Brian McAdams and Mark Hirshhorn are all smiles on a late March afternoon as they greet a reporter in the Center City offices of National Media Corp., the beleaguered leader of the infomercial industry. On the surface, one wonders about the jocularity. Early in the month the company completed the settlement of a shareholders lawsuit, paying $2.175 million and issuing 145,000 shares of common stock. And just a few days ago National Media was among a half-dozen defendants named in a copyright infringement suit.
But, then again, just eight months ago, the company's own auditors, Ernst & Young, questioned whether the company could remain in business.
Sometimes, you're happy just to survive.
But increasingly, Wall Street analysts and investors are siding with Chairman and Chief Executive Officer McAdams and Hirshhorn, president and chief operating officer, who say National Media, once the dominant force in the infomercial business, is again poised to thrive.
It's amazing what a $15 million infusion from the right people can do.
McAdams took control of the company from John Turchi on Sept. 13, as the company was sinking under the weight of civil lawsuits by shareholders and suppliers and a failed merger with ValueVision International. Two weeks earlier, McAdams had voted with fellow board members to strip Turchi of the presidency and reinstalled Hirshhorn, who had been fired by Turchi the previous year. Quickly, the two assembled a team …