Shri Thanedar

Shri Thanedar (Marathi: श्री ठाणेदार; born February 22, 1955) is an Indian-born American entrepreneur, author, and politician.[1][2][3]

Shri Thanedar
Personal details
Born (1955-02-22) February 22, 1955
Belgaum, Karnataka, India
Political partyDemocratic
Spouse(s)Shashi Thanedar
Children2
EducationUniversity of Mumbai (BSC, Msc)
University of Akron (PhD)
WebsiteOfficial website

Thanedar was a candidate in the Democratic Party primary for Governor of Michigan in the 2018 election. Thanedar won the City of Detroit and earned 200,645 total votes but finished in 3rd place statewide behind current Governor of Michigan Gretchen Whitmer and former Health Director of Detroit Abdul El-Sayed.[4][5]

Following the 2018 election, Thanedar moved to Detroit and started a 2020 election campaign for the 3rd District of Michigan House of Representatives.[6]

Early life and education

Thanedar grew up in a lower-income family in Belgaum, India. When his father was forced to retire at age 55, a 14-year-old Thanedar worked odd jobs to support his family of eight. He earned a bachelor's degree in chemistry at 18 and then attended a masters program at University of Bombay.[7] He came to the United States in 1979 to pursue a PhD at the University of Akron, which he earned in 1982.[8] Thanedar became a US citizen in 1988.

Business career

Thanedar did post-doctoral work at the University of Michigan before taking a job in 1984 as a researcher at Petrolite Corp.[8]

Chemir

In 1990, Thanedar took a job working nights and weekends for $15/hour at Chemir/Polytech Laboratories to learn the business. Thanedar took out a loan to buy Chemir in 1991 for $75,000. Sales in the first year were $150,000 and the business had three employees. By 2005, Chemir's revenues were $16 million and it employed 160 people, including 40 PhD chemists.[7]

Thanedar borrowed $24 million from Bank of America to finance seven acquisitions, offering the bank a personal guarantee to back the debt.[9] One acquisition, Azopharma, grew rapidly from $1 million in 2003 to $55 million in 2008.[10] Thanedar's group of companies employed 500 people in 2008.[9]

During the 2007–10 recession in the United States, Azopharma's revenue fell by 70 percent, triggering bankruptcy proceedings by Bank of America.[10] Azopharma was closed and its assets were sold for $2 million.[9] During the bankruptcy proceedings, AniClin, one of Azopharma's research facilities of which Thanedar was the sole owner, was abruptly closed; a 2010 USA Today article claimed that laboratory animals were abandoned at the facility after the company was placed in receivership.[11] Later reports state that animal welfare organizations successfully facilitated the adoption of all animals in the facility and Thanedar denied claims that any animals were abandoned.[12] Chemir remained profitable throughout the legal proceedings and was sold on March 31, 2011, for $23 million.[13] That sale plus the combined assets in the firm covered Thanedar's debt to Bank of America.[10]

Avomeen

Thanedar briefly retired in 2010, then came out of retirement later that year to launch Avomeen Analytical Services, an Ann Arbor-based chemical testing laboratory, with his son Neil.[14] Avomeen was named to the INC 5000 list of fastest-growing companies in the United States in 2015 (#673) and 2016 (#1365).[15] In 2016 Thanedar sold a majority stake in the business to private equity firm High Street Capital.[16] Thanedar shared $1.5 million of his sale proceeds with his 50 employees.[17]

Thanedar was named the Ernst & Young Entrepreneur of the Year for the Central Midwest Region (Missouri, Kansas, Iowa and Nebraska) in 1999, 2007, and 2016.[18][19]

Lawsuit

In November 2017, a buyer of Avomeen Holdings LLC filed a lawsuit in the U.S. District Court in Detroit, claiming Thanedar made "fraudulent and misleading representations" of his company's finances in order to sell the majority stake in November 2016.[20] Thanedar denies the allegations, stating that revenues "are anticipated to significantly exceed" those of past periods.[21] Thanedar maintains 40 percent ownership of Avomeen.[17]

Political career

Shri Thanedar entered politics when he chose to run in the 2018 Michigan gubernatorial election as a Democrat.[3] Thanedar's political platform includes a $15 minimum wage, public education reform, infrastructure improvements, and increased government transparency.[22]

2018 gubernatorial campaign

On April 5, 2017, Shri Thanedar submitted paperwork to raise funds for a potential gubernatorial campaign in Michigan.[23] On June 8, 2017, Thanedar officially announced his candidacy for Governor of Michigan in the 2018 Democratic Party primary.[24] Thanedar pledged not to accept any corporate political action committee donations.[25] Thanedar contributed $10.6 million of his own money to his campaign.[26] Early polling in 2017 showed Thanedar in last place at 2% to 3%.[27] After running a statewide Super Bowl ad in February 2018, Thanedar quickly became the best-known Democratic candidate running for Governor of Michigan.[28] Thanedar won statewide Democratic polls in March (21% to 18%) and April (30% to 26%) versus Gretchen Whitmer, the presumed Democratic front-runner.[29]

As Thanedar's campaign gained public traction in early 2018, reporters at The Intercept and HuffPost began investigating Thanedar's history.[30][11] Thanedar had not held elective office before running for Governor of Michigan in 2017, so he did not have an official record as a Democrat. Campaign finance records show that Thanedar made 18 donations to Democratic campaigns and 1 donation to a Republican campaign prior to running for office.[22] However, that one Republican donation, $2,300 to the Republican presidential campaign of John McCain, led to controversy that Thanedar may not be as progressive as he claimed.[31] Political strategists who met with Thanedar before his 2018 campaign also claimed that Thanedar initially questioned whether he wanted to run as a Democrat or Republican in the gubernatorial race.[32] Thanedar denied the claims, stating that he was being criticized by these strategists because he did not hire their firms.[32] Thanedar also faced accusations that laboratory animals were abandoned at one of his former research facilities after that business was placed into receivership by Bank of America in 2010, claims that were denied by Thanedar and later reports.[11][33]

These controversies hurt Thanedar's campaign and he failed to poll over 30% again. On August 7, 2018, Thanedar received 200,645 votes in the Democratic Party primary (17.7%), placing him in third behind Gretchen Whitmer's 588,436 votes (52.0%) and Abdul El-Sayed's 342,179 votes (30.2%).[34] Thanedar's support was heavily concentrated in cities like Detroit, Flint, Inkster, and Pontiac with high African American populations.[35][36][37]

Thanedar's campaign had spent more money than any other candidate running in either the Democratic or Republican gubernatorial primaries. The roughly $10.3 million his campaign spent accounted for nearly one third of the cumulative spending of all candidates in the primaries.[38]

2020 State Representative Campaign

In August 2019, Shri Thanedar submitted paperwork to run for State Representative in Michigan's 3rd District which represents a portion of North Detroit. On August 4, 2020, Thanedar won the Democratic primary for the state house seat.[39]

Autobiographies

Thanedar has written two autobiographies. ही 'श्री' ची इच्छा ! (Pronounced: He Shree Chi Ichha; English: This Is Shri's Wish) is an autobiography written in Marathi, published in 2004. In 2008, Thanedar self-published his memoirs in English, "The Blue Suitcase: Tragedy and Triumph in an Immigrant's Life."[40]

gollark: Epigenetic whatever?
gollark: I think I have Minecraft worlds bigger than a human genome somewhere.
gollark: Wikipedia says "3,100 Mbp (mega-basepairs) per haploid genome6,200 Mbp total (diploid).", so that seems right.
gollark: How long is human DNA? A few gigabytes?
gollark: A few cents per base pair or something.

References
  1. Reporter, India-West Staff. "'EY Entrepreneur of the Year' Shri Thanedar Files to Run for Governor of Michigan". India West. Retrieved 2019-05-23.
  2. Thanedar, Shri. THE BLUE SUITCASE: Tragedy and Triumph in an Immigrant's Life.
  3. "Rags-to-riches entrepreneur to launch run for governor". Detroit News. Retrieved 2019-05-23.
  4. "August 7, 2018 Unofficial Primary Election Results". City of Detroit. Retrieved 2019-05-23.
  5. "2018 Michigan Official Primary Election Results – 08/07/2018". mielections.us. Retrieved 2019-05-23.
  6. Rosekrans, Neil. "Shri Thanedar For Michigan – 3rd District of Michigan". Shri Thanedar For Michigan. Retrieved 2019-11-04.
  7. Mccoy, Michael (2006). "C&EN TALKS WITH". Chemical & Engineering News. 84: 29. doi:10.1021/cen-v084n046.p029.
  8. "Thanedar tests his way to $16 million". www.bizjournals.com. Retrieved 2018-01-24.
  9. Gallagher, Jim. "Shri Thanedar succeeds in St. Louis, fails, then rises again in Michigan". stltoday.com. Retrieved 2018-01-23.
  10. Gallagher, Jim. "Gallagher: Immigrant millionaire's reversal is cautionary tale". stltoday.com. Retrieved 2018-01-24.
  11. Marans, Daniel (2018-04-25). "Over 100 Dogs And Monkeys Were Rescued From Michigan Democrat's Shuttered Company". HuffPost. Retrieved 2019-05-23.
  12. "Thanedar denies responsibility for beagles abandoned in testing lab in 2010". Detroit Free Press. 2018-04-26. Retrieved 2018-08-02.
  13. Chemir auctioned off for $23 million
  14. "Retired from retirement, Avomeen founder works on his next boom". Crain's Detroit Business. 2013-09-27. Retrieved 2018-01-23.
  15. "Avomeen Analytical Services: Number 1365 on the 2016 Inc. 5000". Inc.com. Retrieved 2018-01-23.
  16. "Private equity firm buys controlling interest in Avomeen". Crain's Detroit Business. 2016-11-23. Retrieved 2018-01-23.
  17. "Ann Arbor CEO surprises employees with $1.5 million in holiday bonuses". MLive.com. Retrieved 2018-01-23.
  18. 2007 Ernst & Young Entrepreneur of the Year Award, for the Central Midwest Region
  19. "Ann Arbor businessman Shri Thanedar to announce run for governor". 7 June 2017.
  20. Gibbons, Lauren (November 15, 2017). "Gubernatorial candidate Shri Thanedar sued over fraud claims". MLive.
  21. "Thanedar fights business fraud lawsuit as 'false'". Detroit News. Retrieved 2018-01-24.
  22. Huffman, Bryce. "Ann Arbor businessman Shri Thanedar is running for governor". www.michiganradio.org. Retrieved 2019-05-23.
  23. Oosting, Jonathan (April 20, 2017). "Entrepreneur of year files for Michigan governor run". The Detroit News. Retrieved April 21, 2017.
  24. "Rags-to-riches entrepreneur to launch run for governor". Detroit News. Retrieved 2018-01-24.
  25. "Thanedar touts work in science in 1st ad of governor's race". Detroit Free Press. Retrieved 2018-01-24.
  26. "'No regrets' for Thanedar after putting $10.6M into campaign". Detroit News. Retrieved 2019-05-23.
  27. "2018 Michigan gubernatorial election", Wikipedia, 2019-05-15, retrieved 2019-05-23
  28. Ikonomova, Violet. "This political outsider is now the best-known Democrat in Michigan's race for governor". Detroit Metro Times. Retrieved 2019-05-23.
  29. "2018 Michigan gubernatorial election", Wikipedia, 2019-05-15, retrieved 2019-05-23
  30. Jilani, Zaid (2018-04-06). "A Bernie-Branded Millionaire Is Leading the Democratic Race for Governor. He Almost Ran as a Republican, Consultants Say". The Intercept. Retrieved 2019-05-23.
  31. "The Bizarro-World Trump Storming Michigan Politics". POLITICO Magazine. 24 June 2018. Retrieved 11 July 2018.
  32. Friess, Steve. "The Bizarro-World Trump Storming Michigan Politics". POLITICO Magazine. Retrieved 2019-05-23.
  33. "Thanedar denies responsibility for beagles abandoned in testing lab in 2010". Detroit Free Press. Retrieved 2019-05-23.
  34. "2018 Michigan Official Primary Election Results – 08/07/2018". mielections.us. Retrieved 2019-05-23.
  35. "August 7, 2018 Unofficial Primary Election Results". City of Detroit. Retrieved 2019-05-23.
  36. "Genesee County Michigan Primary Election Results" (PDF).
  37. "Thread by @nwarikoo: "Shri Thanedar said some have suggested he run for Detroit Mayor"".
  38. Egan, Paul (7 September 2018). "No regrets for Thanedar after spending $10.3M on failed bid for governor". Detroit Free Press. Retrieved 15 November 2019.
  39. "Michigan Primary Election Results for State House District 3 on Aug. 4, 2020". WDIV-TV. Retrieved August 15, 2020.
  40. The Blue Suitcase"Book – Shri Thanedar". shrithanedar.com. Retrieved 2018-01-24.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.