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Baker Mayfield sacked for $12 million


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 Attorneys for Baker and Emily Mayfield filed a petition in Travis County District Court to request information regarding the potential misappropriation of $12 million by an Austin investment firm where Mayfield’s family members work.

The petition was filed Tuesday in the 250th District Court and attorneys are asking the defendants — Camwood Capital Management Group, Camwood Ventures, Texas Contract Manufacturing Group, Unitech, Apex Machining and Lor-Van — to turn over financial records from 2018-2023 and for witnesses to provide oral depositions to help the Mayfields figure out where their money has gone over the course of five years.

“Petitioners simply do not know if their money has been properly and competently invested, has been stolen or otherwise misappropriated, or something in between,” the document stated.

According to the filing, all of the witness contacts listed for the defendants are members of Baker Mayfield’s immediate family. TCMG is a subsidiary of the Camwood Capital Management Group (which includes Camwood Ventures) while Unitech, Apex and Lor-Van were all acquired by TCMG since 2018, according to the filing.

“On information and belief, a substantial sum of Petitioners’ assets were transferred
out of Petitioners’ personal accounts to TCMG, potentially at the direction and supervision of
Camwood Group and/or Camwood Ventures, and were used by TCMG to fund certain
investments, make certain acquisitions, or to fund certain loans. Other of Petitioners’ assets were
transferred directly to Camwood Ventures and invested in various entities on behalf of Petitioners,” the filing said.

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So, researching these businesses, here is what seems to have happened:

1. Baker turned over his fortune to his dad to manage. 

2. His dad James had operational experience managing manufacturing companies, and over time provided consulting for private equity firms. 

3. James took the money and setup both a private equity and venture capital fund to invest in and buy out manufacturing companies.

4. He hired friends and family to run those businesses. Note that it doesn’t appear any of them had much or any experience running VC or PE funds.  It is VERY different being an operating consultant to a PE instead of an actual PE partner.

Because these rubes didn’t know what they were doing, I suspect they’ve burned through all of Baker’s money. 

As far as Baker goes, it is unbelievably stupid to put that much of his net worth into PE and VC  

 

 

 

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1 hour ago, Dbeasy said:

As far as Baker goes, it is unbelievably stupid to put that much of his net worth into PE and VC

Well, to be completely fair, Baker IS unbelievably stupid.

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