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VOL. 36 | NO. 35 | Friday, August 31, 2012
4 companies change management in settlement
MURRAY, Ky. (AP) - Four companies will fall under the management of a Nashville-based consultant as part of a settlement involving business partners.
An accounting firm will oversee College Book Renter, Southeastern Book Company, Integrated Computer Solutions and University Book & Bean. Murray businessman turned over the management of the businesses to send a lawsuit brought by Griffin in February in federal court in Paducah.
As part of the settlement, business partner David Griffin of Nashville, Tenn., dropped his lawsuit on Aug. 20.
Jones confirmed the agreement to the Murray Ledger & Times (bit.ly/NLIrei) last week.
There is no word on what effect the settlement or lawsuit will have on the future of those companies, which employ about 300 people.
In an email sent to employees on Thursday, Jones said he had signed the agreement with Griffin to drop the lawsuit. As part of the agreement, Jones agreed to step down as CEO of the four companies while still retaining ownership and his seat on the board of managers.
The email said Jones and Griffin also agreed to allow Myles MacDonald of Kraft CPAs PLLC, an accounting audit tax firm in Nashville, to become a "consultant" responsible for the day-to-day management of all Griffin/Jones Companies, primarily the two book companies and ICS.