intuity
Member
Apparently, ShipCom, LLC has ongoing litigation problems related to their management/ownership changes a few years ago, and from the way the filings read it was (no pun intended) a bloody shipwreck.
The latest filing in the fracas is a motion for summary judgement for their insurance company, Scottsdale, which grants them immunity from covering financial losses incurred during the apparent management hijacking (the bloody shipwreck) a few years ago, which is the subject of also on-going litigation in Alabama - effectively dealing a blow to their status as an ongoing concern.
Motion: https://www.dandodiary.com/wp-conte...verage-decision-southern-district-of-ohio.pdf
My assessment of the situation, from what I have read, is that their management went out on a limb for a lucrative business venture that would have been fantastic, but made some bad decisions along the way and some bad actors took advantage of the situation like some sort of southern-fried Carl Icahn-esque board-room raid.
Hostile takeover, sell the valuables, conglomerate what's left, and spin it off to oblivion - to hell with the damage left in its wake.
Makes me feel even more sad if it's true, honestly. :/
The latest filing in the fracas is a motion for summary judgement for their insurance company, Scottsdale, which grants them immunity from covering financial losses incurred during the apparent management hijacking (the bloody shipwreck) a few years ago, which is the subject of also on-going litigation in Alabama - effectively dealing a blow to their status as an ongoing concern.
Motion: https://www.dandodiary.com/wp-conte...verage-decision-southern-district-of-ohio.pdf
My assessment of the situation, from what I have read, is that their management went out on a limb for a lucrative business venture that would have been fantastic, but made some bad decisions along the way and some bad actors took advantage of the situation like some sort of southern-fried Carl Icahn-esque board-room raid.
Hostile takeover, sell the valuables, conglomerate what's left, and spin it off to oblivion - to hell with the damage left in its wake.
Makes me feel even more sad if it's true, honestly. :/