Former Execs 'Recklessly' Cost Starlite $25M: Suit

Law360, New York (June 23, 2011, 3:25 PM EDT) -- Outdoor advertising company Starlite Media LLC sued its former chairman and CEO in New York state court on Wednesday, claiming they breached their fiduciary duty and cost the company almost $25 million, nearly driving it to bankruptcy.

The suit claims that former chairman, New York real estate lawyer Jeffrey Gurren, and former CEO Timothy Daly “recklessly [wasted] millions of dollars.” They allegedly spent large sums on personal expenses, including the financing of Daly's alleged extramarital affair, and hid the financial problems from the board of directors....
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