Securities Lawyers Blog
The law offices of Gana Weinstein LLP are investigating GPB Capital Holdings (GPB Capital) and its dispute with a former business partner Patrick Dibre (Dibre) who allegedly reneged on the sale to GPB Capital of certain auto dealerships causing the fund to lose $40 million according to GPB’s complaint. The complaint alleged that between December 2013 and April 2015 GPB Capital advanced Dibre $42 million for auto dealerships he then failed to deliver. The lawsuit claims that Dibre failed to provide required notices to start the sales process of five dealerships.
Dibre owned auto dealerships in the New York area and purportedly held himself out to the GPB Capital as the person who could build out GPB Capital’s auto dealership business. Instead of that happening, the complaint alleges that Dibre informed automobile manufacturers that they should withhold their approval of GPB Capital owning and operating dealers because of claimed malfeasance. However, GPB Capital alleges that Dibre is negotiating for the sale of the same dealerships to an investment fund.
At this time it unclear the ultimate financial impact this failed transaction will have on GPB Capital Holding’s funds which include: