Walter Payton, the National Football League’s all-time...
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Walter Payton, the National Football League’s all-time leading rusher, is suing a Houston company for $50 million, contending it unloaded stock on him that is now almost worthless.
The management of McFaddin Ventures Inc., which owns and operates nightclubs, was charged with fraud, self-dealing, mismanagement and misuse of corporate assets, the Chicago Tribune reported.
Payton’s attorney and adviser, Paul H. (Bud) Holmes, said the suit stems from his and Payton’s sale of about 20 Studebaker nightclubs around the country to McFaddin in exchange for about 10% of the company’s stock.
At the time, McFaddin shares were trading for between $10 and $12 on the American Stock Exchange, but closed Friday at 37 cents a share.
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