Ex-PAE CEO Sues Lockheed For $100M In Buyout Fight

Law360, New York (July 28, 2011, 3:58 PM EDT) -- Pacific Architects and Engineers Inc.'s former CEO is suing Lockheed Martin Inc. in Delaware state court for $100 million he claims the aerospace giant owes for breaching terms of its 2006 purchase of PAE, according to a complaint unsealed Thursday.

In his suit, dated July 20, Allen E. Shay accuses Lockheed of trying to shirk its obligation to pay him and other former PAE shareholders the $100 million because it incurred heavy losses after mismanaging the company, which provides embassy and disaster-relief services.

Shay contends that...
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