Mohsen Moazami - OpenGate Capital June 18, 10:39 a.m.: An earlier version of this article and an accompanying photo caption reported that PennySaver workers were suing OpenGate Capital and its managing partner, Andrew Nikou. Wisconsin Directors Beware!! | Reinhart Boerner Van Deuren s.c. OpenGate nevertheless was lured back in as a short-term lender to Darden. "OpenGate+Capital" | US Decisions | Law | CaseMine OpenGate also faced numerous lawsuits stemming from its dealings at Hamilton Scientific, including not giving employees adequate notice of its Texas plant closure and selling a Mexican plant without disclosing it was harboring a drug cartel. The employees say they didn't get money owed to them, including their final paychecks and vacation time. OpenGate strategically invests in targeted sectors across five continents utilizing a diverse and experienced team with the ability to connect with business owners around the globe. Even as hundreds of American workers have suffered from OpenGates schemes, Andrew Nikou, the OpenGate founder and CEO, has not faced any meaningful financial or social consequences for repeated business failures at the hands of his firm. Inequality.org is a project of the Institute for Policy Studies, Content licensed under a Creative Commons 3.0 License, Inequality Quotes by Historic World Leaders, Private Equity Can Kill: Fight Wall Streets Deadly Power in Nursing Homes, Labor Celebrates as Michigan Senate Votes to Overturn Right-to-Work Law. OpenGate Capital raised a new fund: OpenGate Capital Partners II ($585,000,000) News Aug 20, 2019 FinSMEs OpenGate Capital Adds Mr. Damian Blazy as Principal in Operations Beskrone v. OpenGate Capital Grp., LLC (In re PennySaver U.S. Publ'g 7-14-2011) . The Industrial Division of the Communication Workers of America paid to publish an open letter to OpenGate Capital's CEO, Andrew Nikou, in an advertisement that . 2023 NYP Holdings, Inc. All Rights Reserved, this week sits in the legal dock in Manhattan federal court, pleaded guilty to his own Maxim-related fraud charges in November, Woman has 'loud, full body orgasm' in the middle of LA concert, $76K NJ boarding school admits falling 'tragically short' in protecting teen who killed self after bullying, 'rapist' taunts, Meghan Markle's ailing dad says he refuses 'to be buried by her' in 'final ever' interview, Rihannas iconic Met Gala looks through the years, Fans question North Wests lavish pre-Met Gala gift for Kim Kardashian: No way, Perez Hilton: Boring Meghan and Harry need to give up and move back to UK, Elon Musk Tells Bill Maher Woke Mind Virus Is Dangerous On Real Time, Prince Harry's coronation role still a mystery as William's is revealed. About Andrew Nikou - Andrew Nikou 1:13-cv-01475 in the Delaware District Court. In February, the PennySaver building on Orbiter Street in Brea was sold for $14 million, according to public records. Uber drivers and other app-based workers are facing an all-out safety crisis. [14] Also in 2019, OpenGate purchased the UK-based Duraco Specialty Tapes, which then acquired Infinity Tapes the following year. By continuing to use this site, closing this banner, or clicking I Agree, you agree to the use of cookies. OpenGate Capital Investor Profile: Portfolio & Exits | PitchBook Paris Area, France. Senator Tammy Baldwin (D-WI) sent a letter today to Andrew Nikou, founder and CEO of OpenGate Capital, asking the Los Angeles-based private equity firm to honor their agreement with former Hufcor employees in Wisconsin. I did NOT send that email [releasing the escrow fund].. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); ACCE Action, Action Center on Race and the Economy, AFL-CIO, American Federation of State, County, and Municipal Employees, American Federation of Teachers, Agenda Project, American Family Voices, American Federation of Government Employees, American Federation of Teachers, Americans for Financial Reform, American Postal Workers Union, Beneficial State Foundation, Campaign for Americas Future, California Reinvestment Coalition, Catholics in Alliance, Center for Popular Democracy Action, Communications Workers of America, Consumer Action, Consumers Union, Courage Campaign, Center for Popular Democracy, CREDO, Communications Workers of America, Daily Kos, Demand Progress, Democracy for America, Economic Policy Institute, Franciscan Action Network, Friends of the Earth US, Groundwork Collaborative, Hedge Clippers, Institute for Policy Studies, Jubilee USA, Main Street Alliance, Media Voices for Children, MO Jobs with Justice, MomsRising, MoveOn, The Nation, National Education Association, NETWORK Lobby for Catholic Social Justice, New York Communities for Change, Citizen Action of New York (CANY), The Other 98%, Patriotic Millionaires, People for the American Way, Peoples Action, Presente.org, Public Citizen, RootStrikers, SEIU, Strong Economy for All Coalition, UNITE HERE, United Auto Workers, United Food and Commercial Workers, Working Families Party, Social Activity 2017 | All Rights Reserved, The Save the Post Office Coalition on Closed Postal Board Meeting Aug 5-6, 2021, We Stand with the Asian American and Pacific Islander Community, Biden FY24 Budget Puts Working People Over Wall Street, Pandemic Profiteering: Private Equity Gets Bigger in Every Way, The House Always Wins if You Own the House: Private Equity Housing Billionaires during COVID-19, The Megalomaniac Supervising the Maniac: Schwarzman, Trump, and Anti-Democracy, The Save the Post Office Coalition reacts to Louis DeJoys 10 year plan, How Tax Laws Paved The Freeway for Wall Street Giants, Remembering Tulsas Black Wall Street on Juneteenth, Private Equity and Megabanks Continue to Crush the Housing Market for the Middle Class and People of Color, Erasing Black People From American History: Why We Need Popular Education, The Save the Post Office Coalition Reaction to USPS Announcement on Electric Vehicles. Too often, private equity firms like OpenGate extract cash from the companies they acquire and walk away richer, regardless of what happens to workers and communities. INTRODUCTION Before the Court is the Motion to Dismiss Pursuant to FRCP 12(b)(6) filed by OpenGate Capital Group, LLC, OpenGate Capital Management, LLC and PennySaver Investors, LLC's (collectively, "OpenGate"), which seeks to dismiss the Complaint filed by Don A. Beskrone, Chapter 7 Trustee for the estates of PennySaver USA Publishing, LLC, et al. No tags have been applied so far. 10250 Constellation Blvd Fl 30, Los Angeles, California, 90067, United States. Andrew Nikou - Wikipedia PDF In the United States Bankruptcy Court for The District of Delaware Founded in 2005, OpenGate Capital is a private equity firm based in Los Angeles, California. The employees say they didn't get money owed to them including their paychecks and vacation time. OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth . Industry: Investment & Asset Management. We have just sent you an email so you can verify your account. The lab workstations unit, headquartered in Wisconsin, had facilities in Mexico, Texas and Arkansas. If we wanted the employees to be paid, we had to immediately terminate all the employees other than those that were needed to liquidate, Kasoff said. Also this year, four employees filed a lawsuit against Hamilton Scientific and OpenGate in Texas federal court, alleging they shuttered the plant without giving the legally required notice. The efforts by Cerberus Capital Management to unload Maxim magazine in late 2013 may go down as one of the most litigious divestments in publishing history. Even as hundreds of American workers have suffered from OpenGates schemes, Andrew Nikou, the OpenGate founder and CEO, has not faced any meaningful financial or social consequences for repeated business failures at the hands of his firm. OpenGate tried to buy Maxim in early 2013 but was outbid by Darden Media Group. We look to establish collaborative relationships with companies to drive operational improvement and realize opportunities for long-term value creation. A native of California, Lauren attended Cal State Long Beach where she majored in journalism and political science. [34] On October 7, 2014, an official ceremony was held to celebrate the inauguration of the first Esperanza Azteca America program at the Florence Nightingale Middle School in Los Angeles. To date, the firm has completed more than 75 transactions, including . In October 2019, OpenGate Capital closed on the firm's second institutional fund, OpenGate Capital Partners II, oversubscribed on its original $450 million target, with approximately $585 million in commitments. They have a right to do what they did as far as liquidate the company, but they dont have a right to do it in the manner they did.. In court papers, the company said the trustees allegations are without merit. OpenGate is a global private equity firm that acquires and . She briefly lived in Santiago, Chile where she edited an online magazine and worked as a translator for doctors from Malaysia following Chile's 8.8 earthquake in 2010. Elaine Buckley, a former senior vice president for sales and a 35-year employee, said she believes the company was in liquidation mode for months. Hufcor employees, Janesville residents, and union organizers have rallied against OpenGates greedy and exploitative practices. Instead, he sits on numerous boards and hes even been in talks about a. built around his private equity business. OpenGate Capital is talking to limited partners about launching its next flagship, which could target up to $850 million, sources told Buyouts. 14 at 5-6.) The Motion was joined by defendants Andrew Nikou and Jay Yook.4 The It had about 100 workers, some of whom arrived at the plant one January morning to find the gates locked, according to state documents. OpenGate has had successes. Weinbergs cash was to be held in escrow until stocks held by Darden Sr. were placed in a collateral account. Janesville, Wis. - U.S. Our six-week newsletter will help you make the right decision for you and your property. All in the name to make us more efficient. This case was filed in U.S. Courts Of Appeals, U.S. Court Of Appeals, Ninth Circuit. You may occasionally receive promotional content from the Los Angeles Times. Only months after signing the new union contract, employees were notified that the mill would close, said Richard Harrelle, president of the Steelworkers Local 1840, which represented around 100 of the approximately 145 people who worked at the company. Emerging managers like OpenGate are seeking reception with limited partners, who generally have been happy to stick with their established relationships in uncertain markets. "Nicole Farhi Buyer OpenGate Set to Announce Three More Deals," David Altaner, Bloomberg, 3-15-2010. In December 2014, OpenGate Capital hired Realization Services, an East Coast company specializing in turnaround management. Workers are suing OpenGate in state and federal court, alleging it failed to provide adequate notice to workers about the shutdown and issued final paychecks that bounced. With a strategic international presence and a focus on corporate carve-outs and complex . Hufcor, a market-leading producer of accordion-style doors and mobile room partitions, was profitable when OpenGate bought it. They just care about lining their pockets with money. OpenGate Capital Company Profile | Management and Employees List Class Action Lawsuit List 2023 Join Eligibility Here's What He's Doing to Help Others", "Meet The Private Equity CEO Who's In Talks For His Own Reality Show", "TV Guide, Once Master of the Airwaves, Tries to Survive in a Competitive Category", "OpenGate Capital to buy lock maker from Stanley Black & Decker", "UPDATE 2-OpenGate, Zuckerman drop BusinessWeek bid -sources", https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a2AnwxqSzXBI, "OpenGate Closes $585 Million Fund, Acquires CoreMedia", "OpenGate Capital Portfolio Company Duraco Specialty Tapes Acquires Infinity Tapes", "Private equity firm scoops up Getronics' Latin American portfolio from KPN", http://lavca.org/2010/03/18/opengate-capital-acquires-philips-business-communications-in-brazil/, http://www.bizjournals.com/losangeles/news/2011/06/14/opengate-buys-cascades-recycled-box.html, "Andrew Nikou, OpenGate founder, talks challenges of raising a first-time fund", "Umicore completes sale of zinc units to U.S. private equity firm", "OpenGate seals fifth platform deal, moves through debut fund - PE Hub", "OpenGate Capital Acquires Belgian Zinc Supplier Umicore | Los Angeles Business Journal", "OpenGate Capital's Second Institutional Fund Closes $585M", "State DWD takes steps to help Golden Guernsey workers; Workers may be eligible for 60 days' pay", "Golden Guernsey Dairy abrupt closing leaves workers, state seeking answers", "OpenGate Capital, which owns PennySaver, has closed other companies, too", "OpenGate gets sued for alleged WARN Act violations", "Photo Release -- Esperanza Azteca Youth Orchestra to Expand to Los Angeles", "Public-Private Partnership Launches Orchestra Program for Underprivileged Los Angeles Youth", https://en.wikipedia.org/w/index.php?title=Andrew_Nikou&oldid=1147933710, William Howard Taft Charter High School alumni, Articles with dead external links from October 2016, Articles with permanently dead external links, Articles using Template Infobox person Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 April 2023, at 03:40. Andrew Nikou is the founder and CEO of OpenGate Capital, a global private buyout firm. in Texas, Arkansas, and Wisconsin, who worked for the laboratory furniture company Hamilton Scientific. Our Standards: The Thomson Reuters Trust Principles. According to Opengate Capital, the company withheld important documents .
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