Ooops. S.E.C. Stops Would-Be Buyers of Pabst Beer
on 10/06/11 at 10:52 amBeer
An effort to buy the maker of the oft-ironically enjoyed Pabst Blue Ribbon beer has fizzed out, after the Securities and Exchange Commission became involved.
The regulator settled on Wednesday with two advertising executives, Michael Migliozzi II and Brian William Flatow, over their effort to raise $300 million to buy the Pabst Brewing Company, which makes P.B.R. and another hipster staple, Schlitz.
The two men agreed to a cease-and-desist order from the S.E.C., though neither admitted or denied any of the agency’s findings other than jurisdiction over the matter.
According to the S.E.C., Mr. Migliozzi, 45, and Mr. Flatow, 41, created a Web site, BuyaBeerCompany.com, in November 2009. The idea was to raise the money needed to buy Pabst by collecting pledges via their Web site, Facebook and Twitter through a process called crowdsourcing.