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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Jim Spitz who wrote (36838)	10/26/2001 8:15:06 AM
From: Jim Spitz	Respond to of 37746

K-tel sues former president for alleged concealment Published Oct 26 2001 K-tel International Inc. sued its former president for allegedly concealing financial information from corporate officers. The company, based in Maple Plain, alleges that David Weiner, who was president from September 1996 until November 1998, misrepresented the cost of some acquisitions to the company's CEO, according to the complaint filed Wednesday in Los Angeles Superior Court. He also is accused of founding a German business using K-tel money. K-tel claims it didn't discover Weiner's alleged misconduct until 1999, after he left the company. K-tel is seeking unspecified compensatory and punitive damages in its fraud and breach-of-contract lawsuit. Weiner, who lives in Los Angeles, couldn't be reached for comment. K-tel's U.S. music distribution unit filed in March to liquidate under bankruptcy protection after a top customer didn't pay its bills. Shares of K-tel, which traded as high as $33.94 in May 1998, were unchanged Thursday at 15 cents on the over-the-counter Bulletin Board. -- Bloomberg News © Copyright 2001 Star Tribune. All rights reserved.