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May 2013 Archives

Gaming company to purchase near-total control of Michigan casino

An out-of-state acquisitions company controlled by a larger gaming company has reportedly made plans to buy enough shares in Detroit's Greektown Casino-Hotel to establish complete control of the business. The deal will see the company purchasing 29.8 percent of the casino's equity interest from two other firms. This will give the company a total of 97.2 percent of the casino's shares, which will in turn force the rest of the shareholders, who own the 2.2 percent of the hotel and casino, to sell their shares as stipulated in a short-term merger provision signed between the company and Greektown's executive board.

Former ePrize investor says they will never settle lawsuit

Dan Gilbert, the Chairman and founder of Quicken Loans, made an unabashed statement earlier this week when he vowed not to settle abusiness lawsuit brought against him by eight former employees of ePrize. The lawsuit was filed in the Oakland County Circuit Court in California and alleges that Gilbert and other investors of ePrize intentionally left out shareholders when the company was sold in August of last year. The suit also names the founder of ePrize as a defendant.

Michigan hospital announces planned merger

Board members with Ludington-based Memorial Medical Center recently signed a nonbinding letter signifying the facility's intent to merge with Spectrum Health System, one of a number of systems MMC reportedly considered. The chairman of the MMC board said the center chose Spectrum for its ability to help MMC expand services and patient access as well as its support for the facility's "commitment and sense of mission" and general understanding of West Michigan.

Toys R Us hopes to overturn $20M award with appeal

Toys R Us is slated to ask a state court to reverse a five-year-old ruling that called for it to hand over $20 million to the family of a 29-year-old woman who died after using an inflatable pool slide sold by the company. The woman suffered fatal injuries when the slide collapsed, causing her to strike her head against a concrete deck. Her family sued Toys R Us, arguing that they failed to comply with federal safety rules.

Michigan venture firm Start Garden ends first year

In the year since its founding, Michigan-based Start Garden has helped fund over 100 businesses, investing approximately $2.3 million in project ranging from sustainable African food to revolutionary business software. Start Garden's founder, the grandson of another prominent Michigan entrepreneur, says he hopes to push Michigan to embrace new ideas and take risk on potentially ground-breaking startups.

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