Bain and Jon Huntsman.......... hmmmmm

Jon Huntsman, "Of course corporations are not people."
http://www.youtube.com/watch?v=RKI96tjC5r8

Mitt Romney - 'Corporations are People' -- (BEST QUALITY)(1080)
http://www.youtube.com/watch?v=4PRlPl_SUUQ&feature=related


http://en.wikipedia.org/wiki/Bain_Capital
Excerpts:
1)
The firm was founded in 1984 by partners from the consulting firm Bain & Company. Since inception has invested in or acquired hundreds of companies including such notable companies as AMC Entertainment, Aspen Education Group, Brookstone, Burger King, Burlington Coat Factory, Clear Channel Communications, Domino's Pizza, DoubleClick, Dunkin' Donuts, D&M Holdings, Guitar Center, Hospital Corporation of America (HCA), Sealy, The Sports Authority, Staples, Toys "R" Us, Warner Music Group and The Weather Channel.

2) Bain's $600 million investment in Huntsman has been noted as an interesting footnote in the 2012 Republican Presidential nomination process since Mitt Romney's former firm (he had left Bain in 1999) acquired the company controlled by the father of another candidate Jon Huntsman (Huntsman was an executive of the company at that time).

^{http://blogs.wsj.com/deals/2007/03/30/catching-up-with-dunkin-donuts-after-its-lbo/
Excerpt:}
March 30, 2007, 11:43 AM


Catching Up With Dunkin Donuts After Its LBO

By Gregory Corcoran

Private equity. It’s in it for a quick buck, right? At least that is the complaint often heard from those less than enamored with the industry.
But here’s a story from our Dow Jones Newsletters colleagues over at the LBO Wire looking at life after the deal. Specifically, it’s the story of Dunkin Donuts, bought in December 2005 by Bain Capital Partners, the Carlyle Group and Thomas H. Lee Partners (the deal closed in March 2006). The $2.43 billion deal was seen in a Wall Street Journal article then as underscoring the rising clout of financial buyers as the hotly contested bid, which included the Baskin Robbins ice-cream chain and Togo’s sandwich shops, was higher than many had expected.

http://en.wikipedia.org/wiki/David_B._Haight
Excerpt:
He was married to Ruby M. Olson (1910–2004).^[3] He was the father-in-law of businessman and philanthropist Jon Huntsman, Sr., (who married David B. Haight's daughter Karen) and grandfather of the former governor of Utah and former U.S. Ambassador to China, Jon Huntsman, Jr.
Haight served as mayor of Palo Alto, California and also was the owner of the Palo Alto Hardware store. Upon being called as president of the church’s mission in Scotland, he resigned as mayor of Palo Alto over the objections of the city council. In addition to his service as mission president, he was president of the Palo Alto Stake, and a regional representative of the Twelve Apostles before his call as a general authority—specifically, an Assistant to the Quorum of the Twelve Apostles—in April 1970. He also served as a special assistant to the president of Brigham Young University.

http://www.huntsman.com/performance_products/eng/Home/Locations/Locations/index.cfm?PageID=8229
Excerpt:
Background
The unit was established in 1964 by Monsanto and purchased by Huntsman in 1993. Subsequently, Monsanto divested its chemical operations into a separate company, Solutia. In 2009, Solutia sold the facility to Ascend Performance Materials, which continues to staff and operate units on behalf of Huntsman.

http://www.huntsman.com/eng/About_us/Brief_history/History_in_the_90's/index.cfm?PageID=8644
Excerpt:

History in the 90's

1990

Huntsman joins with the Dow Chemical Company to start a plastic, glass and aluminum-recycling program in U.S. National Parks.

1991

Jon M. Huntsman dedicates a pre-cast concrete plant in Armenia to produce cement slabs for the construction of as many as 8,000 homes per year to house victims of the 1988 earthquake.

1992

Huntsman acquires Goodyear Tire and Rubber Company's North American film and flexible packaging business and forms Huntsman Packaging.

1993

Five years after the devastating earthquake in Armenia, the Huntsman family provides food relief for over 50,000 Armenian people still homeless from the tragedy.
Jon M. Huntsman establishes the Huntsman Cancer Institute at the University of Utah, Salt Lake City, with an initial pledge of $10 million.
The company closes on its chemical and plastics joint venture in Australia known as Huntsman Chemical Company Australia Limited.
Huntsman purchases the linear alkyl benzene (LAB) and maleic anhydride business from Monsanto, with plants in Texas and Florida.

1994

Huntsman Corporation is formed and the company acquires the worldwide operations of Texaco Chemical Company for $1.1 billion, more than doubling the company's operating earnings.
Huntsman completes purchase of Eastman Chemical Company's polypropylene business in Longview, Texas.
The company starts up the cyclohexane manufacturing unit at its Port Arthur, Texas facility.


http://larrycheng.com/2012/01/13/why-i-did-not-join-bain-capital/
Excerpt:
My friend politely informed me that Bain Capital was not a venture capital firm (at that time), rather they were a leveraged buyout (LBO) firm.  Not knowing the difference, and considering they still wanted to interview me, I went along for the ride.  For the next few months, I went to several interviews at Bain Capital’s pristine offices in a downtown Boston skyscraper.  I started to learn about what LBO firms do.  I was impressed.

http://en.wikipedia.org/wiki/Leveraged_buyout
Excerpt:Origins

Main article: Early history of private equity

The first leveraged buyout may have been the purchase by McLean Industries, Inc. of Pan-Atlantic Steamship Company in January 1955 and Waterman Steamship Corporation in May 1955.^[5] Under the terms of that transaction, McLean borrowed $42 million and raised an additional $7 million through an issue of preferred stock. When the deal closed, $20 million of Waterman cash and assets were used to retire $20 million of the loan debt.^[6]

http://www.slate.com/blogs/weigel/2012/01/06/occupiers_for_huntsman_part_ii_of_course_corporations_are_not_people_.html
Excerpt:

Occupiers for Huntsman, Part II: "Of Course Corporations Are Not People"

By David Weigel

 | Posted Friday, Jan. 6, 2012, at 9:56 AM ET

CONCORD, N.H. -- At a friendly, very un-Santorum-esque Q&A at the College Convention, a student got another bite at the Occupy apple. Glenn Kaplan couldn't get Huntsman on the record about whether corporations were legally people. The student did.

"Of course corporations are not people," joked Huntman. "Who would say such an outlandish thing!"

The "who" is Mitt Romney, who told hecklers at the Iowa State Fair that "corporations are people,"* losing no Republican support but becoming even more of a punchline for a certain sort of Democrat.

*Full quote: "Corporations ARE people, my friend!"

http://www.foxbusiness.com/industries/2011/07/27/dunkin-brews-50-gain-in-ipo/
Excerpt:

Wednesday s IPO marks a significant milestone in Dunkin s comeback after the company was taken private in a $2.32 leveraged buyout in 2006 by Bain Capital, Carlyle Group and Thomas H. Lee Partners. Even after the IPO, those three still plan to hold onto three-quarters of the company.
Dunkin , which was founded in the 1940s by Bill Rosenberg, generated $416.5 million in 2010 sales, representing 76% of Dunkin Brands total sales. However, the company continues to be weighed down by interest payments on its debt, which totals about $1.5 billion.

http://en.wikipedia.org/wiki/William_Rosenberg
Excerpt:
William Rosenberg (June 10, 1916 - September 22, 2002) was an American entrepreneur. He founded the Dunkin' Donuts franchise in 1950 in Quincy, Massachusetts. In 1946, Rosenberg founded Industrial Luncheon Services, a company that delivered meals and coffee break snacks to factory workers on the outskirts of Boston, Massachusetts. The success of Industrial Luncheon Services led Rosenberg to open his first coffee and doughnut shop, the "Open Kettle" and later, Dunkin' Donuts. Today there are over five thousand Dunkin' Donuts franchises.
In 1960, he founded the
International Franchise Association
Excerpt:
The International Franchise Association is the world's oldest and largest organization representing franchising. Founded in 1960, it is a Washington, DC based trade group and non-profit association that represents a growing membership of more than 1,300 franchise systems, 10,000-plus franchisees and more than 500 firms that supply goods and services to the industry. [4]
Its mission is to protect, enhance and promote franchising.