First off, I owe Pat Buchanan an apology. More than one actually.
I should have been listening to him for the last six years or so.
The list is too long and too detailed, but basically I believe that many of his views have been vindicated.
The column below should be required reading for anyone right- of center or small “l” libertarian.
Way cleared for reorganizing Bidermann’s European unit. (Maurice Bidermann’s men’s wear operations, Bidermann S.A.)(Brief Article)
WWD May 31, 1995 | Weisman, Katherine PARIS — The on-again, off-again financial restructuring of Maurice Bidermann’s European men’s wear operations was on again Tuesday after the major obstacle to its proposed reorganization was removed.
That obstacle was litigation between Maurice Bidermann and Rexnord Holdings, which holds a $13 million claim against Bidermann and had been blocking Bidermann SA’s attempts to restructure for fear that any reorganization would jeopardize the value of the claim.
An agreement signed here Tuesday settles the litigation and enables financing and restructuring plans for Bidermann SA proposed by Lucien Deveaux, a French textile manufacturer, and Sylvain Jama, a retailer, to move forward, according to Dominique Bouchez, managing and financial director of Bidermann SA. go to website gold toe socks
While the restructuring does not involve Bidermann Industries USA (BIUSA), the U. S. arm of Bidermann SA, the settlement of the litigation should help facilitate the efforts to sell the U.S. company. As reported, BIUSA’s board last year put the company on the block — to be sold as a whole or in pieces. One of BIUSA’s businesses is the licensed Ralph Lauren Womenswear line.
Asked Tuesday about its long-suspected interest in buying back the women’s apparel license, a spokeswoman for Polo Ralph Lauren Corp. in New York said the company had no comment Tuesday’s agreement here was signed by Maurice Bidermann, Deveaux and Jeffrey Steiner, president of Rexnord Holdings. web site gold toe socks
Bouchez did not disclose the complete terms of the agreement He said that the French parties were pleased to have come to an agreement and to now be able to go ahead with getting Bidermann back on track. He said that the company has been on the road to recovery over the last several months.
Michel Zelnik, president and chief executive of BIUSA, could not be reached for comment Tuesday. However, when asked earlier this month about the prospect of an end to the Bidermann-Rexnord litigation, he said the release of all potential claims by Rexnord would make it easier to sell BIUSA because potential buyers would no longer be scared off by the existence of a possible liability.
Zelnik would not give a time frame for the sale of BIUSA.
In addition to Lauren Womenswear, BIUSA makes Arrow shirts, Gold Toe socks and licensed Yves Saint Laurent men’s wear. As reported, BIUSA has struck a deal to sell its Great American Knitting Mills unit, maker of Gold Toe socks, to Renfro Corp.