Comment
0
Tweet
0
Print
RSS Feeds

Multimillion-dollar Va company fights receivership

Monday - 9/17/2012, 10:55am  ET

BUCKINGHAM, Va. - A multimillion-dollar family-owned enterprise in Buckingham County is fighting a judge's order forcing it into receivership.

The Richmond Times-Dispatch ( http://bit.ly/RX2Hur) says The Disthene Group Inc. asked the Virginia Supreme Court last week to block Fairfax County Circuit Court Judge Marum Roush's order. The company says the order requires a receiver to begin liquidating assets. That would make an appeal meaningless.

In the motion, the company claims Roush misconstrued Virginia's laws pertaining to business judgment and misinterpreted the nature of key business dealings.

Roush's order stems from a long-running legal battle among members of the Dixon family over Disthene's operation. The holding company controls the family's properties, including Kyanite Mining.

Roush said mismanagement and oppression of minority stockholders clouded Disthene's operations for years.

___

Information from: Richmond Times-Dispatch, http://www.timesdispatch.com


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)