(KAIR)--More legal twists and turns in the ongoing controversy involving Atchison based MGP Ingredients, where a group of preferred stockholders, comprised of family members of the founders of the company, continue to seek the ouster of company CEO Tim Newkirk.
Cray Family Management, LLC argues that his management is a liability to the company's future.
The controversy erupted in May when Cray Family Management, due to their documented differences with the company's current leadership, effectively shut down the company's annual stockholder's meeting on May 23rd by failing to attend, or send proxies, which led to the lack of a quorum.
Last week, Cray Family Management filed, in Atchison County District Court, a civil suit stating that MGP must hold that meeting on or before August 12th, which would allow a vote to select three of nine company directors.
The preferred stockholders have also filed a separate civil suit seeking to inspect the company's corporate records.
A hearing has been scheduled for Thursday. However, MGP, late Tuesday afternoon, responded, filing a motion to dismiss, or stay, the proceedings based on a seperate lawsuit filed in Johnson County by MGP. The company's response states, in part, that the Johnson County Court has been asked to review the validity of the Cray Group's role in the company and to determine who are the proper Trustees.
The document states that the Cray Group's lawsuit should not proceed until such “significant preliminary issues” can be deterimined prior to convening the annual meeting.
© Many Signals Communications
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