Synagro joins other bankrupt Carlyle affiliates, referred to as rare missteps by WaPo:
Carlyle Capital Corporation
BlueWave Partners
SemGroup
Hawaiian Telecom
Edscha
IMO Carwash
Stallion Oilfield Services
Verari Systems
Willcom
Oriental Trading
Church Street Health Management
LifeCare Holdings
Synagro Technologies
It's hard to know who Carlyle will blame for their lack of performance. They cited a puffery defense in SemGroup shareholder lawsuits. After claiming in SEC documents that 25 patient deaths in LifeCare facilities post Hurricane Katrina didn't hurt the company financially, LifeCare's bankruptcy filing said the company never recovered from its Hurricane Katrina hit.
PEU debt put LifeCare under and flushed Synagro. The question is did other Carlyle funds have credit default swaps on Synagro? Did one fund lose while others won? That would fit the PEU way, greed, 30% annual returns, unlevel playing field....
