Ex-American Apparel CEO Dov Charney has been engaged in a costly legal campaign against hedge fund Standard General—a main backer of American Apparel—since the board fired him in an ugly breakup in 2014.
But now he's broke, he says, and can’t afford to keep paying his lawyer.
“All of my shareholder interests have been wiped out, and I have depleted my savings on defending my life’s work and legal rights,” says Charney, who pulled in $832k in base salary in his last year as CEO.
Charney lost much of his net worth when American Apparel filed for bankruptcy last month and its stock price plummeted.
Last year he was down to his last $100k and sleeping on a friend’s couch in NYC (although he lives in an LA mansion with eight bedrooms.) [Bloomberg]
