Sunday, September 28, 2014

SEIU's Andy Stern Breaks New Ground with Corporate Bankruptcy

SEIU's Andy Stern
Remember when Andy Stern, SEIU’s President Emeritus, pocketed thousands of stock options in a pharmaceutical company after billionaire Ron Perelman appointed him to serve on the company's Board of Directors?

Well… SEIU’s "maverick" leader has accomplished yet another "first" for a "labor leader."

Corporate bankruptcy!

That's right.  Stern’s pharmaceutical company -- SIGA Technologies -- recently filed for Ch. 11 bankruptcy.

So how did Stern's corporate wet dream turn into a scene from Enron?

According to an article in the Wall Street Journal, Delaware's highest court ordered Stern's company -- SIGA Technologies -- to pay damages of $232 million or more for ripping off another company that helped to fund the development of SIGA’s main drug product.

“SIGA says it has grounds to appeal, but doesn't have the money to post the necessary bond for the full amount of the damages, plus interest,” says the WSJ. That's why SIGA is filing for bankruptcy.
SIGA's stock price: 99 cents
As these events unfolded, SIGA’s stock price plummeted to just 99 cents a share.

Ain’t karma a bitch!

When Stern was the President of SEIU, he abandoned thousands of low-waged security guards at AlliedBarton after he reportedly cut a backroom deal with their boss, billionaire Ron Perelman, according to the Huffington Post.

Next, only weeks after Stern resigned as SEIU’s president, Perelman returned Andy’s favor by placing Stern on the board of SIGA, where Stern has pocketed bags of cash.

Ron Perelman aka 'Sugar Daddy'
Stern quickly employed the D.C. political connections he acquired during his time atop SEIU to apparently lobby the federal government to award SIGA a massive no-bid, $433 million contract, which prompted investigations into illegal bid rigging by U.S. Senator Claire McCaskill (D-Mo.).

To help out his SEIU buddy, Perelman also created and funded a custom-made job for Stern – the Ronald O. Perelman Senior Fellow at Colombia University's Business School in NYC where Stern pulls down a handsome paycheck.

And now… the bankruptcy.

Like Tasty said… karma is a bitch!

Stay tuned for more...