FRANCE: Kobrand Corp. readies L&L takeover
Kobrand Corporation is set to take control of L&L, the French company known for its Cognac-based cocktail, Alizé.
A trustee for the Kopf family, Kobrand's owners, confirmed yesterday (21 July) that Jean Paul Lafragette, L&L's director, is in the process of transferring his 49% shareholding to repay debts.
"In satisfaction of what is owed to L&L, the Lafragettes are transferring their shares to L&L," said Michael Insel. "Since their shares are worth slightly more than what is owed, they will get a small payment."
Insel said he hoped the deal would be approved by French courts before the end of this month, when full control of L&L could pass to Kobrand via its holding company, French American Vintners.
Lafragette was imprisoned in June and released last week, after the Kopf family alleged he had misappropriated funds at L & L. The original case against Lafragette was brought last year by the Kopf family, owners of Kobrand, in relation to the alleged misappropriation of over EUR1m (US$1.6m). It is now understood, however, that there are other charges relating to other business dealings adding up to about EUR10m.
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