PE Firm Wants $35M From Capital Adviser For Bad Books

By Jess Krochtengel (January 4, 2013, 6:41 PM EST) -- Eli Equity LLC and Beckett Media LLC has hit Global Leveraged Capital Advisors LLC with a $35 million suit in Texas state court, alleging the advising firm cooked the books of Beckett Media, hiding the company's financial problems to spur a quick deal.

According to the suit, filed Dec. 28 in Dallas County, Beckett, a sports collectibles and printing company, borrowed money from GLC under terms that allowed the advisers substantial control over Beckett's business and operations. Beckett alleges GLC then obscured Beckett's losses in financial filings to support a buyout of the company.

The suit alleges GLC arranged in 2008...

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