“ Under the terms of the deal, Charney has agreed to let Standard General make all decisions as he seeks to retake control of his former company…. Charney had sought–with Standard General’s help–to scoop up a majority stake in American Apparel amidst his dispute with the board. After borrowing Standard General’s shares, he had control of 43%. But American Apparel quickly adopted a poison pill to block Charney’s plans and has refused to meet with him, leading the entrepreneur to change his strategy.”
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