Dov Charney Can No Longer Afford a Lawyer
LatestDov Charney, American Apparel’s former CEO, is long past being down to his last $100K—although his resolve to win back the company is apparently undimmed, Charney can’t even afford legal representation.
Charney and American Apparel have been involved in an extremely expensive series of back-and-forth lawsuits since his ouster in December 2014, a costly feud that helped push the company towards last month’s bankruptcy filing. Ironically, according to Bloomberg, that bankruptcy “crushed the value of his remaining stock, which represented much of his net worth.”
He still has his 11,000 sq. ft. Silver Lake mansion, though!
In a letter to the judge presiding over a lawsuit filed by hedge fund and AA backer Standard General, Charney, who is now representing himself, wrote on Wednesday:
“As you may know, I was fired by American Apparel, the company I founded in Montreal over three decades ago, with no severance or otherwise. All of my shareholder interests have been wiped out, and I have depleted my savings on defending my life’s work and legal rights.”
The law firm which had been representing him in the case withdrew because “continued representation would be unreasonably burdensome.” However, Charney told Bloomberg that he still has lawyers working for him on a “handful” of other lawsuits.
In other words, things are going really well.
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Image via Gary Friedman/Getty.