Reported 1 day ago
A lawsuit against the founder of First Brands, Patrick James, reveals allegations of extravagant spending on luxury cars and celebrity services amounting to over $2 billion in missing funds before the company's bankruptcy filing. The management team claims that James misused debt financing, funded a lavish lifestyle with multiple homes and cars, and transferred substantial amounts to his personal ventures. After assuming control, new leadership is now addressing the financial fallout, which has raised concerns about the integrity of the private credit market.
Source: YAHOO