TLO Director Balks At $6M Bankruptcy Loan From CEOs

Law360, New York (May 15, 2013, 9:16 PM ET) -- A director of TLO LLC on Monday asked a Florida bankruptcy judge to reject the data systems provider’s $6 million post-petition financing package, saying it could hand the lenders — who are also the company’s co-CEOs — a large stake in TLO on the cheap.

The director, William H. Price, and his investment firm, which together own 17 percent of TLO, said in an objection that the financing offered by co-CEOs Desiree Asher and Carly Asher Yoost violates the company’s operating agreement and could result in...
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