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Log In / Register | Oct 17, 2017

Ornery Owl Says Schaden Has Flown the Coop

The wise ole owl's radar has picked up on some troubling scuttlebutt straight from Rick Schaden's inner circle.

Oscar discloses that the former owner and CEO of Quiznos moved his entire family to Hong Kong when the Avenue Capital hedge fund group filed their lawsuit against him, his executive buddies and board members last July. He adds that Schaden was selling off his assets. While the harkening hooter names the informant, his latest revelation remains unconfirmed.

Private equity firms are suing the Schaden executives for allegedly orchestrating a high-level conspiracy to defraud them during their 2012 restructuring deal of the then-troubled Quiznos system. They blame the fraudulent scheme for causing the sandwich chain to spiral out of control and into bankruptcy in March 2014.

The ocular owl is now watching to see what effect this news, if true, could have on the closely watched ongoing proceedings of the Quiznos bankruptcy and on the hedge fund litigation against the Schaden team.

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