Business Litigation
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- Indianapolis Business Journal, November 21-27, 1994 Raider plots Posner blitz - Local business man wants firm owned by '80s takeover kingpin "One of the strongest memories of high-living corporate raider Victor Posner is when Posner walked into a meetin groom several years ago with two Uzi-toting body guards at his side. That was during Posner's heyday, when he bought and sold companies like toys and before he and fellow 1980's corporate raiders Michael Milken and Ivan Boesky were convicted of violationg federal securities laws. A small Indianapolis company, is poised to strip Posner of control of one of his few remaining companies: Miami-based National Vulcanized Fiber, Corp., or NVF, whic is in the midst of Chaper 11 proceedings. There is a proposed reorganization plan for NVF that would topple Posner and reinvigorate the company. It generated annual sales of $30 million. Last year, NVF, with 1,000 employees, had sales of $100 million. NVF manufactures containers, rubberized fibers and plastic laminates in plants in Yorklyn and Wilmington, Del; Kennett Square, PA; Hartwell, GA.; Holyoke, MA.; Broadview, IL.; and Toronto. Attorney, Scott Benkie in Indianapolis, thinks the request to hold a shareholder meeting has a strong chance of gaining Walsh's approval. Part of Benkie's optimism is based on the earlier ruling that bars the Posners fro participation in public companies (and losing control). He said he also hopes Walsh will be influenced enough by the spirit of that ruling to decide Posner would drain NVF if he were allowed to take it private. - Bloomberg Business News, August 8, 1994 NVF shareholder proposal would inject $7.5 million - Reorganization plan leaves ousted chief with nothing Scott Benkie of Benkie & Crawford has successfully represented shareholders who have a significant stake in publicly held corporations and has vigorously purused litigation in other states including, Delaware, involving large publicly held corporation with assets exceeding $100,000,000. |
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