Fri, Oct 29, 2010
New Management Team Sends Letter To Builders, Buyers,
Vendors
The new management team at Lancair
has sent a letter to its customers and vendors saying former owner
Joe Bartels has been "terminated", while explaining their position
on what could become a sticky legal situation which is embroiling
the company.
In the letter forwarded to ANN by a third party, Company CEO Bob
Wolstenholme and other senior managers say that the ownership of
Lancair was restructured on 7 June 2010 and publicly announced on 1
July 2010 in which Gene Wolstenholme and the Wolstenholme family
(the Wolstenholmes) assumed majority ownership of all Lancair
companies as a result of a substantial infusion of cash
capital.
The letter indicates that Joe Bartels retained a minority
position. In concert with this ownership restructure, Gene
Wolstenholme appointed Bob Wolstenholme as CEO/President for the
Lancair companies. Joe Bartels was named Vice President -
International Sales for the Lancair companies.
"Over the past few months (since 7 June 2010), there have arisen
several unresolved disputes between the two owners of Lancair (the
Wolstenholme Family and Joe Bartels)," the letter states. "As a
result of these disputes and continuing irreconcilable differences
regarding the future direction of the company, Bob Wolstenholme has
terminated the employment and services of Joe Bartels in any
official Lancair company capacity, on behalf of Lancair and all
affiliated companies, and/or representing the Lancair companies in
any manner. However, it is the Wolstenholme's hope that an
appropriate agreement with Joe Bartels regarding the resolution of
ongoing disputes can be reached in the near future."
ANN had been sent a copy of a legal proceeding (without comment)
filed by Eugene Wolstenholmes against Bartels in the Bucks County,
PA Court of Common Pleas accusing him (Bartels) of "calculated
fraud" in the transaction involving Lancair. In the court filing,
Bartels is accused of having the company pay for almost the
entirety of his own investment. "In a remarkable scheme of
self-dealing, Bartels caused the Company to borrow money to pay for
virtually all of his share of the purchase price, gave himself
corporate perks such as salary, personal credit card payments, and
payments to his law firm without any corporate review," the filing
states.
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