Receivership Order Resolves VA Stockholder Fight - NBC29 WVIR Charlottesville, VA News, Sports and Weather

Receivership Order Resolves VA Stockholder Fight

RICHMOND, Va. (AP) - A judge has ordered a multimillion-dollar family-owned enterprise in Buckingham County into receivership.

The Richmond Times-Dispatch says the order signed Thursday by Fairfax County Circuit Court Judge Marum Roush resolves a long-running legal battle among members of the Dixon family.

Roush appointed a receiver to oversee the liquidation of the Disthene Group Inc., a holding company that controls the family's properties. They include Kynamite Mining Corp. and the Cavalier Hotel in Virginia Beach.

The order formalizes an opinion issued last week by Roush that said mismanagement and oppression of minority stockholders clouded Disthene's operations for years.

Roush heard the case after Buckingham County judges recused themselves.

Disthene's attorneys say they will appeal the decision.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Information from: Richmond Times-Dispatch, http://www.timesdispatch.com

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WVIR. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.