A group of hotel executives partially lost their bid Wednesday to escape self-dealing claims lodged by the Eastern Band of Cherokee Indians over their joint venture to develop a Sports Illustrated-themed resort chain.
Delaware Vice Chancellor Lori W. Will let the lawsuit advance with allegations that Experiential Ventures LLC and its principals used a “messy web” of shell entities and “intentionally confusing” ledger entries to conceal funds they steered away from the hospitality enterprise.
The pattern of blown deadlines and late payments allegedly led a unit of marketing giant Authentic Brands Group Inc. to yank the Sports Illustrated license.
The ...
Learn more about Bloomberg Law or Log In to keep reading:
Learn About Bloomberg Law
AI-powered legal analytics, workflow tools and premium legal & business news.
Already a subscriber?
Log in to keep reading or access research tools.