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2013 | 2007

1 item from 2007


Ex-Pac Title CEO files suit

14 August 2007 | The Hollywood Reporter | See recent The Hollywood Reporter news »

Former Pacific Title & Art Studio president and CEO Phil Feiner filed suit Monday against Pacific Title and its former owner, Safeguard Scientifics.

In papers filed with the Los Angeles Superior Court, Feiner -- who, after 30 years with the company, was dismissed in March just before the company's sale -- claimed wrongful termination and breach of written contract in a list of complaints.

"It has become clear that the then-corporate owners of Pacific Title had devised a sinister plot to oust Feiner from the company because he refused to falsely inflate the company's value in connection with the pending sale," the suit alleges.

Pacific Title was sold in March by holding company Safeguard Scientifics for $23 million to an investment group led by private-equity fund Celerity Partners, stage venture capital firm Ticonderoga Capital and venture capitalist William Daniels.

The filing continues, "In the months since his termination, although defendants have admitted that they owe Feiner his severance package, they have steadfastly refused to pay him even one dime of what they admit they owe, including payment for health benefits."

Noting that the dismissal occurred before the company sale, Daniels said, "We believe the responsibility falls to Safeguard."

Safeguard declined comment. »

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2013 | 2007

1 item from 2007


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