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Ownership of a company isn't always black and white and can be complicated. Maybe Theo owned a percentage, large or small, and sold his share, or maybe Theo owned the company with financial backers and they forced him out. For all we know Theo decided to spend less time in the day to day operations of AVN, and more time on the beach with his feet in the sand.
I only met Theo a handful of times, but he always seemed nice.
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