Utilicraft Founder Sues Freight Feeder Over Asset Sale

Law360, New York (April 14, 2010, 2:58 PM EDT) -- The founder of Utilicraft Aerospace Industries Inc. has sued his employer, Freight Feeder Aircraft Corp., and its principals for securities fraud and breach of contract over the sale of Freight Feeder's assets, including intellectual property, to a new company run by the same board.

Freight Feeder has not made good on a multimillion-dollar buyout package it offered the Utilicraft founder, according to a complaint lodged in the U.S. District Court for the Northern District of Texas on Tuesday. The primary goal of the allegedly self-dealing sale...
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