Koch Brothers Sue over Control of Cato Institute

Thursday, 01 Mar 2012 11:15 AM

By Dan Weil

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Activist conservative donors Charles Koch and David Koch have sued over control of the Cato Institute, the free-market think tank based in Washington, D.C., Politico reports.

The research house was started in 1974 as the Charles Koch Foundation. The name was changed to Cato in 1976, and the Koch brothers have offered regular financial support.

Until last year, the think tank had four equity partners: Charles Koch; David Koch; Edward Crane, Cato’s president; and William Niskanen, who died in October. Niskanen, Cato’s chairman emeritus, was formerly acting chairman of President Ronald Reagan's Council of Economic Advisers.

The Koch brothers maintain that the shareholder agreement clearly indicates there should now be only three shareholders, Koch officials told Politico. But Crane maintains that Niskanen’s one-quarter stake should go to his widow, Kathryn Washburn.

“We’ve proposed a stand-still agreement and third-party mediation,” Wes Edwards, deputy general counsel of Koch Companies Public Sector, told Politico. “We feel that we’ve been refused. ... We haven’t alleged any wrongdoing or sought any damages. This is not about money. We view this as a matter of shareholder rights.”

The Kochs filed their suit in the district court of Johnson County, Kan., where Cato is incorporated.



© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Cuomo to Ban Fracking in New York Bans After Health Report

Wednesday, 17 Dec 2014 14:24 PM

New York Gov. Andrew Cuomo's administration said on Wednesday it will ban hydraulic fracturing in the state after a long . . .

Oil-Producing States Feel Pinch of Falling Prices

Wednesday, 17 Dec 2014 13:38 PM

The skydiving price of gasoline is good news for drivers across the country, but it's causing headaches for budget direc . . .

Obama Closes Alaska's Bristol Bay to Oil, Gas Interests

Wednesday, 17 Dec 2014 12:06 PM

President Barack Obama used his executive authority on Tuesday to designate the federal waters of Alaska's Bristol Bay o . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved