Misty May-Treanor Sports Center Opening Protest Erupts Over Shane Morris Injury Iditarod, Sportsman Channel Renew Deal MLSE To Announce Deal With Ford Source: Rolex Signs Dimitrov As Endorser Dish Adds ESPN Classic On-Demand Adidas To Buy Back Shares Royals Win In Return To Playoffs NHL BOG Approves Islanders Sale
After years of "struggling to revive" L.A. Gear Inc., Trefoil Capital Investors L.P., one of Roy Disney's investment vehicles, has sold its 42% controlling interest in the company to CA-based PCH Investments, according to Kathryn Kranhold of the WALL STREET JOURNAL. Trefoil reportedly took "a substantial loss" on the deal, and that it's unclear whether Trefiol "even received the market value for the shareholding." Former L.A. Gear Chair Stanley Gold: "We've lost a substantial amount of money." Gold, and six of eight directors, "will resign immediately," and 36-year- old David Gatto, who joined L.A. Gear as CAO in June, will become Chair & CEO. Through the first six months of the year, L.A. Gear reported a net loss of $9.6M, or $.61 a share, on revenue of $63M (WALL STREET JOURNAL, 10/14).