Auto Supplier Venture: Money Diverted Before its Bankruptcy
One of Michigan’s largest private corporations has taken the extraordinary action of suing the man who founded it, saying he, his family and side businesses owned by them siphoned more than $314 million from the corporation before it declared bankruptcy.
Dana Today Celebrates 100 Years in Business
Today, Dana Corp. celebrates 100 years in business with its founding on April 1, 1904. On that day, an engineer named Clarence Spicer began producing his encased universal joint, which effectively replaced the sprocket-and-chain power transmission of the day.
Bankrupt Venture Might Sell Some Assets
Bankrupt auto supplier Venture Corp. plans to put itself up for sale to see if there is any interest in the Fraser firm’s assets or business contracts, say lawyers and others familiar with the struggling company. Venture, which makes plastic parts such as instrument panels for the auto industry, has asked the U.S. Bankruptcy Court in Detroit for permission to market the company. A hearing to get approval and determine how marketing would be handled is scheduled for March 11.