A TIME article today takes a big bite out of Shark Tank judge Kevin O’Leary.
…That take-no-prisoners toughness is certainly entertaining, but behind the ego and bluster, O’Leary’s real-life business performance is spotty. All four of the funds run by O’Leary’s asset-management company are trailing the market this year. Shares of the company’s oldest fund, O’Leary Global Equity Income Fund, which was launched in 2008, have plunged nearly 24% in the past year. Next, there’s the truth-in-advertising problem: O’Leary calls himself an “eco-preneur,” but many of the funds’ investments are in coal companies and other large polluters. An O’Leary Funds representative declined to comment on the performance of the funds….
…It’s not the first bit of unpleasantness for O’Leary. For most of the 1990s, he was the president of educational-software company Softkey, which he co-founded with fellow Canadian entrepreneur Michael Perik. O’Leary and Perik sold the firm, which they renamed the Learning Company, to Mattel in 1999 for $3.6 billion. But almost immediately the deal turned sour. The Learning Company lost $200 million in the second half of 1999 alone. O’Leary and Perik, who joined Mattel after the merger, left the toy company six months later in a management shake-up. In 2001, Mattel disposed of the Learning Company by giving away most of the division to a private-equity firm for free.
Anyone who can pick a corporate pocket for $3.6 billion is a pretty cool customer, but there are many lingering questions about the business that O’Leary and Perik delivered to Mattel in return for that money. “It was an ugly mess,” says Bernard Stolar, a software-industry veteran who was brought in by Mattel to take over the Learning Company from O’Leary and Perik. “There had been an awful lot of mismanagement at the company.”…
Read the whole article here
There is no doubt that Kevin O’Leary is very entertaining on Shark Tank, I leave it up to you to make up your mind about his business dealings.
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Thanks for the link! I had no idea that Kevin had had business problems, although I suppose everyone has failed at some points in life. My guess is that even if he had some business problems, there still must have been decent value in his company–why else would Mattel pay $3.6 billion? If the books were really cooked intentionally, I’m guessing they would have sent him to jail.
In any case, along with Robert, he is still the most entertaining Shark!
I have been trying to find information on how to submit my invention .
My invention is a retractable pet leash that is worn by the pet and does not have to be removed. It can be seen on http://www.dawgonleash.com.
Can you please give me contact information on where to submit this product? Thank you.
Franklin Meath
1528 Payne Ave.
St. Paul, MN. 55130
651-774-7120
fdelmeath@ieihome.us
That’s funny bigWOWO… I’d get rid of O’Leary first for next season. He’s way too mean and monopolizes. Half the other sharks never get a chance to speak. There was the one episode where he just trashed Daymond. Actually, that’s almost every episode. … but the guy all the way on the left, really doesn’t add much from an entertainment perspective, though I think he makes the most fair deals.
I love the Shark Tank I wish you would leave it on one night and stop moving it around. I love Barbara Corcoran and have just finished reading her books. I agree with above comment, Robert, Kevin and Barbara really do interject the most, Damond and the infomercial guy hardly say anything. I am always surprised that the inventors never have any “bottom line” offers set in their heads. To give up 51% after all of their time, monetary investment and creative idea would be very hard. Robert says he has to have control because it’s his money, well it’s their money, idea, sweat, tears and dedication that he is getting in return for just his money. I really enjoy shark tank and hope it continues. With the economy the way it is it would be great if “the guy next door” has his dream come true and keep the manufactoring jobs in America and not do the greedy thing and use foreign- child labor to produce their products. I also think you should include more product ideas that haven’t been patented or sold yet, but are a great invention.