Martha Stewart and Peter Bacanovic in the Pre-Prison DaysWith everything we've seen from the banking, hedge fund and securities industries this year how could I possible be surprised by this jewelry industry news from Women's Wear Daily?
The New York based Estate Jewelry firm, Fred Leighton, filed for bankruptcy in April 2008, after Ralph Esmerian who bought the firm in 2006 with a $178 million loan from Merrill Lynch ended up owing 49 creditors up to $500 million in debt.
Basically, in two years he blows the business.
So now, who is brought in to run Fred Leighton....Peter Bacanovic! Yes, that Peter Bacanovic, the socialite Merrill Lynch broker who did time for insider trading and was banned from the securities industry.
Bacanovic, who signed on as president of the 37-year-old estate jeweler in January, has big plans for a firm that has been in turmoil this year. He aims to bring the company out of bankruptcy within eight to 12 weeks; will open a third store, in Beverly Hills,...
So let me get this straight....out of all the qualified executives in the retail industry, the bankrupt Fred Leighton chooses a guy with no retail experience and a criminal record to head the firm.
Obviously, the lesson to be learned here is forget your business experience and clean record what really counts on your resume is your exclusive list socialite contacts.
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5 comments:
he's a crook and a glorified escort and the man he now works for is a closet queen and a crook that stole 180 million dollars from Merrill Lynch, Christie's, Sotheby's, and his own sister and sister in law.
But he has a blackberry full of high powered socially connected contacts!!!!
Seriously...the irony of this is just overwhelming. A guy who gets kicked out of the securities business is now working for a firm that basically defrauded Merrill Lynch.
I will say though...Ralph Esmerian had the most impeccable taste in jewelry when he was buying it with Other Peoples Money.
I agree impeccable taste, but he was taught by his father and I know people in the Merrill organization, this company is doomed, if they think they are going to open on Rodeo they are dreaming
The tiny little men at Merrill Lynch just had to get involved...in the JEWELRY BUSINESS????? Bunch of idiots. The Leightons were laughing all the way to the bank, now they are crying all the way to the courthouse. Murray, Mara and Glorya are scam artists with a nice address and no morals.
The company is doomed adn you cant blame Murray...... he was smart to sell to Esmerian... and Esmerain let his over the top attitude of being better than everyone else get the best of him... it was a big huge production that was obviously doing nothing but losing money...a shell game...he frowned on many for not paying their bills during tough times while he was stealing from his own family.... what a fancy suited hypocrite...
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