RSS Feeds

Settlement proposed in Va. stockholder fight

Wednesday - 6/5/2013, 10:47am  ET

RICHMOND, Va. (AP) -- A multimillion-dollar family-owned enterprise in Buckingham County has agreed to buy out minority stockholders to settle a long-running legal dispute.

The Richmond Times-Dispatch ( ) reports that the proposed settlement also would restore Gene B. Dixon Jr. as chairman of The Disthene Group Inc.

The Disthene Group is a holding company that controls the Dixon family's assets. They include Kynamite Mining Corp. and the Cavalier Hotel in Virginia Beach.

Fairfax County Circuit Court Judge Marum Roush had ordered the company into receivership last September and removed Dixon from the chairmanship. Roush ruled that mismanagement and oppression of minority stockholders clouded Disthene's operations for years.

A hearing on the proposed settlement is set for next week.


Information from: Richmond Times-Dispatch,

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.