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Monday, April 06, 2020

D-Backs Minority Owners Suing Managing Partner Ken Kendrick over Buyouts

Three minority owners of the Arizona Diamondbacks—Alfredo Molina, Jim Weber and limited liability company Carlise Investments—are suing managing general partner Ken Kendrick, per Zach Buchanan of The Athletic.

According to that report, they are claiming Kendrick and the Diamondbacks ownership group “acted unlawfully when it told them either to increase their investment in the team to at least a one-percent stake of ownership or sell each of their ‘ownership units’ back to the team at a price of $60 per unit.”

The attorney for the minority owners, Roger Cohen, said his clients weren’t legally required to increase their investment and believed Kendrick’s leveraging “had to do with consolidating and increasing the ownership stake of the remaining owners.”

“Why they would want to do that, why they would treat our clients that way, to be honest, I can’t imagine,” he added. “It doesn’t make any sense. There is no logic to it.”

Any thoughts on the merits of the actions of either the Diamondbacks or the minority owners?

 

QLE Posted: April 06, 2020 at 12:43 AM | 3 comment(s) Login to Bookmark
  Tags: diamondbacks, ken kendrick, lawsuits, ownership

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   1. winnipegwhip Posted: April 06, 2020 at 01:19 PM (#5937019)
This sounds like the same sort of stuff that Jeffrey Loria did in Montreal.
   2. bobm Posted: April 06, 2020 at 02:53 PM (#5937051)
One of the best baseball quotes IMO:

One of Steinbrenner’s original partners, John McMullen who later owned the Houston Astros, famously quipped, “There’s nothing so limited as being a limited partner of George’s.”


Link
   3. Never Give an Inge (Dave) Posted: April 06, 2020 at 05:43 PM (#5937105)

Any thoughts on the merits of the actions of either the Diamondbacks or the minority owners?

It's pretty hard to have an opinion without knowing what the underlying agreements say. These guys signed up to something when they bought their shares that should pretty clearly define their rights and protections.

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