Former Spirit Execs Sue Macquarie Over Capital Freeze

Law360, New York (April 6, 2010, 7:43 PM EDT) -- Former executives of Spirit Finance Corp. have reportedly sued a unit of Macquarie Group Ltd., accusing it of intentionally stifling recapitalization after acquiring Spirit in 2007 to protect its majority stake in the real estate investment trust.

Spirit founders Morton Fleischer and Christopher Volk filed a complaint Tuesday in the Court of Chancery of the State of Delaware alleging that Macquarie and its affiliates “gravely” harmed the company and current investors through self-interested actions, Reuters reported.

The suit claims that the value of shareholders' equity has...
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