The affidavit accompanying the Ellett Brothers bankruptcy tells a story of high leverage combined with a mistaken bet on a Democratic win in 2016 that could have described quite a few businesses in the hunting business. But a lawsuit filed by its main lender claims that Wellspring, Ellett’s controlling private equity shareholder, and Ellett’s officers had long before paid massive dividends to themselves and stripped the company of value.

As far back as Sept. 12, 2012, Prospect lent Ellett Bros. $100 million and Wellspring distributed $134,003,871.20 to various officers and partners in its private equity fund, according to the complaint. Then ... Log in to view full article.