I got a comment from Tre Kitchens, one of Jennings Osborne's attorneys in his lawsuit over the amount he'd received in payment for sale of his Arkansas Research Medical Testing Center, primarily to investors from members of Little Rock's wealthy Stephens family.
A jury last night awarded Osborne $3 million against drug researcher ARMTC, but dismissed claims against two Stephens companies that provided most of the backing for the purchase of Osborne's company. He got $20 million for the company, plus $1 million in consulting fees and another $3 million as part of what he expected to be a three-year payout of $3 million annually based on profits. Osborne said the company was mismanaged and underperformed.
Kitchens said Osborne was "pleased" with the verdict. In response to questions, he said:
There may be an appeal from both sides, at this point no decisions have been made.
90% of the money to purchase ARMT came from the Stephens family or Stephens companies. Any argument that they aren’t involved is disingenuous at best.
We are hopeful that we will be able to collect the judgment we have obtained, and will continue to pursue all of our clients’ legal rights