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

Some great videos about the future of plastics, plus a serious complaint   January 27, 2015 2:32 pm ET
Obama talks about composites and 3-D printing at Techmer PM   January 10, 2015 10:01 pm ET
Your most popular stories of 2014   December 29, 2014 8:57 am ET
Law denies benefits to former Nazis, including former plastics executive   December 18, 2014 5:53 pm ET
Study estimates 269,000 tons of plastic in world's oceans   December 10, 2014 7:25 pm ET
Plastics and politics ... it's serious business   December 4, 2014 5:20 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 Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

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