Jon R. Bauer of Contrarian Capital Management, LLC
Jon Bauer is listed as a director of Harvard Industries. Contrarian Capital Management is a 32% shareholder with the company. Jon has been a founding partner there since 1995 and became a director at Harvard in 1998.
Jon left Oppenheimer in 1995 to form Contrarian.
Jon Bauer and Mike Singer of Argo Partners were instrumental in forming the Trade Claim Buyers Association.
September 2003 – Contrarian has brought on board Steven Czech, who headed up Credit Suisse First Boston’s mezzanine finance group, said managing partner Jon Bauer, in a statement. Czech will be responsible for building the direct lending business, which is targeting 12-18% annual returns.
Jon is quoted in several investment articles.
Jon Bauer is on the Board of Directors for Oxford Automotive Aps.
Contrarian Capital Management publicly called for the sale of Integrated Alarm Services Group Inc.
Contrarian Capital Management became the biggest investor in the George Foreman Grill in 2005.
In 2006, Contrarian Capital owned 7.1% of International Coal Group’s equity.
In 2006, Contrarian Capital Management owned 13% of Integrated Alarm Services. The company was evaluating strategic alternatives that included selling or merging the company.
Contrarian Capital Management controls 1.9 million of Hollywood Entertainment Corp stock. The company owns the Hollywood Video rental chain. In 2004 Contrarian sent a letter to Hollywood’s board discouraging the proposed management buyout of Blockbuster Video. Hollywood Entertainment Corp. was instead acquired by Movie Gallery Inc., with Contrarian profiting roughly $25 million from the sale. Due to the high amount of debt (from Hollywood Entertainment) acquired by Movie Gallery Inc. in this deal, Movie Gallery was forced to file for bankruptcy in October of 2007.
Contrarian Capital Management and Atticus Capital LLC were the ad hoc committee for non-insider equity holders of Ultimate. They tried to receive some recovery. Ultimate filed Chapter 11 in January 2005 and the non-inside equity holders were wiped out.
Contrarian Capital is an institutional holder in Terra Industries Inc, PMA Capital Corp, Rite Aid Corporation, Arch Wireless, Huntway Partners LP.
Contrarian has been involved in the bankruptcy proceedings and restructuring of USG Interiors, Inc., Service Merchandise Co, Horizon Natural Resources, Edison Brothers Stores Inc., Metallurg, Inc., and Stuart Entertainment, Inc.
More information was found on the civil case Contrarian and Angelo Gordon filed against Burns Philip in 1999. In June of that year they alleged that they had not used their best endeavors to complete their recapitalisation. The case was dropped after shareholders re-approved a debt reduction scheme. The two companies were owned $60 million and held about 8% of Burns Philip.
Some articles mention Contrarian with regards to investments in distressed securities.
Media reports indicate that Mr. Bauer is a on the Board of Directors of the following companies: International Coal Group, Inc. (former Director, member of Audit Committee and member of Nominating & Corporate Governance Committee); Arpeggio Acquisition Corp. (former Director), Harvard Industries Inc. (Director) and Rhapsody Acquisition Corp. (Director).