opengate capital lawsuit

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. OpenGate Capital. Mr. Moazami is currently the Chairman of Astrea Acquisition Corp (NASDAQ: ASAX) and Vcinity [] 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. Open Gate Capital aquired my company Pennysaver USA 1 1/2 years ago. Our six-week newsletter will help you make the right decision for you and your property. 2:17-cv-04360-SB-E ("Underlying Lawsuit") under Private Equity Liability Insurance Policy No. 19, Ex. Senator 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. Your email address will not be published. [30][31][32], Nikou sits on the Board of YELLOW, the non-profit organization founded by Pharrell Williams. After decades of pro-corporate globalization, people numb to its effects might write . No tags have been applied so far. He was born in Vancouver, attended USCs business school and then took a job at Los Angeles private equity firm Platinum Equity in its Paris office, according to OpenGates website. It was one of the most shocking things that ever happened to me in my business life, Weinberg testified. Jul. Your activity looks suspicious to us. it's been delivered there. [5] After graduating, he worked for the Patent and License Exchange, a start-up financed by Softbank Capital.[5]. You get out of default.. To date, the firm has completed more than 75 transactions, including . Heres what the numbers show. 7-14-2011) . Emerging managers like OpenGate are seeking reception with limited partners, who generally have been happy to stick with their established relationships in uncertain markets. close to . OpenGate Capital : Portfolio Company, Hufcor Inc., Names Mr. Koben The employees say they didn't get money owed to them, including their final paychecks and vacation time. 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. In January 2013, for instance, OpenGate abruptly shut down Golden Guernsey Dairy in Waukesha, Wis. Rein In Private Equity Before It Destroys More Jobs Hufcor is shipping its Janesville plant to Monterrey, Mexico, making it the biggest business closure in Janesville since the town lost 2,500 jobs when a GM plant closed during the Great Recession. 14 at 5-6; D.I. . OpenGate manages a diverse, global portfolio across key verticals within Industrials and Technology sectors. OpenGate Capital, a Los Angeles firm that amassed $5 billion in revenue during its first decade in business, has run exactly that playbook in Janesville since acquiring Hufcor in 2017. LOS ANGELES - June 1, 2022 - OpenGate Capital, a global private equity firm, announced that it has exited its investment in EverZinc, a global provider of specialty zinc materials, through a sale to U.S. Zinc, a portfolio company of Aterian Investment Partners. Andrew Nikou is the founder and CEO of OpenGate Capital, a global private buyout firm. Andrew Nikou - Founder, CEO & Managing Partner - OpenGate Capital This post was guest authored by Elisa McCartin. "Meet The Private Equity CEO Who's In Talks For His Own Reality Show," Julia La Roche, Business Insider, 8-16-2011. A native of California, Lauren attended Cal State Long Beach where she majored in journalism and political science. Previously, Andrew was the Board Membe r at Yellow and also held positions at SPACInsider, Platinum Equity. RSI operated PennySaver until its closure in May. Sontchi, C.J. [7] Nikou studied finance at the University of Southern California Marshall School of Business. A court-appointed trustee also sued OpenGate for siphoning money from Pennysaver through a variety of shady tactics. OpenGate gets sued for alleged WARN Act violations. It maintained operations during the worst of the pandemic and even. (Reuters) - Opengate Capital Group LLC filed a lawsuit on Friday alleging that laboratory equipment maker Thermo Fisher Scientific Inc. sold it a Mexican plant last year without revealing that a drug cartel was operating there. Opengate Capital Group LLC filed a lawsuit on Friday alleging that laboratory equipment maker Thermo Fisher Scientific Inc <TMO.N> sold it a Mexican plant last year without revealing that a drug . We've received your submission. "Investment firm to buy Dean Foods dairy plant," BusinessWeek, 8-15-2011, Esperanza Azteca America launches first program in Los Angeles, Los Angeles Department of Water and Power, http://articles.businessinsider.com/2011-08-16/wall_street/29980017_1_private-equity-platinum-equity-pehub, http://www.themiddlemarket.com/maj/2010_25/andrew-nikou-213884-1.html, "Bullied as a Kid, This Founder Now Runs a $5 Billion Company. Andrew Nikou is the Founder and Chief Executive Officer of OpenGate Capital, a Los Angeles-based firm with offices in Paris, France. Once OpenGate snapped up by OpenGate in 2017, OpenGate's new regime heightened tensions and ended a relatively amicable relationship between management and the workers of IUE-CWA Local 84811 . Its not a good sign, obviously, Kasoff said of the default. 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. 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. OpenGate Capital, LLC, et al., Central District of California, Case No. OpenGate Capital Investor Profile: Portfolio & Exits | PitchBook OpenGate is moving the plant to Mexico anyway. Stanziale alleged that the dairy was insolvent in December 2011, more than a year before the hurried shutdown. On Friday May 21,2015 they fired all employees. However, after making a few payments, Fusion defaulted on a loan from the state of Connecticut, said State Sen. Cathy Osten, who is also the first selectman of Sprague the small town where Fusion was the main employer. The Golden Guernsey plant employed over 100 workers. We need to take legislative action in Congress to rip up the predatory playbook that these private equity firms use to leave workers with nothing but pink slips and lost livelihoods, Sen. Tammy Baldwin of Wisconsin wrote on Facebook. Former PennySaver employees are administering a crowdfunding site to help those left in the lurch. OpenGate Capital, the private equity firm that owns their employer, Hufcor, announced it was moving its plant out of Janesville, taking those workers jobs and livelihoods with it. E-FILING TRANSACTION 2392305 RECEIVED ON 07/15/2015 . In 2019, OpenGate acquired the German content-management platform CoreMedia. OpenGate has a history of buying companies only to close operations shortly thereafter, leaving communities across the country in the lurch. Thomas Bardet - Senior Vice President Operations - OpenGate Capital [15] In 2018, OpenGate acquired the Italian stove and fireplace manufacturer Jotul from the European private equity group Ratos. Working at OpenGate Capital | Glassdoor Grace Matthews advised Chemsolv on the transaction. Esko, a global developer of integrated software and hardware solutions for the packaging and label sectors, has confirmed the successful closing of the sale of its Kongsberg digital finishing business to OpenGate Capital on April 1 st 2021.. OpenGate Capital is a private equity firm headquartered in Los Angeles, California, with a European office in Paris and investments on five continents. OpenGate Capital, which owns PennySaver, has closed other companies This May Day, let's show solidarity https://t.co/4v7zeBzAiz, . The younger Darden pleaded guilty to his own Maxim-related fraud charges in November and is cooperating with prosecutors in their pursuit of Newkirk. It said the once-popular magazine was losing money and is now profitable. Our Team - OpenGate Capital OpenGate Capital, the private equity firm that owns their employer, Hufcor, announced it was moving its plant out of Janesville, taking those workers' jobs and livelihoods with it. An uncommon approach to investing in and growing complex businesses. The firm faced six different lawsuits after abruptly laying off Pennysaver employees in the middle of a work day and failing to give workers their final paychecks. Investment Represents Strategy to Create European Aluminium Solutions Group. Lauren moved back to the states in 2011 and now lives in Long Beach. The allegations are often complex, and the plaintiffs must prove that the defendant violated securities . OpenGate Capital is part of the Finance industry, and located in California, United States. Official press release ScioTeq - EN. Only one of OpenGate's subsidiaries included as a plaintiff is a California LLC. PEP2788708 to OpenGate Capital Management. OpenGate Capital has acquired Umicore Zinc Chemicals We need to take legislative action in Congress to rip up the predatory playbook that these private equity firms use to leave workers with nothing but pink slips and lost livelihoods, Senator Tammy Baldwin of Wisconsin, , the first major effort to reform the private equity sector, in the last Congress. Dean Starkman previously covered Wall Street for the Los Angeles Times; he left in 2016. Employees of other OpenGate companies have suffered similar fates. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); ACCE Action, Action Center on Race and the Economy, AFL-CIO, American Federation of State, County, and Municipal Employees, American Federation of Teachers, Agenda Project, American Family Voices, American Federation of Government Employees, American Federation of Teachers, Americans for Financial Reform, American Postal Workers Union, Beneficial State Foundation, Campaign for Americas Future, California Reinvestment Coalition, Catholics in Alliance, Center for Popular Democracy Action, Communications Workers of America, Consumer Action, Consumers Union, Courage Campaign, Center for Popular Democracy, CREDO, Communications Workers of America, Daily Kos, Demand Progress, Democracy for America, Economic Policy Institute, Franciscan Action Network, Friends of the Earth US, Groundwork Collaborative, Hedge Clippers, Institute for Policy Studies, Jubilee USA, Main Street Alliance, Media Voices for Children, MO Jobs with Justice, MomsRising, MoveOn, The Nation, National Education Association, NETWORK Lobby for Catholic Social Justice, New York Communities for Change, Citizen Action of New York (CANY), The Other 98%, Patriotic Millionaires, People for the American Way, Peoples Action, Presente.org, Public Citizen, RootStrikers, SEIU, Strong Economy for All Coalition, UNITE HERE, United Auto Workers, United Food and Commercial Workers, Working Families Party, Social Activity 2017 | All Rights Reserved, The Save the Post Office Coalition on Closed Postal Board Meeting Aug 5-6, 2021, We Stand with the Asian American and Pacific Islander Community, Biden FY24 Budget Puts Working People Over Wall Street, Pandemic Profiteering: Private Equity Gets Bigger in Every Way, The House Always Wins if You Own the House: Private Equity Housing Billionaires during COVID-19, The Megalomaniac Supervising the Maniac: Schwarzman, Trump, and Anti-Democracy, The Save the Post Office Coalition reacts to Louis DeJoys 10 year plan, How Tax Laws Paved The Freeway for Wall Street Giants, Remembering Tulsas Black Wall Street on Juneteenth, Private Equity and Megabanks Continue to Crush the Housing Market for the Middle Class and People of Color, Erasing Black People From American History: Why We Need Popular Education, The Save the Post Office Coalition Reaction to USPS Announcement on Electric Vehicles.

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