[29] McLaughlin & Associates was the committee's polling firm. “I hope CNN will pay the money because I’m going to give it to charity,” says Dershowitz. [2] He is also the chairman and CEO of the Red Apple Group subsidiary United Refining Company. [25], A donor to Bill Clinton during the Clinton years, Catsimatidis, while still enrolled as a Democrat, considered becoming a candidate in the 2009 mayoral election as a Republican. [22] Catsimatidis donated a significant sum to the Clinton Presidential Center, thought to be between $100,000 and $500,000. John and his wife Margo Catsimatidis live on Manhattan’s Upper East side and are parents to 2 grown children; Andrea and John Jr. John is a firm believer in giving back to the community and has been a strong supporter of the Police Athletic League for nearly 30 years. John Catsimatidis was flanked by his wife Margo, his son John Jr, his daughter Andrea Cox with her husband Christopher Cox, grandson of Richard M. Nixon. Two of the city’s five Republican county chairmen were present, Phil Ragusa of Queens and Dan Isaacs of Manhattan, former state Sen. Serphin Maltese and Guardian Angels founder Curtis Sliwa. [19], Catsimatidis has been described as a "longtime",[20] "loyal",[21] and "high-level Clinton donor". Catsimatidis was the runner-up to the Republican nomination for mayor of New York City in the 2013 election. It won't be Catsimatidis's first try at … [44], Among the "off-the-cuff—and off-beat—policy proposals" that Catsimatidis suggested during the campaign included giving police tricycles to improve mobility, allowing casinos in hotels, and launching a program to give free pet food to people who adopt homeless animals. [2], The family moved to West Harlem, where Catsimatidis grew up. And, it was scary. John and his wife Margo Catsimatidis live on Manhattan’s Upper East side and are parents to 2 grown children; Andrea and John Jr. John is a firm believer in giving back to the community and has been a strong supporter of the Police Athletic League for nearly 30 years. Andrea Katsimatides is an American community. Catsimatidis' first marriage ended in divorce; he has stated that he was "sometimes" together with Margo while still married to his first wife. John Catsimatidis (left) and daughter Andrea Catsimatidis Getty Images ... which first reported the snooping as part of a story on how the technology has been a plaything for rich investors. [26][31] On January 3, 2013, he filed paperwork with the New York City Campaign Finance Board . [9] In February 2009, Catsimatidis was sued by a group of SemGroup executives, who sought the removal of Catsimatidis and his allies from the committee. [63] Catsimatidis funds the John Catsimatidis Scholarship Fund at the New York University Stern School of Business, which has since 1988 awarded two scholarships each year. Red Apple Group is a conglomerate that owns and operates assets in the energy, real estate, finance, insurance, and supermarket industries. [6] While Catsimatidis was still in college, Tony sold his half of the store to Catsimatidis. Family status: married to beautiful wife Margo, with whom he has two children The fortune of Mr. John Catsimatidis (who grew up in Harlem, the poorest borough of New York City) today exceeds the billion dollar mark, despite that the company that he owns includes many businesses. [2] He came to the United States with his parents when he was six months old. In 1973 Margo became the first secretary to the owner of a young company named Red Apple Supermarkets. In 2011, Catsimatidis married Christopher Nixon Cox, Richard Nixon 's grandson, at the Greek Orthodox Archdiocesan Cathedral of the Holy Trinity, "before a church packed with family members and political powerhouses," including Hillary Clinton, Henry Kissinger, Rudolph Giuliani, Charles Schumer, Ray Kelly, and Robert M. Morgenthau. [40], At campaign events in April 2013, Catsimatidis claimed that he could have beaten Barack Obama in the 2012 presidential election[41] and got into a contentious exchange with various Republican audience members, telling one to "go bullshit yourself if you want! He suggested that he would support New York City Police Commissioner Raymond Kelly, but when Kelly repeatedly denied any intention to run, Catsimatidis expressed his own interest. [2] Catsimatidis' first marriage ended in divorce;[55] he has stated that he was "sometimes" together with Margo while still married to his first wife. Curtis Sliwa and … At the time of their marriage, Margo led her own advertising agency, MCV Advertising Associates in New York, and was president of The Hellenic Times. They settled on 135th Street in Harlem and his father found work as a busboy and his mother was a stay-at-home mom. [14][15], Catsimatidis and his wife have made contributions to a variety of both Republican and Democratic campaigns. [36] He hired a campaign consulting firm, Millennial Strategies LLC, that mostly works on Democratic campaigns. Said Catsimatidis: “I may want to run as a Democrat with this ranked choice thing. Peter Michalos, MD – Potential hazards of electric cars. "[42][43], On May 13, the New York Post ran a story on Catsimatidis' comment in a 1989 Crain's New York Business profile in which he stated "I'm a Manhattanite. [2] Andrea Catsimatidis and Cox divorced in 2014. "Bullsh*t" As Screamed by Chris Christie and John Catsimatidis, Mayoral Candidate Catsimatidis Doesn't Lack for Ideas: Republican Often Makes Off-the-Cuff—and Off-Beat—Policy Proposals, Mayoral hopeful Catsimatidis goes bananas over fruit carts, September 2013 Republican primary election results, As Joe Lhota Courts Democrats, Brooklyn GOP Chief Rallies the Party Faithful, "Catsimatidis Bows Out of Race for Mayor - Metropolis - WSJ", "N.Y.C. [58][59], In the 2015 Forbes 400 "richest people in America" list, Catsimatidis ranked 182nd, with a personal net worth estimated at $3.4 billion; in the Forbes list of global billionaires, he ranked #577. Billionaire John Catsimatidis — who Republicans have viewed as their best hope in the 2021 New York City mayoral race — now says he’s considering switching parties and jumping into the Democratic race instead, Politico reports. [6], Catsimatidis has said that by the time he was 24 years old, "I built up ten stores and the business was doing $25 million a year, and I was personally earning a million dollars a year. Supermarket mogul John Catsimatidis this week declared he will open an exploratory committee to pursue a potential bid for the GOP mayoral nomination.But at a lavish 60th birthday party for his wife Margo at the Mandarin Oriental on Sunday, it was clear who holds the real power in their marriage.Sen. Andrea Catsimatidis, the daughter of billionaire John Catsimatidis, seems to have found love again after her divorce from Christopher Nixon Cox. He is the owner, president, chairman, and CEO of Gristedes Foods, a grocery chain in Manhattan, and the Red Apple Group, a real estate and aviation company with about $2 billion in holdings in New York, Florida and Pennsylvania. From former Congressman Anthony Weiner to Gristedes owner John Catsimatidis and the first openly gay New York City Council Speaker Christine Quinn, the slate of … That is wrong. [3], Catsimatidis hosts a Sunday morning talk-radio show on a number of stations along the east coast and Florida, including Washington DC, and hosts a live radio program which airs Wednesdays during drive time in the New York City metro area. [4] He entered radio station ownership in 2019 with his acquisition of WABC (AM) in New York City.[5]. www.catsimatidis.com | 800 3rd Avenue New York, NY 10022 | Email us: contact@catsimatidis.com. Supermarket magnate, radio host and sometime Republican political candidate John Catsimatidis and his wife Margo are also on the guest list. "[34] He stated "I'm not a Mike Bloomberg billionaire. [55], Catsimatidis and his wife Margo have two children, Andrea and John Jr.[2] Andrea married Christopher Cox, grandson of former President Richard Nixon, on June 4, 2011, at the Greek Orthodox Archdiocesan Cathedral of the Holy Trinity, "before a church packed with family members and political powerhouses." [2] Hillary Clinton attended Catsimatidis' daughter's wedding. Accompanied by his wife, Margo, and two children, Andrea and John, Jr., Catsimatidis traveled to Athens for the splashy awards ceremony last week at the Auditorium of the Acropolis Museum. [56][57] Catsimatidis said that he spent "in excess of $1 million" on the wedding. [6] He received a congressional nomination to West Point, but chose to study electrical engineering at New York University instead. Moderates. John enrolled in New York University to study electrical engineering; going to school during the day and working in a small grocery store on nights and weekends to help his parents pay the bills. Photo by Dean Moses Special guests John Catsimatidis and Sid Rosenberg joined Rabbi Shmuel Butman in … The New York Post reported that the 71-year-old Republican is forming an exploratory committee for a 2021 mayoral bid.. (This compares to its 2008 and 2009 rank, both at #100, 2010 at #78, 2011 at 98th, and 2012 at 97th). This is the first Hanukkah without my dad and my hope is that he will be smiling up in heaven when he sees me do this. The man who hired him, John Catsimatidis, the supermarket mogul whose media company bought 77 WABC radio for $12.5 million last year, has his … John and his wife Margo Catsimatidis live on Manhattan’s Upper East side and are parents to 2 grown children; Andrea and John Jr. John is a firm believer in giving back to the community and has been a strong supporter of the Police Athletic League for nearly 30 years. [6] These grew to $110 million in sales in 1985. John A. Catsimatidis and Wife Margo Vonderstaar Catsimatidis (Kevin C. Downs/for New York Daily News) The Corcoran Group's Carrie Chiang, who had … [13], On June 26, 2019, Catsimatidis entered into an agreement to purchase radio station WABC (AM) from Cumulus Media for $12.5 million in cash under the "Red Apple Media" name; Catsimatidis also indicated with the purchase his intention to acquire additional stations in the New York City market to complement the conservative talk radio formatted station. She has also been known as the President of the Republican Party in Manhattan since 2017. [2], In 1971, Catsimatidis opened his first store, at Broadway and 99th Street. Andrea has held the position of President of the Republican Party in Manhattan. [6] In 2009, it was reported that Catsimatidis's main holdings included 50 Gristedes supermarkets, 371 gas stations in three states, $500 million in real estate, and an expanding oil business. He serves in a leadership role of the Greek Orthodox Archdiocese of America. [26] The New York Times reported that Catsimatidis "struck an odd note when discussing education policy, expressing unease about the makeup of his daughter's graduating class from New York University's Stern School of Business," stating that "I think close to 480 of the 580 were Asian — Asian including India. "[24] Catsimatidis hosted a number of fundraising dinners with Bill Clinton at his home in New York that in total raised well in excess of $750,000 for Hillary Clinton's campaign. Among Democrats handful of Democratic campaigns, including to Carolyn B. Maloney, Charlie Rangel, and Jerrold Nadler. [26][27] In May 2007, he was reported to be "systematically wooing local Republicans", attending various Republican fundraisers in Queens and Staten Island and stating that he would "probably have a press conference" to announce his intentions "sooner rather than later" and would consider spending between $30 million and $40 million if he ran. Greek-Americans Reconsider Tsongas (March 2, 1992), {{cite news|last=Paybarah |first=Azi |url=, National Republican Congressional Committee, 2008 campaign for the Democratic presidential nomination, Greek Orthodox Archdiocesan Cathedral of the Holy Trinity, New York University Stern School of Business, "John Catsimatidis Gets His Own Radio Show", "John Catsimatidis acquires 77 WABC radio for $12.5 million", John of All Trades - An Interview with John Catsimatidis, Catsimatidis company ends Chaparral quest, SemGroup executives sue Catsimatidis; SemGroup Energy Partners also warns of asphalt meltdown, SemGroup suitor drops out: The colorful New York billionaire settles for asphalt assets, Catsimatidis to support SemGroup reorganization, "The Hill's owner seeks potential buyers, investors", "Dershowitz: Supreme Court ruling shows 'you can't count on the judiciary' if you're Team Trump", Bloomberg to Host Fund-Raiser for Lieberman, In fundraising sweepstakes, expectations high for Clinton, How to Socialize With an Ex-President? [65] Catsimatidis has also served for many years on the board of the Guardian Angels, an organization started in New York City in 1979 by Curtis Sliwa. [60], Catsimatidis is involved in philanthropy. Mr. Lhota’s campaign responded to the ads with a sharply-worded note to supporters penned by Mr. Lhota’s wife, Tamra. Then Trump Came Along", http://www.nytimes.com/2021/01/24/nyregion/giuliani-election-fraud.html, "Billionaire Trump donor Catsimatidis mulling NYC mayoral run as a Democrat", John Catsimatidis Wed To Margo Vondersaar, "A Lobster Dinner With the 'Billionaire Heiress' Chair of the Manhattan GOP", "How GOP crusader Andrea Catsimatidis is tackling the risky business of NY politics", The World's Billionaires: John Catsimatidis, "404 Page Not Found - Order of Saint Andrew the Apostle, Archons of the Ecumenical Patriarchate", Mariah's Movie: Labor Day Release Beckons, Catsimatidis Is Greek Independence Parade Chair, https://en.wikipedia.org/w/index.php?title=John_Catsimatidis&oldid=1003095807, Greek Orthodox Christians from the United States, American chief executives of food industry companies, Polytechnic Institute of New York University alumni, Candidates in the 2013 United States elections, Creative Commons Attribution-ShareAlike License, This page was last edited on 27 January 2021, at 11:25. "[35] Through May 15, Catsimatidis (a self-financed candidate) had spent $880,000 on the campaign, mostly on television and radio ads, but also on billboards and items including lip balm and groceries. [11][12], In 2015, the Red Apple Group ranked 156th on Forbes magazine's list of "America's largest private companies", with revenue of $3 billion and 8,000 employees. John is a true son of New York; he was educated in both the parochial and public school systems earning his high school diploma from Brooklyn Tech. [63] Catsimatidis was the vice-chairman of the Ellis Island Awards Foundation of the National Ethnic Coalition Organization (NECO), and received an Ellis Island Medal of Honor from that organization. [54], On October 2, 1988, Catsimatidis married Margo Vondersaar at the Greek Orthodox Archdiocesan Cathedral of the Holy Trinity in New York;[55] the two had met when she became his secretary in 1972. [2], In 2015, press reports indicated that Catsimatidis donated the use of a chartered jet valued at $70,000 to the Republican primary campaign of Scott Walker. [16] In local New York City races, Catsimatidis has given to Bill de Blasio (while he was a city councilman), Brooklyn Borough President Marty Markowitz, Cyrus Vance, Jr., and Staten Island Borough President James Molinaro. [26] The exploratory committee was officially shut down in May 2009. [5], Catsimatidis is a minority investor in the political newspaper and website The Hill as referenced on the website's articles which mention him. "[7] However, United Refining Energy Corp. shareholders did not approve the deal and it was terminated in December 2009. Finance His Good Deeds, Saudis, Arabs Funneled Millions to President Clinton's Library, Clinton goes from inevitable nominee to on the ropes, "Super PACs Spent Millions Before Candidates Announced Filings Show", Again, Supermarket Mogul Weighs Running for Mayor, Catsimatidis Readies For 2009 Mayoral Run, "John Catsimatidis, NY 1 interview, June 2, 2012", Former MTA chief Lhota in secret meeting with GOP rival Castimatidis to scout out Republican mayoral primary prospects: source, Catsimatidis starts mayoral campaign with $1M of own money, Mayoral Hopeful John Catsimatidis Vows to Be a Leader "For Harlem and for Wall Street", John Catsimatidis: 'I'm Not a Mike Bloomberg Billionaire', John Catsimatidis Spending Big on Billboards, Lip Balm and Candy, John Catsimatidis Hires a Democratic Firm, John Catsimatidis Explains Why Taxing the Rich Is Like Nazism and More, GOP chairmen react to Catsimatidis' 'Nazi' comment, NY Mayor Hopeful John Catsimatidis Goes To Air With Terrorism-Focused Radio Spot, John Catsimatidis Suggests Robotic Solution to Stop-and-Frisk Controversy, John Catsimatidis Says He Could Have Defeated Barack Obama, John Catsimatidis Holds Contentious Court in Brooklyn, Who Yelled It Better? Was Once a Bastion of G.O.P. [26] Once the city term limits law was changed to allow Bloomberg to run for a third term, Catsimatidis quietly withdrew. Supermarket magnate John Catsimatidis, whose Sunday morning radio talk show has become part of the New York City political firmament, has … [6], In 1986, Catsimatidis acquired United Refining Co., the owner of gasoline refineries in Pennsylvania and Alabama. John and his wife Margo Catsimatidis live on Manhattan’s Upper East side and are parents to 2 grown children; Andrea and John Jr. John is a firm believer in giving back to the community and has been a strong supporter of the Police Athletic League for nearly 30 years. Catsimatidis' first marriage ended in divorce; he has stated that he was "sometimes" together with Margo while still married to his first wife. John Catsimatidis is the owner, president, chairman and CEO of the Red Apple Group and Gristedes Foods -- Manhattan’s largest supermarket chain. A billionaire grocery heiress has found love again after her divorce from the grandson of President Richard Nixon two years ago. This site uses cookies. A Greek-American immigrant whose success is the embodiment of the American Dream, he resides with Margo in an apartment on New York’s Fifth Avenue. The Catsimatidis family is known, in many ways, as the quintessential Manhattanites. And then when you think about it, we’re going to deport most of these kids. Nicole Gelinas – Fix Rikers, no new prisons. Now, four decades later the Red Apple Group has evolved into a diversified corporation that has holdings in the energy, aviation, retail and real estate sectors and over 8,000 employees, with approximately 2,000 located in New York City. Political activities before mayoral campaigns. [53], Catsimatidis is currently considering running in the 2021 New York City mayoral election, as a Democrat. [51], The New York TImes reported in October 2020 that Catsimatidis and his family now run the Manhattan Republican Party; his daughter Andrea is the chairwoman,[51] and Catsimatidis, his wife Margo Catsimatidis, and his son John Catsimatidis Jr. are vice-presidents. Andrea Catsimatidis, daughter of billionaire grocer and failed mayoral candidate John Catsimatidis, … [52] Between February and July 2020, Catsimatidis contributed $50,000 of the party's $52,000 of income. By continuing to use this site you agree to our use of cookies: Alan Dershowitz – 2nd Impeachment unconstitutional. Ben Richman — president of goCharge, a … I'm not wearing a $5,000 suit. [28] By July 2008, Catsimatidis formed an exploratory committee of advisors and operatives, including Robert Ryan, Alan Bernikow, Lawrence Mandelker, and Jose Ithier. John Catsimatidis was born on the Greek island of Nisyros on September 7, 1948. John Catsimatidis, Margo Catsimatidis, John Catsimatidis Jr., Andrea Catsimatidis and Christopher Nixon Cox attend Bal du Printemps Gala Benefitting... Margo Catsimatidis and Somers Farkas attend the New York City Police Foundation 2017 Gala at Sheraton … [6] Catsimatidis graduated from Brooklyn Technical High School in 1966. "[39] At a candidates' forum Catsimatidis suggested that "a robot" or other future technology would make the stop-and-frisk program unnecessary in the future, but stated that until that time the program should continue. [63] Catsimatidis was also on the board of directors of the Drum Major Institute.[64]. [33], Catsimatidis made his official announcement on January 29, 2013, vowing to be "a leader for Harlem and Wall Street. This week on The Cats Roundtable, John Catsimatidis sits down with lawyer Alan Dershowitz to discuss his current lawsuit against CNN and the $300 Million-dollar lawsuit Dershowitz has against them. Margo, John’s wife, runs the Catsimatidis Family Foundation and dedicates her time to philanthropic endeavors. John A. Catsimatidis, Jr. is a Principal at the Red Apple Group. John A. Catsimatidis (born September 7, 1948) is an American billionaire businessman and radio talk show host. [6] Shortly thereafter, he purchased another grocery store on 87th street just west of Broadway, naming it Red Apple. They're selling bananas for half price in front of my own stores. Adam Goodman – President Biden must learn to compromise. [27], In 2008, Catsimatidis was widely viewed as a potential mayoral candidate, along with City Council Speaker Christine Quinn, Representative Anthony Weiner, businessman Richard Parsons, Police Commissioner Raymond Kelly, City Comptroller Bill Thompson (the eventual Democratic nominee), and state Senator Martin Golden. Catsimatidis, seen here with her father John in 2003, was just 17 when she met her future ex-husband when he made a campaign stop at her high school in … [63] He also served on the board of directors of the Police Athletic League of New York City. My wife and two children are also very excited that I have been bestowed this great honor. He said he only agreed to drop out after Bloomberg informed him of his plans to seek a third term. He serves on the Board of Columbia Presbyterian Hospital, the Hellenic Times Scholarship Fund, and over the years served in a variety of volunteer positions in the Greek Orthodox Church. Catsimatidis's remark was criticized by Republican Guy Molinari, the former Staten Island borough president and congressman, and Brooklyn Democratic councilman Lew Fidler, who called Catsimatidis a "Manhattan elitist". This political love match was not made to last. During his senior year, with just 8 credits remaining, John dropped out of NYU to work in the grocery business full-time. By his 25th birthday he was already a success with 10 Red Apple Supermarkets scattered along Broadway on Manhattan’s Upper Westside. [61] He is one of the largest donors to the G&P Foundation for Cancer Research[62] He founded and was co-chairman of Brooklyn Tech Endowment Foundation, benefiting his alma mater. "[6] By the summer of 1981, Red Apple had 27 stores in the Bronx and Manhattan, with annual sales of around $40 million. [29], In 2009, Catsimatidis spent nearly $300,000, much of it on polls and consultants, to explore a candidacy. Readers of Wednesday’s New York Post may have noticed a full-page tribute to the late former Mayor Ed Koch signed by Republican mayoral candidate John Catsimatidis and his wife, Margo. Other organizations with which Catsimatidis has been active are the National Kidney Foundation, Juvenile Diabetes Foundation, Young Men's Philanthropic League, and Alzheimer's Foundation of America. [17] In the 1992 Democratic presidential primaries, Catsimatidis contributed $150,000 to the campaign of fellow Greek American Paul Tsongas. [18], Catsimatidis put on a fundraiser in 2006 with Michael Bloomberg for Senator Joe Lieberman of Connecticut to support his third party run as an independent after Lieberman lost the Democratic primary nomination for reelection to the Senate. [45] Catsimatidis's economic proposals include a revival of the 1964 New York World's Fair. John, then a budding grocery-store magnate on his way to acquiring the Gristedes chain, was married to his first wife at the time. [63] Catsimatidis was for five years president of the Manhattan Council of the Boy Scouts of America. [37], On a December 13 appearance on Inside City Hall, Catsimatidis compared raising taxes on the wealthy to how "Hitler punished the Jews", a remark which surprised host Josh Robin. On October 2, 1988, Catsimatidis married Margo Vondersaar at the Greek Orthodox Archdiocesan Cathedral of the Holy Trinity in New York; the two had met when she became his secretary in 1972. [20] Catsimatidis has said that he is friends with Bill Clinton and that the former president "often" has flown in one of Catsimatidis' two airplanes. I feel sorry for those people who aren't." [48], Catsimatidis could have chosen to contest the general election on two other ballot lines, either that of the Liberal Party of New York and of a third-party line he created in summer 2013, but two days after his primary, he announced that he would withdraw from the race. The WABC sale was approved by the FCC on March 2, 2020. John and his wife Margo Catsimatidis live on Manhattan’s Upper East side and are parents to 2 grown children; Andrea and John Jr. John is a firm believer in giving back to the community and has been a strong supporter of the Police Athletic League for nearly 30 years. A startup that scraped billions of images from major web services – including Facebook, Google, and YouTube – created software that can be loaded onto smartphones to identify people using publicly available photos. "[46], In the September 2013 Republican primary, Catsimatidis lost to Joseph J. Lhota, receiving 24,864 votes to Lhota's 32,236 votes. [23] Catsimatidis was a member of Hillary Clinton's finance team during her 2008 campaign for the Democratic presidential nomination, saying in February 2007 of Clinton, "She's unstoppable. Sid Rosenberg and wife pose with the Guardian Angels. I can not thank John and Margo Catsimatidis enough for thinking of me and their continued inspiration.” [2] At the time of their marriage, Margo led her own advertising agency, MCV Advertising Associates in New York, and was president of The Hellenic Times. [6], While in college, Catsimatidis worked for the uncle of a friend, Tony, in a small supermarket on 137th Street which Tony and his uncle owned. [17], During the spring of 2012, Catsimatidis described his dismay over the quality of the announced as well as the presumed candidates. [8], In 2008, Catsimatidis became engaged in efforts to take over SemGroup LP, a bankrupt oil, gas, and asphalt trading, storage and transportation company, headquartered in Tulsa, Oklahoma. [49], Catsimatidis has contributed to Donald Trump's 2020 reelection campaign,[50] and is a vocal Trump supporter. Catsimatidis gained control over a majority of the company's management committee, but his efforts were met by opposition from the company's existing management, who argued for selling off at least some of the company's assets, while Catsimatidis wanted to keep the company together. [6] In October 2009, Forbes magazine reported that United Refining Energy Corp., a publicly traded special-purpose acquisition company (SPAC) sponsored by United Refining, was purchasing "privately held Chaparral Energy in a deal worth roughly $1.6 billion. [47] Catsimatidis did carry the borough of Staten Island. [10] In July Catsimatidis reached a settlement with SemGroup, pursuant to which he acquired a piece of SemGroup's asphalt business and dropped his competing plan for the company's proposed reorganization.