The billionaire CEO and millionaire heiresses of Leprino Foods, a Denver corporation that makes mozzarella for pizza chains, will convene in a downtown courtroom today. Their attorneys will debate whether two heiresses are owed as much as $900 million.
Twenty-eight months ago, two of James Leprino’s nieces sued the company, their reclusive uncle and his daughters. The nieces alleged they and their late father — James’ brother Mike — were shut out of the privately owned family company to their financial detriment.
On Nov. 9, Scoville rejected an argument by Nancy and Mary Leprino that Leprino Foods must be dissolved because the actions of James Leprino and his daughters were so egregious. Scoville found no reason to resort to “the extreme remedy of judicial dissolution.” In 2017, Leprino Foods changed its corporate structure and all shareholders, including the nieces, received a one-time payout from the company. The majority shareholders — James Leprino and his daughters — loaned their payout back to Leprino Foods, generating millions of dollars in interest. But Mike Leprino and his daughters weren’t offered that opportunity, according to court records.
Attorneys for James Leprino, meanwhile, say the only benefit that the minority shareholders were denied — the opportunity to loan their combined $90 million payout back to the company at a modest 2.7 percent interest rate — wasn’t really a benefit at all, since the nieces instead invested that money in something that resulted in a higher return than 2.7 percent.
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