As CEO of GST Steel receiving an offer for the company I would take all that to the Board of Trustees, owners, etc. in order to provide as much information as possible to make decisions.
I'd look at past records of Bain Capital, whom its leadership was and what could be the possible outcomes for everyone including labor, their pensions and the unions. It would be my duty to report as accurately as possible what I believed would be the result of any sale of the company to Bain Capital.
I would turn to financial records and SEC records to assist in that knowledge base. Remember, GST Steel knows nothing except there is an offer from Bain. It doesn't even know the viability of such an offer. We are talking about a company with employees with years of employment and plans for retirement. GST Steel had to formulate a knowledge base and outcome scenarios. GST Steel was NOT worthless. It had not declared bankruptcy until Bain Capital took over the company. GST Steel had a client base. It had value. So the company did not have to accept any offer, it was not at The Sheriff's Sale, if you will?
In my reading I run across a disclosure statement saying the sole owner, CEO and President is not engaging in management. SO WHAT?
Romney misrepresented the activities and standing of Bain Capital, pushed for substantial amounts of money to close the deal on leaving and never bothered to come to terms with the 'final deal' until he was ready to take the Massachusetts Governor seat.
He was just as responsible for what occurred with GST Steel as any of the management committee HE PUT IN PLACE to do his dirty work and get all the money he could squeeze out of the deal.
End of discussion and the SEC needs to examine the brevity of these activities.
I'd look at past records of Bain Capital, whom its leadership was and what could be the possible outcomes for everyone including labor, their pensions and the unions. It would be my duty to report as accurately as possible what I believed would be the result of any sale of the company to Bain Capital.
I would turn to financial records and SEC records to assist in that knowledge base. Remember, GST Steel knows nothing except there is an offer from Bain. It doesn't even know the viability of such an offer. We are talking about a company with employees with years of employment and plans for retirement. GST Steel had to formulate a knowledge base and outcome scenarios. GST Steel was NOT worthless. It had not declared bankruptcy until Bain Capital took over the company. GST Steel had a client base. It had value. So the company did not have to accept any offer, it was not at The Sheriff's Sale, if you will?
In my reading I run across a disclosure statement saying the sole owner, CEO and President is not engaging in management. SO WHAT?
Romney misrepresented the activities and standing of Bain Capital, pushed for substantial amounts of money to close the deal on leaving and never bothered to come to terms with the 'final deal' until he was ready to take the Massachusetts Governor seat.
He was just as responsible for what occurred with GST Steel as any of the management committee HE PUT IN PLACE to do his dirty work and get all the money he could squeeze out of the deal.
End of discussion and the SEC needs to examine the brevity of these activities.
