.C. USE it! You can tell how big a person is by what it takes to discourage them. "We're not perfect, but they're nuts."--Barney Frank 01/02/2012

    by cany on Sun Jul 15, 2012 at 09:43:39 PM PDT

    •  Thanks for following up on that ! (5+ / 0-)
      Recommended by:
      cany, greenbird, semiot, paul2port, sethtriggs

      That list of sponsors and licensees is a diary all in itself, as of course, is the pin story.

      In the sponsor list you quoted above we see:

      Aminco International - Lapel pins and related products
      ...Lake Forest, CA

      O.C. Tanner - Fine Jewelry precious metal lapel pins (USOC Emblems), Fine Jewelry precious metal lapel pins (SLOC Emblems), Other Premium
      ...Salt Lake City, UT.

      So, yeah, if we're going to take bets about whether it was Aminco or Tanner who made the Mitt pins, I'm going to go with Tanner too!

      You know, on the one hand it's the most trivial of trivial things, but on the other, wouldn't it be simply delicious to learn of a relationship between Tanner and Romney?

      On the other hand, perhaps Tanner made the fine jewelry pins for Mitt's elite, and Aminco mass produced cheap versions for the consumer class.

    •  I just knew there was a likeness of Mitt (0+ / 0-)

      whether or not that doll company went bust. Good work! At Pindemonium.com, I also found an Orin Hatch pin. Now, where are the stuffed mascots?

  •  TLC->Mindscape->Strategic Simulations SSI (4+ / 0-)

    TLC sucked up these other game companies shortly before folding... Me and my friends had worked at SSI which due to these jokers had a 95% layoff.

  •  so very impressed with diary (2+ / 0-)
    Recommended by:
    Shuksan Tahoma, katiekitteh

    and helpful commenters.
    monday, monday... sing it !

    Addington's Perpwalk: TRAILHEAD of Accountability for Bush-2 Crimes.
    * Join: OBAMA'S TRUTH TEAM *

    by greenbird on Sun Jul 15, 2012 at 11:30:09 PM PDT

  •  The pins are mind-blowing emblems of (1+ / 0-)
    Recommended by:
    Compost On The Weeds

    self-aggrandizement and vanity. I can't say I've ever seen anything quite like them.

    How much was spent on them?

    Will the next news cycle be about how he had nothing to do with awarding Olympic contracts? Will he be forced to step away from the Olympics as well as Bain and as well as Romneycare? What will the hollow man be left with to tout - Anne's cookie recipe?

    Romney is the PERFECT representation of Republicanism in it's "I Got Mine" "Greed is Good" form of pathology. What's interesting is watching Republicans run away from the guy who is the walking talking embodiment of their ethos.

    “Human kindness has never weakened the stamina or softened the fiber of a free people. A nation does not have to be cruel to be tough.” FDR

    by Phoebe Loosinhouse on Mon Jul 16, 2012 at 06:35:31 AM PDT

    •  When he starts running on the Olympics.... (0+ / 0-)

      We can either destroy the argument based on the facts, or we can just trot out these pins and say,

      'sure Mitt, we know you saved the Olympics, we have your pins to prove it,' good job little guy, we appreciate it.

  •  Question (2+ / 0-)
    Recommended by:
    Shuksan Tahoma, Amber6541

    Where is the info on Bain owning Mattel?  I see from this article that Bain owned The Learning Company, and managed to dump the bad asset onto Mattel.

    •  See the links 1997/12/12 1999/04/19 (0+ / 0-)

      The first one is the SEC filing that specifies the ownership stake the various Bain entities will have in TLC.  

      This one also specifies that the Bain entities will control a seat on the TLC board of directors.

      The second one is the joint prospectus of the Mattel/TLC merger.

      The question I want help with is determining what percent of TLC was owned by Bain going into the merger.

      •  yes, but you said that (1+ / 0-)
        Recommended by:
        Shuksan Tahoma

        Bain owned Mattel.  Bain bought a Mattel subsidiary from Mattel.

        •  They call it a 'stock' deal and here's the text (1+ / 0-)
          Recommended by:
          Amber6541

          in the end notes of the prospectus cited above.

          We definitely see that TLC shares are being exchanged for Mattel shares.

          And it is called a 'merger' not a 'buyout.'

          So I think I'm on ok ground saying Bain had an ownership stake as of the merger.    But now that I write this it's possible they liquidated it all between May 13 and September 25th.

          (a) The pro forma adjustments and resulting combined amounts reflect the actions to be taken at the effective time of the merger to (1) convert all issued and outstanding shares of Learning Company common stock into shares of Mattel common stock; and (2) convert all issued and outstanding shares of Learning Company Series A preferred stock into shares of Mattel common stock.
          (b) One share of Mattel special voting preferred stock, $1.00 par value, will be issued in exchange for one share of Learning Company special voting stock, $1.00 par value, at the effective time of the merger. The share of Learning Company special voting stock has a number of votes equal to the number of outstanding exchangeable shares. The exchangeable shares are exchangeable at the option of the holders on a one-for-one basis for approximately 5.2 million shares of Learning Company common stock, as of December 31, 1998, without additional payment. As a result of the merger, the number of shares of Mattel common stock to be obtained upon exchange will be approximately 6.2 million shares, assuming an exchange ratio of 1.2.

          (c) The aggregate par value of Learning Company Series A preferred stock outstanding is immaterial in terms of data rounded to tenths of millions of dollars.

          13
          (d) The approximate number of shares of Mattel common stock assumed exchanged in the merger was based upon 87.3 million shares of Learning Company common stock and 0.8 million shares of Learning Company Series A preferred stock, which is convertible into approximately 15.0 million shares of Learning Company common stock, that were issued and outstanding as of December 31, 1998.
          (e) Additional paid-in capital is adjusted for the effects of issuance of Mattel common stock having a $1.00 par value per share in exchange for Learning Company common stock and Learning Company Series A preferred stock, each having a $0.01 par value per share, and the recognition of income tax benefits related to the exercise of Learning Company non- qualified stock options due to the utilization of Learning Company's net operating losses in the unaudited pro forma condensed combined statements of operations.

          (f) The net decrease in retained earnings principally relates to the pro forma accrual for estimated costs and expenses directly related to the transaction, partially offset by recognition of income tax benefits of losses incurred by Learning Company that have been adjusted subject to the combined company's expected income tax position. See Note 1--Basis of Presentation to the Unaudited Pro Forma Condensed Combined Financial Statements.

          14

      •  I meant (1+ / 0-)
        Recommended by:
        Shuksan Tahoma

        Mattel bought a Bain subsidiary from Bain.

        •  the words matter, please help me get them right. (0+ / 0-)

          The title says '...partly owned by Bain.'  

          My logic is this:

          I based this on the merger prospectus, which would give TLC owners shares of of Mattel stock on an x:y ratio.

          Thus, TLC owners would come to hold shares of Mattel stock, making the statement

          'partly owned by Bain' correct.

          What do you think?

    •  Updated Diary: 1999/06/22 Shows Bain Ownership. (0+ / 0-)

      Thanks to your question I went and did another look.

      This brackets the Bain ownership stake out as far as this date.    

      Of equal importance it shows Bain ownership through the period of merger, and through Romney's 'transition' period from Bain to the SLOC.

      We also now have Bear Stearns on the record of voting confidence in Lee, Bain, and Centre's intentions with respect to future plans for their ownership stake.

      So here is a new question for Romney, for Bain, for Mattel, and for Bear Stearns:

      Please discus:

      Finally we also like that key financial investors in TLC, Thomas H. Lee Company, Bain Capital and Centre Partners, have 18 million Mattel shares and show no indication of wanting to sell.
  •  you can add sealy mattress to the list.... (8+ / 0-)

    http://pqasb.pqarchiver.com/...

    How's this for a case of strange bedfellows? Sealy Mattress landed a plum marketing deal last June: The bedding giant was named the official mattress supplier for the 2002 Winter Olympic Games. Under the deal, Sealy was to provide 5,000 mattresses for athletes in the Olympic villages and training centers. The arrangement also was good for Olympic chief and gubernatorial candidate Mitt [ROMNEY]. He and his former colleagues at Bain Capital, a Boston investment firm, are Sealy's majority owners. They took a stake in the company in 1997, with plans to eventually resell it or take it public at a large profit. Three Bain partners sit on the board of the company, which is based in Trinity, N.C. Sealy pays Bain $2 million a year in management fees. Romney had to give up his partner status at Bain Capital when he left in 1999 to help save the scandal-ridden Olympics. But when the firm cashes in on deals done in the Romney era, so does the would-be governor.

    So, here we have 3 Bain partners on the Board of a company doing Business with the SCOC who's headed by the sole owner of Bain. Romney's second in command with the SCOC is Frasier Bullock, another Bain guy. Ron Jones was an LDS church board member and has those connections to both Romney and Bullock.

    Romney claims he donated his SCOC salary to the Olympics, and I'm sure that's true. Romney doesn't tell people how much money he made from Bain at the Olympics.

    Did Romney talk about Sealy during any Bain board meetings from 2000-2002? Did Romney put in a "word" with the SCOC for Sealy?

  •  Wow. Romney profited from Sealy & Mattel. (1+ / 0-)
    Recommended by:
    Amber6541

    This is a conflict of interest. It has to be illegal. Good work.

    "@MittRomney spent five interviews last night whining. Time to buck up. This is politics after all, not Horse Ballet." Brad Woodhouse @woodhouseb 7-14-2012

    by surfermom on Mon Jul 16, 2012 at 08:33:16 PM PDT

  •  Thank you for this informative D..... (1+ / 0-)
    Recommended by:
    Amber6541


    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Mon Jul 16, 2012 at 09:22:24 PM PDT

  •  Morris Nichols (MNAT) law firm handled merger (1+ / 0-)
    Recommended by:
    Amber6541

    of The Learning Company with Mattel. (Source SEC Info)

    This is of importance because MNAT is also Goldman Sachs law firm in Delaware (Bain & GSachs partner up often)

    It is also significant because MNAT has confessed that it lied about being connected to Goldman Sachs in order to become the eToys Debtor's counsel

    (Deposition of MNAT at the Delaware Federal Court)
    http://petters-fraud.com/...

    -------------------

    Michael Glazer, who was at Stage Stores with Mitt Romney, Jack Bush, Barry Gold & Paul Traub - was also CEO of Kay Bee Toys.

    Prior to the 2004 Bankruptcy of Kay Bee Toys (DE 04-10120) - Michael Glazer paid himself & Bain Capital approx $100 million dollars.

    MNAT represented Bain Capital in that fraudulent conveyance Preferential treatment issue

    and Paul Traub asked to be the person to prosecute Bain Capital & Michael Glazer (while failing to disclose their previous connections).


    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Mon Jul 16, 2012 at 09:35:37 PM PDT

  •  Think of THIS timeline, based on yours: (0+ / 0-)

    1997: Bain invests heavily in a troubled software-based toy co.
    1998: TLC is marketed to a major toy co. with gobs of     resources that wants to enter the educational computerized product market.
    1999: The bait is taken: "...in 1999, it attempted to tap into the educational software market by scooping up almost-bankrupt The Learning Company"
    1999: For how much!?! If that's "scooping up," I need to hire someone else to walk my dog. Mattel stock takes a big hit, but you can't keep Barbie, or any of their other flagship brands down, so lessee... if their coalition owned 51% of the TLC stock that Mattel paid 3.8B in stock for, didn't Bain just roll out of the deal with 22% of 1.9B, or approx. 440 million dollars for their original 28 million dollar investment?
    1999: Mitt uses his position to provide financial, marketing, and moral support to his shaky new acquisition: huge piles of stocks from a toy mega-manufacturer.  And all he traded for them was a worthless, out-dated software company.  Brilliant.

       Now, then... in a President Mitt economy, who gets to play the role of Bain Capital, and who gets to be TLC and Mattel?

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