Bryant Riley, co-founder of B. Riley Financial Inc., expressed deep personal distress over the bankruptcy of Franchise Group Inc. (FRG), a year after facilitating a $2.8 billion buyout that became a significant asset for his firm. The Chapter 11 filing has wiped out FRG’s equity, resulting in a $120 million impairment for B. Riley, adding to prior writedowns totaling up to $370 million.
Bryant Riley, co-CEO of B. Riley Financial Inc., misreported the number of shares he pledged as collateral for a $45 million loan from Axos Bank. He initially stated that he pledged 4,389,553 shares, which were approved under the company's insider trading policy, according to regulatory filings.
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