J. Roderick MacArthur: Difference between revisions

Revision as of 23:47, 4 August 2007

Revision as of 13:23, 10 August 2007

Line 24:

Rod MacArthur continued to be unhappy with the foundation and its management. He launched two lawsuits, the first in February 1984 against his fellow board members charging in essence that board members were acting as executives of Bankers Lifeand were looking out for their own best interest and not the needs of the foundation. His suit also alleged that the foundation was not managing its assets properly. MacArthur further claimed that high fees were being paid to board members for their foundation work and he felt that Bankers Life was not being managed well and had lost value. He requested that the foundation be either dissolved or that the court appoint a receiver to manage and sell Bankers Life.

After Rod MacArthur blocked the sale of athe company for $116 million less, the board found a buyer for Bankers Life that was willing to pay $384 million for the company.[http://www.learningtogive.org/papers/index.asp?bpid=152&print=yes] Although this removed the Bankers Life issue from the suit, there were still Rod MacArthur's allegations that board members and key foundation executives were profiting at the expense of the foundation.

Due to his terminal illness however, Rod MacArthur settled the suit shortly before his death.