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Ring, Helm & Co.,6 Bezman, and Katten Muchin & Zavis (Civ. No.
95-2973-08). The circuit court litigation was removed to the
Federal District Court in Hawaii (Civil No. 95-00784 SPK) and was
ultimately consolidated with the District Court litigation. In
the District Court litigation, decedent sought both damages and
the rescission of the redemption transaction based on a number of
claims asserted against Nikita Maggos and PCAB, including common
law fraud, breach of fiduciary duty (against Nikita in his
capacity as a fiduciary being the president and a director of
PCAB and the decedent’s son), and breach of the Illinois Business
Corporation Act. Decedent also asserted similar claims, as well
as professional malpractice claims, against Helm, Huber, Ring,
Helm & Co. (her former accountants), Bezman, and Katten Muchin &
Zavis (Nikita’s, and PCAB’s attorneys)
Petitioner’s attorneys requested Coopers & Lybrand to
determine the fair market value of a 100-percent and a 56.7-
percent interest in PCAB. Coopers and Lybrand prepared an expert
report for the District Court litigation in support of
petitioner’s contention that decedent had been defrauded by
Nikita Maggos. Coopers & Lybrand concluded that on May 1, 1987,
a 100-percent interest in PCAB was worth between $14 million and
$18 million and a 56.7-percent interest was worth between
$7,144,200 and $9,185,400. That study determined that the
6The accountants whom Nikita Maggos and PCAB employed.
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