General Howard Yellen Joins Patriarch Partners

Howard Yellen has joined Patriarch Partners as an executive vice president, and head of a newly-formed Defence and Intragency platform. Yellen is a retired brigadier general and previously was VP of business development for L-3 Communications.

Lynn Tilton of Patriarch Partners on Speigel, AriZona Iced Tea, Not-Bankrupt Stila Cosmetics, and a Possible New Fund

Lynn Tilton of Patriarch Partners has been all over the news lately. Her distressed buyout firm recently gave up on a battle to purchase Polaroid, bought the assets of Stila Cosmetics and became embroiled in a conflict over the shares of AriZona Iced Tea.

Today Patriarch purchased Spiegel Brands, an online and catalog retailer selling apparel under the Spiegel, Newport News and Shape fx brands. The deal’s timing is uncanny, considering the company’s former sister business, Eddie Bauer, collapsed into bankruptcy just yesterday. Tilton said Patriarch isn’t likely to place a rival stalking horse bid on Eddie Bauer, which has agreed to be acquired by CCMP Capital for $202 million, because it’s too retail-oriented for the firm’s taste.

Japanese Creditors File Stila Corp Involuntary Bankrupy

NEW YORK (Reuters) – Three Japanese companies filed an involuntary bankruptcy petition against trendy cosmetics company Stila Corp in a Delaware court, saying it failed to pay its debts, according to court documents.

The creditors listed in the filings made on Wednesday are cosmetics makers Tokiwa Corporation, JO Cosmetics Co and Nihon Kolmar Co, all based in Japan. Together they list claims for sale of goods totaling $812,448.

Stila, which has a cult following for its trendy lipgloss and eyeshadow products, is owned by private equity firm Patriarch Partners. It was once owned by Estee Lauder (EL.N) and was sold to Sun Capital in 2006, which sold it to Patriarch this year.

Performance Designed Products Sues Dreamgear

Performance Designed Products LLC, a maker of video game accessories, has sued Dreamgear LLC for patent infringement and trade dress infringement. PDP is a portfolio company of Patriarch Partners. The complaint is not yet available via the PACER system, but we’ll post it once it’s there.

Judge Reopens Polaroid Bankruptcy Auction

NEW YORK (Reuters) – A federal bankruptcy judge ordered the auction for the assets of instant camera maker Polaroid Corp reopened, giving the two leading bidders until Tuesday to resubmit bids, a lawyer for Polaroid confirmed Monday. A joint venture between liquidators Hilco Consumer Capital and Gordon Brothers Group LLC, and New York private equity […]

Patriarch-backed Zohan Goes Bankrupt

Zohar Waterworks LLC, a Columbus, Ohio–based maker of water coolers and drinking fountains, has filed for Chapter 11 bankruptcy protection. The company said that it hopes to auction off its assets on May 1. Zohar was formed by Patriarch Partners in 2005, via the acquisition of Oasis Corp.’s assets. www.patriarchpartners.com

Creditors Object to Polaroid Auction Results

NEW YORK (Reuters) – Creditors objected on Friday to the results of the auction sale of bankrupt Polaroid Corp, won by private equity firm Patriarch Partners, saying a joint offer by two liquidation companies should have prevailed. Earlier this week, Patriarch Partners won the auction with a bid valued at $59.1 million, including cash and […]

Patriarch Wins Polaroid Auction

NEW YORK (Reuters) – New York-based private equity firm Patriarch Partners LLC won the auction for bankrupt Polaroid Corp’s assets, both companies said on Thursday, with Patriarch winning over three rival bidders. The result of the auction, which ended on Tuesday, is subject to court approval at an April 6 hearing. The assets Patriarch is […]

Patriach Buys Maine Mill

Patriarch Partners has agreed to acquire a bankrupt and shuttered Old Town, Maine-based pulp and paper mill, for $18.9 million. Patriarch plans to convert the mill into an ethanol production facility. Red Shield was closed be former owner Georgia-Pacific Corp. in 2006. www.patriarchpartners.com

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