Recently-ousted American Apparel (APP) CEO and founder Dov Charney apparently will not go gentle into that good night.

The New York Post reports Charney is working with a private equity firm looking to buy the teen clothing retailer. The paper says it’s one of multiple takeover bids the company has received in recent weeks.

American Apparel’s board officially gave Charney the boot earlier this week, citing “cause.” Board members suspended him back in June amid allegations of misconduct.

Related: American Apparel: Manufacturing a comeback after years of scandal

Yahoo Finance’s Jeff Macke spoke with Charney yesterday and feels he has a very good shot at winning the battle to get his old firm back.

“Dov Charney IS American Apparel,” he says. “And if you’re some private equity group that’s going to compete against the founder, the visionary, the guy who really defines this brand, you better have a really good plan. So I think Charney’s chances are very good.”

But Yahoo Finance’s Rick Newman thinks a Charney return may not really be what investors are hoping for.

“If Charney’s chances are good that is not necessarily good news for shareholders,” he argues. “This guy is a liability as a CEO. American Apparel had its liability insurance premiums triple just because of a high incidence of things like sexual harassment lawsuits.  This guy is nothing but trouble.”

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Newman believes it’s probably time for Charney to move on.

“It seems like he should say, maybe I should try something else,” he says. “Or get some counseling.”

Macke disagrees. He feels despite all the baggage, Charney is the one guy who can make American Apparel successful.

“Yes, the charges are legion,” he says. “But without him they are a rudderless ship and they become Aeropostale (ARO). I think they’re better off private and they’re better off with him running it.”

Yahoo Finance Editor in Chief Aaron Task notes that if American Apparel is no longer a public firm, the issues surrounding Charney might not be as troublesome.

“Not to excuse some of the allegations against Mr. Charney, but maybe as a private company it’s not as much of a liability,” he points out.

And Task sees no reason why Charney couldn’t pull it off.

“This is a $150 million market cap,” he points out. “This is not Michael Dell taking Dell private. And if he can do it, I don’t see why Dov Charney couldn’t.”