Family suing over cold-drawn steel transactions

Dec 03, 2009 | 11:31 AM | Corinna Petry

Robert A. Billstein Sr. and Robert A. Billstein Jr. have filed a civil complaint against brothers Mark and Gary Goodman, executives at Hercules Drawn Steel Corp.

The Billsteins allege that the Goodmans—who own 75 percent of the shares in the private, Livonia, Mich.-based company—violated several provisions of the Business Corporations Act, including minority shareholder oppression, interested transactions, breaches of fiduciary duties, usurpation of corporate opportunities, fraud and conspiracy, and claim the Goodmans were unjustly enriched in the process of managing the Hercules business

They filed the complaint on behalf of themselves and several family trusts that own 5,992 of 24,000 Hercules shares. The lawsuit, filed in U.S. District Court for the Eastern District of Michigan, alleges that Hercules had been damaged through "unfair business transactions" between Hercules and Eaton Steel Bar Co. and Atlas Trucking Co., both owned by the Goodmans.....

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