Word: complaints
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...straight. When Investcorp took over the Circle K convenience-store chain in 1993, it did so through a vehicle called CK Acquisitions. That shell company has now been sued by rival bidders for allegedly making false statements to a bankruptcy-court judge who had to approve the bid. The complaint alleges that CK Acquisitions failed to disclose that Circle K management would own stock in the retailer after the takeover. (That was an important point because it could help explain why management endorsed the offer.) The plaintiffs are seeking $30 million in actual damages and $200 million in punitive damages...
Another little-noticed case involves even more serious charges. The complaint, filed in Manhattan federal court, accuses Investcorp and five of its board members, as well as other defendants, of fraud and extortion. According to the complaint, the defendants tried to loot the Saudi European Bank, an Arab-owned institution in Paris. The lawsuit was filed by the bank's former parent company, headed by Syrian-born banker Jamal Radwan. The complaint charges that several defendants concocted a scheme for Investcorp to take over Saudi European Bank. In addition, Kirdar allegedly threatened to persuade other banks to stop doing business...
Whatever the merits of the complaint, it highlights the intriguing background of a key Investcorp insider: Abdullah Taha Bakhsh, a Saudi tycoon who has served on Investcorp's board since the bank was founded and who helped persuade other rich Saudis to invest. (Like Investcorp, Bakhsh filed a motion to dismiss the Saudi European action, and his lawyer expects it to be granted.) The complaint points out that Bakhsh was a major shareholder of Paris-based Al Saudi Banque, which collapsed in 1988, and accuses him of looting that institution. One of Bakhsh's other holdings is the First Commercial...
...candidates, though, have very different reasoning. Maddox said he feels spending per pupil is far too high, while Knopp said his main complaint is lack of accountability in the budget making process...
Employers, of course, have their own arsenal of weapons for turning back organizing attempts. Companies can often keep unions at bay simply by firing employees who seem sympathetic to an organizer's pitch. Forklift driver Jerome Childs filed a complaint with the National Labor Relations Board last month after Preferred Consolidated, a Chicago-area warehouse operator, laid him off. The firm says the dismissal was for gashing the wrapping on a palette of Styrofoam boxes that Childs had been told to unload quickly. Childs says it was for favoring representation by Unite, a recently formed combination of clothing-workers' unions...