Ticketing Website Execs Want Shareholder's Suit Tossed

By Zachary Zagger (September 19, 2016, 5:22 PM EDT) -- Two executives for a sports and entertainment event ticketing website told an Illinois federal judge on Friday that a shareholder lawsuit alleging they mismanaged the company by taking out excessive loans should be tossed because one of them is from the same state as the plaintiff, thereby destroying federal court jurisdiction.

Dallas-based shareholder RGT Holdings Inc. alleged executives and board members of the Chicago area-based Ticket Reserve Inc. wasted corporate assets and took out costly loans that could only be repaid with the issuance of equity-diluting stocks and options. RGT alleged the leaders of the company, known as Forward Market Media, which...

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