Franchise Group Inc. sued former executives who acquired certain American Freight assets during bankruptcy, saying the investors hired the company’s former CEO Brian Kahn and breached an oral agreement related to contractual obligations.
FRG, which gained court approval for its bankruptcy exit plan in April, was allowed to sell about 30 AF store leases for about $1 million in January to AF Newco I LLC, led by investors including Michael Piper and Brent Turner.
Piper testified that Kahn wasn’t anticipated to be an owner, investor, or have any business dealings with AF Newco, but the former CEO “appears to have ...
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