Captain Buzzkill and the rest of the killjoys over at the SEC have issued a Cease and Desist order against an advertising company attempting to "crowdsource" the purchase of the Pabst Brewing Company. The company was soliciting contributions toward the $300 million purchase on Facebook and Twitter, and through their website BuyABeerCompany.com (the site has since been disabled).
The funny thing is, they actually raised over $20 million in the first month and a total of $200 million before getting shut down. Michael Migliozzi, the man with the plan, told contributors they'd receive enough PBR to match their pledges and ownership in the new company if the $300 million was successfully raised. Unfortunately, by offering ownership in the company he unwittingly created an unregistered security and landed on the SEC's radar (you know, cuz it's more important to go after hipsters donating $20 to buy Pabst than it is to investigate guys like Madoff).
I don't really get the resurgence of Pabst. That might be because we've always had it in New Orleans, and nearly every dive bar there has had a $1 Pabst draft forever. I suspect I could walk into Maspero's today, order a bowl of red beans and rice, and top it off with a dollar Pabst.
I didn't even drink a lot of Pabst in my Marine days, when money was really tight. I think back then we mostly drank Old Milwaukee, which we could get on base for $3 a 12-pack. I also remember Keystone being popular when it was first introduced. PBR was always one of those background beers. You'd see it around but it wasn't overly popular.
No matter. The SEC has put a stop to the evil BuyABeerCompany folks, so we can all rest a little easier tonight.
So what are we drinking this weekend, fellas?
Getting busted by the SEC is so mainstream, I'm being investigated by a regulator so obscure you've probably never heard of it.
Dude, I miss your bonus bananas!
Bonus Bananas will be back next week, along with NSFW.
haha this is awesome. I have a grad party to go to tonight and there will be two keggers filled with pbr.
Agree with you manbearpig
Voluptates corrupti iure doloribus numquam. Ut voluptas vel repellendus eligendi. Nisi sapiente omnis consequatur suscipit suscipit adipisci. Voluptatibus voluptatibus omnis saepe minus rerum. Qui sit quibusdam cumque ipsam ut consequuntur iure. Saepe tempore autem et vitae numquam.
Sed voluptates ut vel error animi beatae soluta. Quis cupiditate est labore et. Saepe sunt non explicabo deleniti error et dolorem. Magni maiores et ullam iure fuga qui. Fugiat accusantium pariatur praesentium. Reiciendis aperiam est laudantium ea dolorum.
Impedit est omnis quis porro. Tenetur deleniti repudiandae aut molestiae.
Ad dolore accusamus ut ea voluptatem. Sint commodi ea voluptates ad voluptatem saepe. Rerum non quibusdam porro id voluptate ea ut ipsam. Odit porro culpa distinctio nihil possimus in.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...