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Romney Plans to Pursue Public Service - SLOC boss won’t return to business after Games; Romney Plans to Pursue Public Service
Salt Lake Tribune, The (UT) - Tuesday, August 21, 2001
Author: MIKE GORRELL, THE SALT LAKE TRIBUNE

EXCERPT

The transition was ensured when Romney informed the 26 managing directors of Bain Capital recently that he was “going limited.” That meant he no longer intended to resume his duties as managing partner and chief executive of the company, which started or took part in 140 corporate acquisitions since 1984 and has more than $12 billion in assets.

In doing so, he gave up control over all of Bain Capital’s voting stock, dividing the shares between the two dozen directors. The divestiture had no financial ramifications, Romney said, affecting only the management and control of the company.

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Huntsman Corporation - Founder & Chairman Interview
FOX News Channel - Friday, October 27, 2006
Show: YOUR WORLD WITH NEIL CAVUTO
Author: Neil Cavuto
Joining me now is Jon Huntsman Sr. He’s the chairman of Huntsman Corporation, a true legend here in these parts and around the globe, also author of the bestseller “Winners Never Cheat.”

(snip)

HUNTSMAN (Sr.) : And, Mitt Romney , I love . I have known Mitt since he was a young — young boy, really.

(snip)

Huntsman , Bain Capital dealing - Huntsman offering $600 million equity stake to venture firm
Deseret News, The (Salt Lake City, UT) - Saturday, February 24, 2001
Author: Max Knudson Deseret News business editor
Huntsman Corp. Friday announced a deal in which venture capital firm Bain Capital Inc. will invest more than $600 million in Huntsman .

Huntsman will use more than half of that to buy the remaining 30 percent it doesn’t own in London-based Imperial Chemicals Industries. Huntsman bought a majority interest in ICI in June 1999, a $2.8 billion acquisition that made Huntsman the third-largest chemical company in the United States.

Salt Lake-based Huntsman essentially doubled its size with that mega-deal. The company formed a new partnership with ICI, with Huntsman owning 70 percent and ICI 30 percent. Under the new arrangement, Huntsman will own all of ICI, but Bain Capital, based in Boston, will now own a minority equity stake in Huntsman Corp.

Bain Capital is the firm Salt Lake Organizing Committee president Mitt Romney founded and worked at before accepting the SLOC post early in 1999. SLOC spokeswoman Caroline Shaw said Friday that Romney is on leave of absence from his position as Bain Capital’s chief executive officer.

“He had nothing to do with this specific transaction,” Shaw said. “His efforts are currently completely committed to the Salt Lake Organizing Committee.”

Huntsman spokesman Don H. Olsen agreed that “this transaction had nothing to do with ( Romney ).”

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Business Digest
Salt Lake Tribune, The (UT) - Saturday, February 24, 2001
Author: The Salt Lake Tribune
Huntsman Corp. Receives $600 Million Investment

Bain Capital Inc. will buy a minority stake in Huntsman Corp. with an investment of more than $600 million in the Utah chemical company, Huntsman announced Friday.

Huntsman , the world’s largest privately held chemical company,

will use the money from the Boston venture-capital firm to buy back 30 percent of a subsidiary, Huntsman International Holdings LLC, now owned by Imperial Chemical Industries (ICI). ICI got the 30 percent share of Huntsman International following a 1999 transaction in which Huntsman Corp. bought part of ICI’s operations.

Huntsman will use the remainder of the Bain Capital investment to fund corporate growth.

Spokesman Don Olsen said Huntsman periodically uses sources other than banks to generate investment money. “We use the means that makes the most sense,” Olsen said.

Along with its minority interest in Huntsman Corp., Bain Capital also will receive a seat on the Huntsman Corp. board of directors.

(snip)

Huntsman plans reductions - 700 U.S. employees are enticed with early-retirement offer
Deseret News, The (Salt Lake City, UT) - Wednesday, August 8, 2001
Author: Gregory P. Kratz Deseret News staff writer
Huntsman Corp. has offered early retirement to hundreds of employees in its U.S. divisions, including some in Salt Lake City, as it responds to the worldwide economic slowdown.

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Huntsman to outline reductions today
Beaumont Enterprise, The (TX) - Thursday, October 25, 2001
Author: The Enterprise ; Dan Wallach
Huntsman Corp. employees will learn today what their new roles will be with the company as it outlines its reorganization plan to achieve cost reductions.

On Wednesday, company officials outlined their plans for the next few months as the privately held, Salt Lake City-based chemical manufacturer adjusts to the economic conditions they say are causing them to cut jobs.

Huntsman cites a worldwide economic downturn, overcapacity in the chemical sector, and a spike in raw material costs a year ago as factors in the decision to cut operating costs including job cuts.

In Jefferson County, Huntsman ‘s largest area of North American operations, it plans to eliminate between 250 and 300 positions out of a total of 700 it will cut company-wide.

Both salaried and hourly employees are losing their jobs in the reorganization.

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Public service for Romney
Deseret News, The (Salt Lake City, UT) - Monday, August 20, 2001
Author: Lisa Riley Roche and Bob Bernick Jr., Deseret News staff writers

EXCERPT

Romney took a leave of absence in 1999 as chief executive officer of Bain Capital Inc. to take the helm at SLOC.

Bain is one of the nation’s biggest private equity firms with 26 partners.

Earlier this year, Huntsman Corp. announced a deal in which Bain invested more than $600 million in the Salt Lake City-based chemical company.

Under terms of the deal, Bain gained a minority equity stake in Huntsman Corp., which assured the deal had nothing to do with Romney .

Huntsman to miss payment - Bankruptcy, more layoffs not in future
Beaumont Enterprise, The (TX) - Saturday, December 1, 2001
Author: The Enterprise ; Dan Wallach
Huntsman Corp. won’t make its semi-annual interest payments on its bond debt this month or next, but Huntsman ‘s continuing financial problems won’t result in bankruptcy, further job cuts or plant shutdowns, a spokesman said Friday.

Huntsman has managed to attract $150 million in equity from New York-based lender, Deutsche Bank Alex.Brown,but Huntsman only can use those funds for business operations and not debt obligations, said Don Olsen, a Huntsman spokesman based in Washington, D.C.

Olsen said Huntsman is discussing its plans to restructure the company’s debt with bondholders and its adviser, Dresdner Kleinwort Wasserstein.

The company has $2.5 billion in debt outstanding, Bloomberg News reported.

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Huntsman Gay firm closes its first fund
Deseret News, The (Salt Lake City, UT) - Saturday, July 18, 2009
Private equity firm Huntsman Gay Global Capital announced this week the final closing of its first fund with total capital commitments in excess of $1.1 billion.

Co-founded by Jon M. Huntsman Sr. and Robert C. Gay, a former managing director of Bain Capital, Huntsman will serve as chairman, while Gay will serve as president and chief executive officer.

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http://en.wikipedia.org/wiki/Huntsman_Gay_Global_Capital

Huntsman Gay Global Capital is a private equity investment firm focusing on leveraged buyout transactions and growth capital investments in middle-market companies. The firm invests primarily in the United States.

The firm marks the notable combination of billionaire industrialist Jon M. Huntsman (Sr.) and long-time Bain Capital managing director Robert C. Gay, who gained additional prominence due to his connection to former Bain alumnus and presidential candidate Mitt Romney.[2] Among HGGC’s other notable partners are NFL Hall of Fame quarterback Steve Young and former Citi CFO, Gary Crittenden.

Huntsman Gay Global Capital which was originally named Huntsman Gay Capital Partners, has offices in Salt Lake City, Utah, West Palm Beach, Florida, Foxborough, Massachusetts and Palo Alto, California. The firm has raised in excess of $1 billion of investor commitments to date.

The fund was closed in July 2009 with $1.1 billion of investor commitments, ahead of its original $1 billion target.[1] In May 2008, CalPERS made a $180 million commitment to Huntsman Gay’s most recent private equity fund.[3][4]

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http://spectator.org/blog/2012/01/10/huntsman-sr-partner-with-bain

Huntsman Sr. Partner With Bain Capital Executive

By Jeffrey Lord on 1.10.12 @ 8:50PM

Well things get curiouser and curiouser, as they say.

While Jon Huntsman Jr. is jumping on Mitt Romney for Romney’s comment about firing people…a comment that has been linked to his time at Bain Capital, here’s an interesting fact that Mr. Huntsman seems reluctant to reveal.

That would be?

That would be that one Jon Huntsman Sr. — Jon Huntsman’s dad — is in a big deal business partnership with one Robert C. Gay, the two the name partners in the Huntsman Gay Global Capital private equity firm.

And who is Robert C. Gay?

Ahhhhhhhhhh.

Mr. Gay is the former longtime (1989-2004) managing director of… wait for it…Bain Capital.

Meaning Mr. Gay of Huntsman Gay is the former managing director of the very firm for which, according to Mr. Huntsman Jr., Mitt Romney loved to fire people.

Which would lead to the obvious question.

If Bain Capital is such a dastardly place that Mitt Romney loved to fire people… why is the Huntsman family making money with a Mitt Romney business partner who presumably has long known of Romney’s dastardly behavior? And presumably participated in same?

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