The Monitor Company Group, which took heat for its work on behalf of Libya’s former leader Col. Gaddafi, filed Chapter XI bankruptcy on Nov. 7 and arranged a takeover of its assets by Deloitte Consulting.
The Cambridge-based operation officially terminated ties with Libya and Jordan on July 1, 2011, receiving $6.7M in fees/expenses from Gaddafi’s government from October 2006 to January 2009, according to its late Justice Dept. filing. (MCG also reported an $871 payment from Jordan).
It its federal filing, MCG said it arranged personal meetings with Qaddafi for bigwigs such as Richard Perle, President Reagan’s Assistant Secretary of Defense and noted neoconservative pundit; Francis Fukuyama, political scientist and author of “The End of History & The Last Man,” and Benjamin Barber, ex-advisor to Bill Clinton.
There also was a panel discussion organized by David Frost to discuss the application of the philosophies of Gaddafi’s Green Book to modern Libya. Fukuyama, as part of his compensation, received copies of Gaddafi’s Green Book for use in his political science course.
MCG also maintained ties with Larry Weber’s Racepoint Group, which received a $300K fee for PR services.
Under the merger deal, Monitor is joining with Deloitte’s strategy and operations practice.
MCG said the “recent economic downturn” forced it to evaluate its strategic options, a process that found Deloitte to “be not only the right strategic match, but also provided the opportunity for substantial short-term and long-term growth as well as opportunities for its employees and clients.”
The Deloitte deal is subject to the U.S. Bankruptcy Court in Wilmington, Del., regulatory approvals and whether a best offer emerges.
Gaddafi was murdered on Oct. 20 after he was discovered hiding in a culvert.