Travelzoo Sold Assets To Founder At Discount: Suit

Law360, New York (January 27, 2012, 9:04 PM EST) -- A Travelzoo Inc. shareholder filed a derivative suit Friday accusing the company's executives of shortchanging shareholders by selling Travelzoo's Asia Pacific assets to the company's founder, Ralph Bartel, at a discount.

In a complaint filed in New York state court, shareholder Pamela Kebis said majority shareholder Azzurro Capital Inc. — which is owned entirely by Bartel — and various directors of the company breached their fiduciary duties to shareholders in the 2009 transaction.

"[The individual defendants] cannot prove that the terms of the Asia Pacific transaction...
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