Seems Like Alan R. Kahn loves filing lawsuits
"SEABOARD CORP.
In November 1998, Time magazine devoted nearly a quarter of Donald Bartlett and James Steele's four-part special report on corporate welfare to Seaboard, its subsidies, its treatment of its work force, and its environmental and business crimes. See also Boston Business Journal, February 1993; and Kansas City Star, April 1993.
"Holdings include flour mills in Ecuador, Guyana, Haiti, Mozambique, Nigeria, Sierra Leone and Democratic Republic of Congo; feed mills in Ecuador, Nigeria and Congo; 3,100 acres of shrimp ponds in Ecuador and Honduras; 37,000 acres of sugarcane, 4,200 acres of citrus and a sugar mill, all in Argentina; a winery in Bulgaria; other agricultural and business interests in Chile, Colombia, Costa Rica, Guatemala and Venezuela; electric-power-generating facilities in the Dominican Republic; shipping companies in Liberia; containerized cargo vessels running between Miami and Central and South America; ... processing plant and hog farms in Oklahoma, Kansas, Texas and Colorado, along with poultry-processing plants, feed mills, hatcheries and a network of 700 contract chicken growers in Alabama, Georgia, Kentucky and Tennessee." (Time magazine special report/corporate welfare, Nov 30, 1998).
Seaboard's annual sales approx $1.8 billion; 12,000 employees, 10,200 of them in the U.S.
Three quarters of Seaboard Corpation's stock is owned by Seaboard Flour Corp.; 95% of Seaboard Flour is owned by brothers H. Harry and Otto Bresky Jr., their sister Marjorie B. Shifman and family trusts. All told, the family's stock in Seaboard is worth $425 million. (Time magazine special report/corporate welfare, Nov 30, 1998).
"
Kahn alleged that the Breskys required Seaboard Corp. to enter into business deals with Seaboard Flour that generated "unlawful profits" for Seaboard Flour. In short, according to Kahn's allegations, the Breskys used their controlling positions in the two companies to move money from the public company to their private business...
Robohm was subpoenaed in the Kahn lawsuit, and he recited a litany of business dealings in which, he said, Bresky had interests in companies that profited from inflated contracts with Seaboard Corp.
According to his deposition, kickbacks were paid to officials in foreign governments; contracts were padded, with the excess money diverted to Swiss bank accounts; management fees were inflated; brokerage commissions ran 2 1/2 to five times the usual rate. And in the case of one Seaboard subsidiary, "there was a great deal of cash that was...unaccounted for... The litigation dragged on for four years. Finally, in 1994, the lawsuit was settled when Seaboard Flour and the Breskys, without admitting "any liability or wrongdoing," agreed to pay $10.8 million to Seaboard Corp. For practical purposes, that meant the Breskys transferred money from the family-owned Seaboard Flour to the publicly traded but still family-controlled Seaboard Corp." (Time magazine special report/corporate welfare, Nov 30, 1998).
"From 1990 to 1997, Seaboard Corp. was the beneficiary of at least $150 million in economic incentives from federal, state and local governments to build and staff poultry- and hog-processing plants in the U.S.; insure its operations in foreign countries, and sell its products. Seaboard's corporate welfare in the 1990s: Minnesota provided more than $3 million in economic incentives; Kentucky, $23 million; Kansas, $10 million; and Oklahoma, $100 million. The Federal Government's OPIC provided $25 million in insurance for business ventures abroad." OVERSEAS PRIVATE INVESTMENT CORP. (OPIC) : Insurance in 1990s to cover wheat and corn mills in Mozambique, a shrimp hatchery and shrimp farm in Ecuador and a flour mill in Haiti. Value: $25 million. U.S. AGRICULTURE DEPT. SUBSIDIZED SALES: Subsidized sales of agricultural products under the Public Law 480 program. Value: $4 million. CITY OF ALBERT LEA, MINN. : Loan to help Seaboard buy the existing plant; reduced sewage charges. Value: $3.3 million. OKLAHOMA DEVELOPMENT FINANCE AUTHORITY : Revenue bonds for hog-processing operations and to finance construction of sewage-treatment facilities. Value: $30 million. KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY : Tax credits for a chicken-processing facility. Value: $5.7 million. GRAVES COUNTY (KY.) INDUSTRIAL REVENUE BOND: To support a Seaboard chicken-processing plant. Value: $14.5 million. CITY OF GUYMON, OKLA.: Grant paid for with a sales tax levied on local shoppers to help build a hog-processing plant. Value: $8 million. KANSAS DEVELOPMENT FINANCE AUTHORITY: Industrial revenue bonds to pay for hog-farming operations. Value: $9.6 million. (Time magazine special report/corporate welfare, Nov 30, 1998). "
Source
http://www.endgame.org/dtc/s.html
"SEABOARD CORP.
In November 1998, Time magazine devoted nearly a quarter of Donald Bartlett and James Steele's four-part special report on corporate welfare to Seaboard, its subsidies, its treatment of its work force, and its environmental and business crimes. See also Boston Business Journal, February 1993; and Kansas City Star, April 1993.
"Holdings include flour mills in Ecuador, Guyana, Haiti, Mozambique, Nigeria, Sierra Leone and Democratic Republic of Congo; feed mills in Ecuador, Nigeria and Congo; 3,100 acres of shrimp ponds in Ecuador and Honduras; 37,000 acres of sugarcane, 4,200 acres of citrus and a sugar mill, all in Argentina; a winery in Bulgaria; other agricultural and business interests in Chile, Colombia, Costa Rica, Guatemala and Venezuela; electric-power-generating facilities in the Dominican Republic; shipping companies in Liberia; containerized cargo vessels running between Miami and Central and South America; ... processing plant and hog farms in Oklahoma, Kansas, Texas and Colorado, along with poultry-processing plants, feed mills, hatcheries and a network of 700 contract chicken growers in Alabama, Georgia, Kentucky and Tennessee." (Time magazine special report/corporate welfare, Nov 30, 1998).
Seaboard's annual sales approx $1.8 billion; 12,000 employees, 10,200 of them in the U.S.
Three quarters of Seaboard Corpation's stock is owned by Seaboard Flour Corp.; 95% of Seaboard Flour is owned by brothers H. Harry and Otto Bresky Jr., their sister Marjorie B. Shifman and family trusts. All told, the family's stock in Seaboard is worth $425 million. (Time magazine special report/corporate welfare, Nov 30, 1998).
"
In 1990, Alan R. Kahn, a Wall Street investment broker and Seaboard stockholder, filed a lawsuit in Delaware seeking an accounting of the profits earned by the Breskys through their intercompany dealings.
Kahn alleged that the Breskys required Seaboard Corp. to enter into business deals with Seaboard Flour that generated "unlawful profits" for Seaboard Flour. In short, according to Kahn's allegations, the Breskys used their controlling positions in the two companies to move money from the public company to their private business...
Robohm was subpoenaed in the Kahn lawsuit, and he recited a litany of business dealings in which, he said, Bresky had interests in companies that profited from inflated contracts with Seaboard Corp.
According to his deposition, kickbacks were paid to officials in foreign governments; contracts were padded, with the excess money diverted to Swiss bank accounts; management fees were inflated; brokerage commissions ran 2 1/2 to five times the usual rate. And in the case of one Seaboard subsidiary, "there was a great deal of cash that was...unaccounted for... The litigation dragged on for four years. Finally, in 1994, the lawsuit was settled when Seaboard Flour and the Breskys, without admitting "any liability or wrongdoing," agreed to pay $10.8 million to Seaboard Corp. For practical purposes, that meant the Breskys transferred money from the family-owned Seaboard Flour to the publicly traded but still family-controlled Seaboard Corp." (Time magazine special report/corporate welfare, Nov 30, 1998).
"From 1990 to 1997, Seaboard Corp. was the beneficiary of at least $150 million in economic incentives from federal, state and local governments to build and staff poultry- and hog-processing plants in the U.S.; insure its operations in foreign countries, and sell its products. Seaboard's corporate welfare in the 1990s: Minnesota provided more than $3 million in economic incentives; Kentucky, $23 million; Kansas, $10 million; and Oklahoma, $100 million. The Federal Government's OPIC provided $25 million in insurance for business ventures abroad." OVERSEAS PRIVATE INVESTMENT CORP. (OPIC) : Insurance in 1990s to cover wheat and corn mills in Mozambique, a shrimp hatchery and shrimp farm in Ecuador and a flour mill in Haiti. Value: $25 million. U.S. AGRICULTURE DEPT. SUBSIDIZED SALES: Subsidized sales of agricultural products under the Public Law 480 program. Value: $4 million. CITY OF ALBERT LEA, MINN. : Loan to help Seaboard buy the existing plant; reduced sewage charges. Value: $3.3 million. OKLAHOMA DEVELOPMENT FINANCE AUTHORITY : Revenue bonds for hog-processing operations and to finance construction of sewage-treatment facilities. Value: $30 million. KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY : Tax credits for a chicken-processing facility. Value: $5.7 million. GRAVES COUNTY (KY.) INDUSTRIAL REVENUE BOND: To support a Seaboard chicken-processing plant. Value: $14.5 million. CITY OF GUYMON, OKLA.: Grant paid for with a sales tax levied on local shoppers to help build a hog-processing plant. Value: $8 million. KANSAS DEVELOPMENT FINANCE AUTHORITY: Industrial revenue bonds to pay for hog-farming operations. Value: $9.6 million. (Time magazine special report/corporate welfare, Nov 30, 1998). "
Source
http://www.endgame.org/dtc/s.html
Much More Coming Soon on the Many Lawsuits of Alan R. Kahn of Kahn Brothers Group Inc.,
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Crystal L. Cox
Investigative Blogger
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