Failed Resurrection
As a condition of buying National from Loblaws, Schnucks had to sell off 24 stores for anti-trust reasons. In 1996, Family Company of America, a group led by Belleville, Illinois financial consultant James R. Gibson, bought 23 stores from Schnucks and reopened them under the name National Markets. However, the new National was unable to make much headway against Schnucks, and disappeared for good in April 1999.
After the bankruptcy, it emerged that Gibson had financed the purchase with money embezzled from 183 clients of his investment company, among them orphans, accident victims who trusted Gibson to invest money from their settlements, and disabled people who trusted him with their life savings. In 2005, Gibson was sentenced to 40 years in prison for his crimes. He will not be eligible for release until 2036, when he will be 91 years old.
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Famous quotes containing the words failed and/or resurrection:
“Till having failed at hugger-mugger farming
He burned his house down for the fire insurance
And spent the proceeds on a telescope
To satisfy a lifelong curiosity
About our place among the infinities.”
—Robert Frost (1874–1963)
“So it is with the resurrection of the dead. What is sown is perishable, what is raised is imperishable. It is sown in dishonor, it is raised in glory. It is sown in weakness, it is raised in power. It is sown a physical body, it is raised a spiritual body.”
—Bible: New Testament, 1 Corinthians 15:42-45.