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Matt Levine

Papa John’s Poison-Pilled Papa John

Also bond make-wholes, summer doldrums and hit-man rental.

Papa John.

Who controls a company? It’s a question we talk about from time to time, and the shareholders, the board of directors, the chief executive officer, and whoever has the keys to the front door all have good arguments that they are really in control. But as of a few weeks ago it would have been pretty easy to argue that John Schnatter controlled Papa John’s International Inc. He founded the company and was chairman of the board. Until the end of 2017, he was also the chief executive officer. He owns 30.3 percent of the company’s stock.