Chicago Report: Suit Alleges Execs in Ventas-Lillibridge Deal Got 'improper' Payments
Top executives at medical office building developer Lillibridge Health Services Inc. pocketed $14.7 million in “excessive and improper payments” in the company's $381-million sale this summer to Ventas Inc., according to a lawsuit filed last week, reports Crain’s Chicago Real Estate Daily.
According to the report, founder and CEO Todd Lillibridge and Chief Financial Officer Joseph Kurzydym argued that the price was too low, and demanded the “excess parachute payments” to change their minds, a former Lillibridge executive and shareholder alleges in the lawsuit.
A spokeswoman for Ventas calls the suit “baseless” according to the Crain’s report.
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© 2012 Penton Media Inc.
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