Well, actually it was Bain Capital which fired me, but Mitt was largely responsible for many of the actions of Bain.
I started working for Interpath Communications, Inc., a local ISP/ASP here in RTP, North Carolina, in October, 1999. Interpath was a subsidiary of Carolina Power and Light, which is now Progress Energy.
In about May of 2000, Bain Capital purchased an equity share of Interpath from Progress Energy. I knew we were in trouble when we heard that a capital company out of Boston purchased such a large equity share. It was a common subject of discussion around Interpath in those days to speculate on when the first layoffs would be.
On the morning of August 11 of 2000, we came in to work and each found a sealed envelope on our desk. We were locked out of our computers and there were armed guards at the entrances to the computer room.
After opening and reading the contents of our envelopes, about 80 of us went into one meeting room and the rest went into another. I was in the group of 80 that were being “laid off,” “restructured,” “downsized,” “rightsized,” “released,” “let go,” “terminated,” or any of the other words used to say you were fired.
No one even had the common decency—or guts—to sign the letter.
Yes, Mitt does like to fire people. He fired me and eighty others in one day at one company!
It took only two years to dismantle a perfectly good company. Here is a link to a 2002 story about the divestiture of most of Interpath’s then remaining assets, As Interpath Fades, Employees Offered Severance or Move to Maryland.
Disclosure: I still own shares of Progress Energy, most of which were purchased through the Employee Stock Ownership Plan while I worked at Interpath.
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