I'm still not clear what Visconti's political party affiliation has to do with any of it?


>This story has some interesting turns. Here's an email someone has posted in yahoo groups and sent to the LA Times (by the way, visconti is a repub, googling his name shows several contributions to the republican party):
>
>From: Friend of Axium [mailto:real.axium.story@...]
>Sent: Thursday, January 10, 2008 8:43 PM
>Subject: The Real Axium Story (Embezzlement to follow)
>
>To all Axium employees,
>
>The story that has been provided to you by Chris Toto and the popular
>media does not accurately describe Axium's descent into bankruptcy.
>This process did not occur overnight and was not a surprise to senior
>management. As a former Axium insider, I know many of you personally
>and felt an obligation to provide you with the real Axium story.
>
>The following timeline outlines the critical events which attributed
>to Axium's current Chapter 7 filing and more importantly the loss of
>all of your jobs:
>
>Sad Fact: Axium Entertainment had its biggest and most profitable
>year in 2007 grossing between $1.5 and $1.8 billion dollars thanks to
>your efforts.
>
>1) July - August 2007: Axium pays I.R.S. $31 million to resolve
>intentional underpayment of taxes for 2004. The underpayment was a
>strategy developed by the tax and finance department that failed. The
>I.R.S. uncovered a $31 million dollar discrepancy between the W2/W2C
>and the 940/941 for 2004. At this point Axium senior management was
>notified that Axium would be investigated for the same issues for tax
>years 2003, 2005, 2006 and 2007.
>
>2) September 2007: Axium's attorneys estimate that Axium will owe
>the I.R.S. between $70 million and $100 million for years 2003, 2005,
>2006 and 2007. Golden Tree Asset Management (GTAM), Axium's financial
>partner, became aware of the issue.
>
>3) October 2007: GTAM appoints Gina Gutzweit, S.R.O., to operate
>Axium, relieving John Visconti of any day-to-day decision making
>power. Gina commences layoffs at Axium Entertainment and ECG.
>
>4) November 2007: GTAM puts Axium Entertainment and ECG up for sale.
>With the assumption that ECG would sell for $100 million to $120
>million and the profit from the sale of real estate would yield
>another $20 million to $30 million which would cover the $135 million
>to $140 million that Axium owed GTAM. Thus returning Axium
>Entertainment back to John Visconti.
>
>5) Late December 2007: ECG restates EBITDA from $9 million to $4
>million. Thus reducing the value of ECG from $100 million to $120
>million to $20 million to $25 million. John Visconti hires his own
>investment bank to represent him in his ongoing fight with GTAM.
>
>6) January 4, 2008: As per request by John Visconti's investment
>bank, all final offers to purchase Axium had to be submitted by the
>end of the business day. GTAM received 2 offers to purchase Axium
>International (Axium Entertainment + ECG). These offers were made by
>large equity funds. Each offer valued Axium Entertainment at $45
>million and ECG at $25 million.
>
>7) January 7, 2008: After a weekend of no negotiations, GTAM decided
>that it was impossible to negotiate with John Visconti and Axium's
>senior management. GTAM decided to throw in the towel and instead
>collected $22.5 million dollars from Axium's bank account which they
>were entitled to as a secured creditor and will recommend that senior
>management be criminally prosecuted by the Attorney Generals of
>California and New York.
>
>>>>http://www.latimes.com/business/printedition/la-fi-axium10jan10,0,2226241.story?coll=la-headlines-pe-business
>>>
>>>That can't have been Perry. There was no mention of evil Republicans.
>>
>>That would be redundant! :)
>>
>>I can think of two honest and respectable republicans. Theodore Roosevelt, and Gerald Ford. Both were cousins of George Washington. But then so are Bush and Nixon! :)
>>
>>http://library.thinkquest.org/TQ0312172/cousins.html