When we last checked in with Papa John Schnatter, he was so supportive of and excited about a hedge fund’s plan to recapitalize his chain of ketchup-and-plastic-on-cardboard restaurants and put it on a stronger footing to move past its founder-dropping-the-“n”-word-based troubles, he was suing over it. Indeed, back in February Papa J was apparently still nursing ambitions to return to the helm of a company that offers small cups of motor oil dipping sauce, in spite of the obstacles.

Now? Uh, not so much.

The ousted founder of the Louisville-based pizza chain started slicing off large portions of his stake in the company in May. On May 21, Schnatter sold 3.5 million shares in private placement to UBS, for a windfall of $157.5 million. He then agreed not to sell any more of his shares before Aug. 19….

This week, he has sold a total of 250,000 shares in the span of two days…. After the sale, Schnatter owns just over 5.25 million shares in the company, which is a little more than half of the total shares that he owned in May, when he controlled about 30 percent of Papa John's shares.

Schnatter unloads more Papa John’s shares, decreasing stake in company [Louisville Business First]

Related

Papa_johns

Italian Food Thought Leader Rides To Rescue Of Papa John’s

Ignore everything you’ve heard or tasted: Hedge fund manager Jeff Smith says Papa’s pizzas are top-notch.

PapaJohns

'Poison Pill' Presents An Uphill Battle For John Schnatter To Reclaim His Seat As Chairman

The things you love the most turn out to be the ones that hurt you in the end. And Dropping the N-word.

PapaJohns

Papa John's Brilliantly Blaming NFL For Its Own Terrible Pizza

When the pizza so bad, you best blame Goodell and Kaepernick.

PapaJohns

Pro Sports Using Unabashed Racism To Quit Bad Pizza

Better Ingredients. Unabashed Racism. Papa Johns.

PapaJohns

Opening Bell 7.12.18

NATO negotiations; Drug prices rise; Pizza racism; Accidental grand theft auto and more!

You guys got this? (Getty Images)

Opening Bell 7.19.18

Packer quits; Wendy's and Papa John's merger talks; A war on football and more!