The Plastics Blog
By Don Loepp | About The Plastics Blog

Family dispute spills into court, newspaper

By Don Loepp | January 29, 2013 12:46 pm ET

Family businesses may be the backbone of the American economy -- that's a point I really believe. But emotions like greed and jealousy still can tear them apart.

And, apparently, that's what's happening to the family that formerly owned Indianapolis-based Createc Corp.

The Indianapolis Business Journal posted a story yesterday about a lawsuit involving the Lewis family, which in 1975 founded Createc, a manufacturer of polystyrene and polypropylene foams used to make protective packaging, containers and automotive parts.

Scott Olson's story, "Sale of family-owned business leads to lawsuit," spells out the players in the lawsuit, which was filed Jan. 28. The dispute dates back to the December 2010 sale of Createc to DeKalb, Ill.-based Tegrant Corp.

The key player in the lawsuit appears to be Deborah A. Ecksten, a daughter of company founder Richard Lewis. Ecksten claims her brother and mother "committed fraud and violated state securities laws by declining to inform her about the $61 million sale until after her stock-option rights expired," according to the story.

"As a result, Ecksten's share from the sale of $1.5 million was far less than the $15 million made by her mother and $12 million made by her brother, respectively."

Most family business disputes don't spill into court (and newspaper headlines). But they're common enough.

For advice on how to avoid this trap, check out "Family biz needs succession plan," a Perspective column that Plastics News ran in December from Kevin La Mont, director of advance planning and investments at RB Capital Management LLC in Fresno, Calif.


Recent Blog Posts

Does this all-plastic trumpet sound 'as good' as brass?   September 23, 2014 10:54 am ET
Sometimes the headline doesn't match the story   September 22, 2014 2:56 pm ET
Here's a peek behind our 2014 film & sheet ranking   September 15, 2014 1:22 pm ET
Weighing in on top plastics personalities   September 8, 2014 5:12 pm ET
How's the media treating plastics these days?   August 27, 2014 10:49 am ET
A peek behind our 2014 ranking of rotational molders   August 25, 2014 2:00 pm ET

Comments

Family dispute spills into court, newspaper

By Don Loepp

Published: January 29, 2013 12:46 pm ET
Updated: January 29, 2013 1:13 pm ET

Post Your Comments


Back to story

Market Reports

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events