Embattled American Apparel Inc (AAP) CEO Gives Up Stock

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Mark Melin
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Updated on
American Apparel

Embattled American Apparel Inc (NYSEMKT:APP) founder a Chief Executive Officer Dov Charney, ousted from the sexually aggressive retailer for assisting with nude photos of a former employee and romantic partner to be published on a web site,  has handed over his entire stake and voting rights in the struggling retailer to a friendly hedge fund for negotiations. Charney failed to gain majority control of the company Reuters is reporting that Standard General LP, after handing control of their shares to Charney, had all the voting shares handed back after Charney failed to gain majority control of the company, two sources close to…

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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.