(KNZA)--Another legal filing with the Securities and Exchange Commission is made by family members of the founders of Atchison based MGP Ingredients, as controversy surrounding the operations of the company continues.
Wednesday's filing by Cray Family Management LLC with the SEC was needed by the preferred shareholders to move forward with their plan to solicit shareholder board member votes through mailings.
That follows a legal back and forth between Cray Family Management and MGP, with the Crays, in May, filing a complaint with the SEC seeking the outster of MGP President and CEO Tim Newkirk.
The company countered with a lawsuit alleging, in part, that Cray Group members Ladd Seaberg, former head of MGP, and Richard Cray, are unqualified to serve as co-trustees due to what the suit calls significant, evident and apparent health issues.
Wednesday's SEC filing outlines Cray Family Managements choices to serve on the board. They are calling for the election of John P. Bridendall and M. Jeannine Strandjord, along with the re-election of Cloud L. “Bud” Cray, Junior.
The 90-year-old Bud Cray has been a director since 1957, serving as the Chairman of the Board from 1989 until 2006. From 1980 until 1988 he served as MGP's CEO, and has been an offier or director of the company for more than 50 years.
The controversy erupted in May when Cray Family Management, due to their documented differences with the company's current leadership, effectively shut down the company's annual stockholder's meeting on May 23rd by failing to attend, or send proxies, which led to the lack of a quorum.
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