Because he bought a break-even business at an elevated price, on the precipice of an industry-wide decline, and saddled it with huge interest payments. He had

Because he bought a break-even business at an elevated price, on the precipice of an industry-wide decline, and saddled it with huge interest payments. He had no lever to pull to increase revenues that much, so he had to cut costs dramatically from day one and hope the business would stabilize at a smaller size. Remains to be seen if it will. There’s a reason he tried to get out of the purchase…