Mitt Romney Bain Capital Filings Link Him To Politically Problematic Companies After 1999

[Cali_Democrat]

Sam Stein
Posted: 07/16/2012 3:28 pm Updated: 07/16/2012 4:35 pm

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In April 1999 and March 2000, for example, SEC filings by the American Pad & Paper Company noted that Bain Venture Capital, an arm of the private equity firm, "may be deemed to be the beneficial owner" of entities that held millions of shares of company stock. Among the "general partners of BVC" listed in that filing was "W. Mitt Romney."

In January 2000, AMPAD defaulted on the debt it had accumulated under Bain's control and filed for bankruptcy. By December of that year, it had ceased to be a publicly traded company.

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A closer relationship existed between Romney and another politically toxic company, printed circuit board maker DDi Corp. Romney and Bain invested more than $45 million into the company in the late 1990s, taking over controlling interest. Profitable years ensued. When the economy turned sour, so too did the company's fortunes -- but not without Bain taking its cut of the pie.

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According to an August 2003 Boston Globe article, Romney "remained well in 2001 as a general partner in three of the four Bain funds involved in the DDi transactions."

http://www.huffingtonpost.com/2012/07/16/mitt-romney-bain-capital_n_1677133.html?utm_hp_ref=politics

[malaise]

1. Serious article

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