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Article: Former Oasis leaders sued: Suit alleges corporate waste from yachts, limos, bonuses; millions sought for creditors.
- Article from:
- The Columbus Dispatch (Columbus, OH)
- Article date:
- September 5, 2007
CopyrightCOPYRIGHT 2007 The Columbus Dispatch. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Paul Wilson
Sep. 5--Former leaders of Oasis Corp., which filed for bankruptcy in 2005, spent money on boats and a private island in the years before its financial demise, a lawsuit filed last week says.
Directors and officers also "engaged in corporate waste, engaged in self dealing, mismanaged Oasis and failed to provide full disclosure for their self dealings," the lawsuit said.
"It's pretty egregious stuff," said Todd Neuman, co-counsel for the bankruptcy estate, which is seeking "multiple millions" of dollars to pay creditors.
The actions of Oasis' leaders were "a major factor" in the company's collapse, Neuman said. "Can ...