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Beverly Hills-based Platinum Equity, a private equity firm that formerly owned the U-T, is being sued for phony accounting it allegedly employed to pump up earnings of an allegedly dying company it was selling. The suit was filed in Philadelphia by investors who bought SDI, Inc. from Platinum.

According to the suit, Platinum inflated earnings and cash flow of the allegedly moribund company through improper accounting and failing to pay suppliers and taxes in Philadelphia, New York City and Ohio. Platinum says the suit is "utterly baseless."

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Comments

Ponzi Oct. 7, 2013 @ 11:10 p.m.

Would not surprise me. Although I would not lose sleep if they screwed Manchester. Professional courtesy.

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Don Bauder Oct. 8, 2013 @ 8:15 a.m.

Ponzi: Platinum bought the U-T in spring of 2011 for at most $55 million, probably closer to $50 million. In late 2011, Manchester bought it for more than $110 million. Platinum had put some money in it, but still made a huge profit IF Manchester actually paid $110 million. Because Platinum raises money from pension funds and the like, it always brags about how much it made on an investment. So possibly Manchester did not really pay $110 million, and part of the deal would be for him to say he did.

In any case, I have always wondered the same thing: did Platinum fleece Manchester in 2011? Since both operations are private, we may never know. Best, Don Bauder

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shirleyberan Oct. 8, 2013 @ 12:29 p.m.

Hey Don - new book out called - "League of Denial", about NFL concussions etc. I think an article said ESPN was gonna explore the topic and decided not to. I can't get into it now but I know you thrive on that stuff.

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Don Bauder Oct. 8, 2013 @ 8:54 p.m.

shirleyberan: Yes, ESPN dropped out of a story that it was to put together jointly with public television. ESPN came in for severe criticism for that backout several months ago. It smacked of pressure from the NFL, which obviously holds power over ESPN.

The program is on KPBS Frontline tonight. I am watching it. I will add more. Best, Don Bauder

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Don Bauder Oct. 8, 2013 @ 9 p.m.

"LEAGUE OF DENIAL" EXCELLENT SHOW. I got to see most of PBS Frontline's program about the National Football League and player concussions. Junior Seau plays a large role. The show clearly shows the disingenuousness of the league -- how it knew about the injuries and covered up the consequences. The league made a $765 million settlement with players, but didn't have to admit guilt. That was reprehensible. Best, Don Bauder

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