Why *Wouldn't* Private Equity Investors Want To Be Associated With This?

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Slusky’s fund, Vector Capital IV LP, bought into Cane Bay a year and a half ago, according to three people who used to work at Vector and the former Cane Bay employees. One ex-Vector employee said the private-equity firm didn’t tell investors the company is in the payday-lending business, where borrowers repay loans out of their next paychecks...[Founder David] Johnson wears flip-flops and khaki shorts in the office, while [co-founder Kirk] Chewning, who handles day-to-day operations, likes to watch Fox News in the kitchen, often complaining about President Barack Obama, according to the ex-employees. The two, both 41, are still active in the Kappa Sigma fraternity, which Johnson joined when he was at the University of West Georgia and Chewning at Michigan State University. Island life has been good to Johnson. Photos on his Facebook page show him fishing in tournaments, partying on his boats and chugging Fireball whisky from the bottle. He won the island’s Christmas boat parade with a 65-foot yacht named “Living the Dream,” according to the event’s website. [Bloomberg]

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