Wellspring Sues Insurers To Fight Claims It Tanked Gun Seller

Law360 (July 31, 2020, 9:56 PM EDT) -- Private equity firm Wellspring Capital Management LLC on Friday hit a slew of its insurers with a suit in New York state court alleging they must defend it against claims that it plundered millions of dollars from gun seller United Sporting Cos. Inc., which blamed its bankruptcy on Donald Trump's win in the 2016 election.

The New York City-based private equity firm is facing claims from the bankruptcy trustee for United Sporting's parent company SportCo Holdings Inc. that the directors and officers it put on United Sporting's board when it took over in 2008 siphoned off hundreds of millions of dollars....

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