The Chef’s Warehouse and Sid Wainer Followed the Law [OPINION]
The Chef's Warehouse has purchased Sid Wainer, a New Bedford-based produce supplier. Some are upset about the way they learned of the business deal.
Everybody in Greater New Bedford knows someone who has a connection to Sid Wainer. All knowledgeable foodies in the region, and some outside of the region, shop at the retail outlet provided by Sid Wainer in New Bedford. Many of us, maybe even more of us, enjoy the great prices and quality at Friendly Fruit, and we appreciate the one-stop and two-store shopping convenience.
Friendly Fruit takes cash or EBT exclusively. I have always appreciated the fact that there are poor people eating the same high-quality fruits and vegetables that are being requested by the chefs in the best New York, Boston, and Washington, D.C. restaurants. I also appreciate how far my cash goes when I'm making my weekly visits to this outlet.
All that said, I have nothing to do with Sid Wainer and most of you are like me. I also have nothing to do with The Chef's Warehouse. Some of you may own stock in The Chef's Warehouse.
The law requires publicly traded companies to keep certain information confidential or share it simultaneously with all current and potential investors. Knowing something that others don't know that has a direct impact on the price of a publicly-traded stock is a massive responsibility. It also opens up the individual with that knowledge to an invasive inquiry by the federal government.
Be happy nobody told you about this deal.
There is a reasonable argument that New Bedford Mayor Jon Mitchell could have been brought into the conversation before the public announcement. Mayor Mitchell is a former federal prosecutor and an officer of the court. As a former member of the Justice Department, Mitchell has a record of properly handling secret information on levels far above a local business sale.
But the rules are the rules and the folks at The Chef's Warehouse and Sid Wainer played this straight. Sharing information on the deal would have created jeopardy for those telling and those listening.
Chris McCarthy is the host of The Chris McCarthy Show on 1420 WBSM New Bedford. He can be heard weekdays from 10 a.m. to noon. Contact him at firstname.lastname@example.org and follow him on Twitter @Chris_topher_Mc. The opinions expressed in this commentary are solely those of the author.