opengate capital lawsuit

Finsa Portafolios, SA de CV, et al v OpenGate Capital, LLC, et al | 21 and prioritize people, not private equity profits. . The spokesman, who did not want to be identified because of pending litigation, said the company warned workers about the possibility of a plant closure when it learned of the eviction threat. Thermo Fisher sued over sale of Mexico plant used by drug cartel He was also in talks about a reality TV show built around his private equity business. 2:17-cv-04360-SB-E ("Underlying Lawsuit") under Private Equity Liability Insurance Policy No. during its first decade in business, has run exactly that playbook in Janesville since acquiring Hufcor in 2017. 66% of employees would recommend working at OpenGate Capital to a friend and 61% have a positive outlook for the business. Baldwin was a co-sponsor of the Stop Wall Street Looting Act, the first major effort to reform the private equity sector, in the last Congress. Former PennySaver employees are administering a crowdfunding site to help those left in the lurch. A native of California, Lauren attended Cal State Long Beach where she majored in journalism and political science. OpenGate said PennySaver had to be closed because Capital One unexpectedly pulled its line of credit at the last minute. Lauren moved back to the states in 2011 and now lives in Long Beach. In 2010, Dean Foods Company, its then owner, sold Golden Guernsey to a private equity company, Open Gate Capital, LLC ("Open Gate"), as part of the settlement of an antitrust lawsuit brought by the United States Department of Justice. In the May 2013 filing, OpenGate claimed it was misled into buying the division it later renamed Hamilton Scientific, and that site visits before the sale had been structured to avoid discovery of the hostile encroachment and occupation of the Reynosa facility by cartel members. "OpenGate+Capital" | US Decisions | Law | CaseMine A runner, rock climber and board game enthusiast, Lauren is perpetually training for the next race day. OpenGate Capital Acquires Diversified Commodity and Specialty Chemical Industry: Investment & Asset Management. Andrew McCarthy, 53, started working for Golden Guernsey when he was 19 years old. Defendants OpenGate Capital, LLC and OpenGate Publishing, LLC (collectively, "the Open Gate entities" or "Defendants") filed the Motion to Disnnss that is presently before the Court. OpenGate, which Nikou started in 2005, has engaged in more than two dozen transactions. To date, OpenGate has laid off 678 California workers from the Pennysaver classified ad magazine, 100 Wisconsin workers at its Golden Guernsey dairy plant, 140 employees of the Connecticut boxboard company Fusion Paperboard, and nearly 200 employees in Texas, Arkansas, and Wisconsin, who worked for the laboratory furniture company Hamilton Scientific. They had received no notice that the magazine would be shuttered. . You should only be asked to sign in once. And the firm shut down its Fusion Paperboard plant just three years after acquiring it and only a few months after entering into a, Even as hundreds of American workers have suffered from OpenGates schemes, Andrew Nikou, the OpenGate founder and CEO, has not faced any meaningful financial or social consequences for repeated business failures at the hands of his firm. After laying off all 166 workers at Hufcor's Janesville plant, OpenGate Capital drove the company . The Golden Guernsey plant employed over 100 workers. OpenGate Capital, a global private equity firm, has acquired Umicore Zinc Chemicals, a global leader in the production of specialty zinc chemicals, from parent company Umicore. Do Not Sell or Share My Personal Information, Musk said hed never settle an unjust legal case against him. In 33 years with the 83-year-old company, he saw it operate under three different owners, most recently OpenGate Capital. OpenGate is not facing any lawsuits for lack of notification with regard to the mills closure. Working at OpenGate Capital | Glassdoor [1] The firm is focused on the acquisition of lower to middle market businesses that are often privately owned, or non-core divisions of larger companies located around the world. The sudden closure and lost pay did not surprise former employees of other companies once owned by OpenGate Capital the Los Angeles-based private equity firm that bought PennySaver in 2013. We work with every customer to find a workable solution, but unfortunately we werent able to reach an agreement in this situation.. These people have no idea what theyre in for, said Joanna Storm, whose husband, Robert, was abruptly laid off from OpenGate-owned Golden Guernsey Dairy in Waukesha, Wis., after working there 19 years. It agreed to provide $3.1 million in financing in November 2013 for five days. [14] Also in 2019, OpenGate purchased the UK-based Duraco Specialty Tapes, which then acquired Infinity Tapes the following year. Over the past three years, OpenGate Capital has shut several of its portfolio companies, laying off employees with little to no warning in some cases. INTRODUCTION Before the Court is the Motion to Dismiss Pursuant to FRCP 12(b)(6) filed by OpenGate Capital Group, LLC, OpenGate Capital Management, LLC and PennySaver Investors, LLC's (collectively, "OpenGate"), which seeks to dismiss the Complaint filed by Don A. Beskrone, Chapter 7 Trustee for the estates of PennySaver USA Publishing, LLC, et al. Mohsen Moazami - OpenGate Capital OpenGate sued Thermo Fisher for breach of contract, negligent and fraudulent misrepresentation, and other things. This post was guest authored by Elisa McCartin. Post-closing, Open Gate employee Andrew Nikou was appointed as the sole member of Golden Guernsey. Contact the writer: 714-796-2286 or lwilliams@ocregister.com. Unless we do, Hufcor employees wont be the last to suffer at the hands of private equity and its ruthless profiteering. Joshua Adams Email & Phone Number - OpenGate Ca.. | ZoomInfo 2 June 2015. Fusion employees received 60 days notice in July and stayed on until the mill closed in September. Throughout the first year they started to liquidate assets selling property and equipment. Please prove that you're human. For ScioTeq, 2020 was again a record . This May Day, let's show solidarity https://t.co/4v7zeBzAiz, . it's been delivered there. The private equity firm claimed that the Reynosa, Mexico-based manufacturing facility, which it acquired as part of a larger deal from Thermo Fisher, had been regularly infiltrated by gangs from the Gulf Cartel since at least 2011, according to a copy of the complaint seen by Reuters. His parents left their native Tehran before the Iranian Revolution and relocated to Canada, later moving with Nikou to California when he was four years old. On 06/01/2015 MALLOY MITRA filed a Labor - Other Labor lawsuit against OPENGATE CAPITAL LLC. An investigation by the states Department of Workforce Development in 2013 cited the dairy for violating a federal law requiring a 60-day warning of mass layoffs and said it owed workers $1.6 million. [9] In 2006, OpenGate purchased OMMIC, a former division of Philips. OpenGate strategically invests in targeted sectors across five continents utilizing a diverse and experienced team with the ability to connect with business owners around the globe. With a strategic international presence and a focus on corporate carve . The owner, private equity firm OpenGate Capital in Century City, had turned over management of the firm in December to a restructuring and liquidation company, Realization Services Inc. in Bedford Hills, N.Y. And in the two months before the shutdown, the lender, a unit of Capital One Financial Corp., had placed one and sometimes two representatives at PennySavers Brea headquarters to monitor the operation and the companys financial condition, under terms of the line of credit it was using to pay employees, among other expenses. Nikou grew up with a passion for trading baseball cards and competing in breakdancing competitions. Golden Guernsey owes the ex-employees that money, and it also owes $30,000 in penalties because it failed to notify the mayor of Waukesha, the town where Golden Guernsey was located, that mass layoffs were imminent, the state agency ruled. "OpenGate buys Cascades recycled box makers," Los Angeles Business, 6-14-2011. Location. 3 min read. Thermo Fisher, the world's largest maker of laboratory equipment and scientific instruments, agreed to acquire Life Technologies Inc LIFE.O in mid-April for more than $13 billion. [34] On October 7, 2014, an official ceremony was held to celebrate the inauguration of the first Esperanza Azteca America program at the Florence Nightingale Middle School in Los Angeles. Also this year, four employees filed a lawsuit against Hamilton Scientific and OpenGate in Texas federal court, alleging they shuttered the plant without giving the legally required notice. But those changes did not prepare workers for its sudden closure when, in the middle of the afternoon on a Friday, employees were asked to pack up and leave. It would curb the industrys worst abuses and prioritize people, not private equity profits. In too many cases with private equity, big firms acquire businesses and squeeze them for cash, routinely causing bankruptcies. In January 2013, for instance, OpenGate abruptly shut down Golden Guernsey Dairy in Waukesha, Wis. Doing otherwise could create confusion, disruptions and other difficulties with operations.. OpenGate Capital Fully Exits Investment in EverZinc Six months after the purchase, OpenGate sued Thermo Fisher, saying the company had concealed the fact that the Reynosa, Mexico, facility was under seige by the Gulf cartel, whose senior members brandished weapons at company employees and parked tractor trailers and cars at the facility. OpenGate Capital has acquired Umicore Zinc Chemicals Home - OpenGate Capital Were hiring an Advocacy & Political Manager. It had been in business 50 years. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. The Hamilton shutdown was the result of a dispute in which the landlord of its main plant in Texas moved to evict the firm, imperiling the business, according to an OpenGate spokesman.

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