Reginal Thomas
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Ousted American Apparel CEO Gives His Entire Stake In The Company To Standard General LP

After being ousted from American Apparel CEO Dov Charney has given his entire stake and voting rights in the retailer to Standard General LP, giving the fund the ability to negotiate directly with the independent directors over  the company's future. 
Standard General loaned its shared to Charney, allowing him to boost his stake in the company from 27% to 43%. He was hoping to get a controlling stake, but American Apparel countered with a anti takeover plan to stop him. 

As a way to keeping some power in the company, the 45 year old founder of American Apparel gave over his entire stake to this ally Standard General.