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Stock Market & Financial Investment News

News Breaks
June 29, 2014
12:20 EDTAPPAmerican Apparel adopts stockholder rights plan after Dov Charney filing
American Apparel announced that a special committee of its Board of Directors has adopted a one-year stockholder rights plan that is designed to strengthen the ability of the Board of Directors to protect the company's stockholders. The company's stockholder rights plan was adopted in response to reports of rapid accumulations of the company's outstanding common stock. The special committee believes this plan is an important tool to ensure that all American Apparel stockholders are treated fairly. This decision was made in the context of today's SEC filing by Dov Charney in which he expressed an intent to acquire control or influence over the company. The Board of Directors previously suspended Mr. Charney as CEO and declared its intent to terminate him for cause based on an ongoing investigation of misconduct. The rights plan is designed to limit the ability of any person or group, including Dov Charney, to seize control of the company without appropriately compensating all American Apparel stockholders. It is intended to provide the Board of Directors and stockholders with time to make informed judgments. It does not affect trading by passive investors, as it allows such investors to accumulate as much as 15% of the company's common stock and has no impact on a takeover proposal for the entire company acceptable to the holders of a majority of the company's shares. Under the terms of the rights plan, Dov Charney will not be deemed to “beneficially own” any of the securities beneficially owned by Standard General, SG, as referenced in Amendment No. 13 to the Schedule 13D dated December 12, 2007, filed by Mr. Charney on June 27, solely by reason of the letter agreement dated June 25, between Dov Charney and SG . However, Charney will be deemed to “beneficially own” all such securities beneficially owned by SG upon either entry into the definitive loan documents contemplated by the Letter Agreement, entry into the cooperation agreement contemplated by the Letter Agreement, any purchase of securities by Charney from SG following execution of the Letter Agreement or entry into any other agreement, arrangement or understanding with SG which would otherwise give Mr. Charney beneficial ownership of the securities beneficially owned by SG.
News For APP From The Last 14 Days
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March 27, 2015
06:31 EDTAPPAmerican Apparel sued by former CEO for $40M, Reuters reports
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March 26, 2015
06:07 EDTAPPAmerican Apparel says SEC issued formal order of investigation in February
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March 25, 2015
17:18 EDTAPPAmerican Apparel Reports Q4 EPS (16c), one estimate (2c)
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March 17, 2015
17:41 EDTAPPAmerican Apparel files to delay Form 10-K
The company is engaged in discussions with its revolving credit facility lender with respect to certain waivers and amendments to such facility that, among other things, would reset certain covenants going forward, permit the execution of the previously disclosed $15M credit agreement between one or more entities affiliated with Standard General and one or more of the Company’s foreign subsidiaries as borrowers and waive noncompliance with certain covenants. The Company’s staff and resources have been substantially committed to such discussions and the outcome thereof would impact the Company’s financial statements disclosures as of and for the year ended December 31, 2014 and other information required to be disclosed in the Annual Report. The Company intends to use the net proceeds from the Standard General Credit Agreement to fund the Company’s near-term interest payments on certain of its indebtedness, including the April interest payment on its senior secured notes, and other liquidity needs. No assurances can be given that the Company will be successful in obtaining such amendments and waivers or in consummating the Standard General Credit Agreement when expected, or at all. In light of the foregoing, the process of completing the financial statements and the related information required to be included in the Annual Report could not be completed by the scheduled filing deadline for the Annual Report.
March 16, 2015
16:01 EDTAPPAmerican Apparel talks with Irving Place at standstill, Bloomberg says
Buyout talks between private equity firm Irving Place Capital and retailer American Apparel are said to have stalled as Irving Place Capital has grown uncertain about its proposed valuation, says Bloomberg. Reference Link
15:38 EDTAPPAmerican Apparel talks with Irving Place at standstill, Bloomberg says

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