The company is in the process of selling assets to make good on the loan, Fahn said. Class Action Lawsuit List | Open & Current Cases | ClassAction.org "OpenGate+Capital" | US Decisions | Law | CaseMine We need a new push to pass this law. In the weeks leading up to the coupon magazines mass layoffs, managers were on a tear, asking advertisers to pay up front and offering sales representatives bonuses for bringing in the most money, Buckley said. The employees say they didn't get money owed to them including their paychecks and vacation time. The legislation will end "the failed experiment of gutting Michigan workers' rights," said one lawmaker. Founded in 2005, OpenGate Capital is a global private equity firm that strives to acquire and optimize lower middle market businesses throughout North America and Europe with a strategic focus on operational improvement, innovation and growth. A state claim for wages was filed in the dairys pending Delaware bankruptcy case. Employees at other OpenGate-owned companies have voiced similar complaints. At their side are elected officials who know that the whole country needs tough measures to reform private equity. Your activity looks suspicious to us. The suit claimed that Thermo Fisher had rushed negotiations and provided misleading answers to due-diligence inquiries. Similarly, employees at Golden Guernsey learned the company was closing when they showed up to work only to find the doors locked. [14] Also in 2019, OpenGate purchased the UK-based Duraco Specialty Tapes, which then acquired Infinity Tapes the following year. What makes Janesville special in a lot of peoples minds is that we really had the real glory years here, former State Senator and activist Tim Cullen said. [33] In 2014, Nikou announced that he was forming a partnership with businessman Ricardo Salinas to bring Esperanza Azteca Youth Orchestra to Los Angeles through a partnership with the city's mayor, Eric Garcetti. OpenGate Capital is a global private equity firm headquartered in Los Angeles, California and Paris, France that focuses on the acquisition and optimization of underperforming businesses in the lower middle market throughout North America and Europe. OpenGate Capital, LLC, et al., Central District of California, Case No. OpenGate is moving the plant to Mexico anyway. The firm faced six different lawsuits after abruptly laying off Pennysaver employees in the middle of a work day without giving workers their final paychecks for several days or compensation for unused vacation days. [20] As of August 2018, OpenGate's first fund had completed nine platform investments, five of which had closed in 2016. While OpenGate was in negotiations to buy the business from Thermo Fisher, armed militants took cover in the Reynosa buildings cafeteria while fleeing their rivals, according to OpenGates lawsuit. Thermo Fisher was not immediately available for comment outside of normal U.S. business hours. A fully integrated team of origination, investment and operations professionals. Maxim sale fraud case rages on after felon misleads investors 1 at 17.) She briefly lived in Santiago, Chile where she edited an online magazine and worked as a translator for doctors from Malaysia following Chile's 8.8 earthquake in 2010. OpenGate also faced numerous lawsuits stemming from its dealings at Hamilton Scientific, including not giving employees adequate notice of its Texas plant closure and selling a Mexican plant without disclosing it was harboring a drug cartel. The sudden closure and lost pay did not surprise former employees of other companies once owned by OpenGate Capital the Los Angeles-based private equity firm that bought PennySaver in 2013. Vice President. 1:13-cv-01475 in the Delaware District Court. OpenGate uncovered that the facility was being used by senior local leaders of the Mexican Gulf Cartel, according to a federal complaint filed on June 12 . OpenGate Capital, which owns PennySaver, has, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), OpenGate Capital, which owns PennySaver, has closed other companies, too, Whats new: Loma Villas apartments sell for $21.5M to investor, 4 dead in Mojave Desert community after shooting report, El Chapo sons send Mexico cartels cheap fentanyl into US, Sacramento Snapshot: Cities would need to include homeless-serving housing in state plans under new bill, Orange County restaurants shut down by health inspectors (April 20-27), More land sliding at Casa Romantica; residents evacuated, trains halted through San Clemente, Orange County Artist of the Year winners announced, Then and Now: Photos of Casa Romantica show damage caused by landside, Fire at Barnes & Noble in Orange disrupts book-signing event, OC Marine who volunteered in Ukraine, survived rocket attack: I would do it again, The DMV says permission to drive is based on ability, but older drivers are scrutinized more, Cold, drizzly week ahead for Southern California, A look at Orange Countys baseball teams and the CIF-SS playoffs, Joe Bidens re-election bid is off to a bad start, Do Not Sell/Share My Personal Information. And the firm shut down its Fusion Paperboard plant just three years after acquiring it and only a few months after entering into a, Even as hundreds of American workers have suffered from OpenGates schemes, Andrew Nikou, the OpenGate founder and CEO, has not faced any meaningful financial or social consequences for repeated business failures at the hands of his firm. Here's What He's Doing to Help Others", "Meet The Private Equity CEO Who's In Talks For His Own Reality Show", "TV Guide, Once Master of the Airwaves, Tries to Survive in a Competitive Category", "OpenGate Capital to buy lock maker from Stanley Black & Decker", "UPDATE 2-OpenGate, Zuckerman drop BusinessWeek bid -sources", https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a2AnwxqSzXBI, "OpenGate Closes $585 Million Fund, Acquires CoreMedia", "OpenGate Capital Portfolio Company Duraco Specialty Tapes Acquires Infinity Tapes", "Private equity firm scoops up Getronics' Latin American portfolio from KPN", http://lavca.org/2010/03/18/opengate-capital-acquires-philips-business-communications-in-brazil/, http://www.bizjournals.com/losangeles/news/2011/06/14/opengate-buys-cascades-recycled-box.html, "Andrew Nikou, OpenGate founder, talks challenges of raising a first-time fund", "Umicore completes sale of zinc units to U.S. private equity firm", "OpenGate seals fifth platform deal, moves through debut fund - PE Hub", "OpenGate Capital Acquires Belgian Zinc Supplier Umicore | Los Angeles Business Journal", "OpenGate Capital's Second Institutional Fund Closes $585M", "State DWD takes steps to help Golden Guernsey workers; Workers may be eligible for 60 days' pay", "Golden Guernsey Dairy abrupt closing leaves workers, state seeking answers", "OpenGate Capital, which owns PennySaver, has closed other companies, too", "OpenGate gets sued for alleged WARN Act violations", "Photo Release -- Esperanza Azteca Youth Orchestra to Expand to Los Angeles", "Public-Private Partnership Launches Orchestra Program for Underprivileged Los Angeles Youth", https://en.wikipedia.org/w/index.php?title=Andrew_Nikou&oldid=1147933710, William Howard Taft Charter High School alumni, Articles with dead external links from October 2016, Articles with permanently dead external links, Articles using Template Infobox person Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 April 2023, at 03:40.
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