It’s a bit like that old line about the movie “Bad Boys” where the guy who gets killed off is a bad guy but he gets to live on forever.
But it’s the same thing with a $2 million-plus company whose CEO, Joe DiClemente, is about to go to jail.
In fact, he might be out of luck, since his company, Cash Management Optimizer, has gone bankrupt and DiClements latest attempt at restructuring will only bring him one thing worse than death: being sued by the company’s shareholders.
DiClezens attorneys, James L. Bostick and Stephen W. DeBolt, filed a complaint Monday against DiCenezes successor company, a $4 billion-plus global conglomerate of retailing and retailing services.
According to the complaint, the lawsuit alleges that DiChenes management team failed to properly manage the company during the financial crisis, which led to “significant losses” for the company and its customers.
DiCarlo’s suit also alleges that the company “misled, deceived, and misled” customers and the public about its plans to make money on ticket sales.
“Cash Management Optimization is a business that makes money selling tickets, and its management failed to maintain proper records, failed to ensure the integrity of the business and its systems, and failed to follow its fiduciary duty to its customers,” the lawsuit reads.
“Despite the fact that these failures caused serious and substantial losses to the Company and its clients, the Board has no evidence that any of the failures actually affected the financial position or financial results of the Company.”
DiCenzes latest attempt to save the company has met with some success, as his new CEO, Peter Vancian, has reportedly made some strides in the restructuring process.
However, it remains unclear if his company will survive financially or if it will even survive a possible court challenge.