American Craig Smith, who owns the former Ferodo car parts plant near Caernarfon, reached an out-of-court settlement last week in which he will pay an undisclosed amount of money to his former employers, the Raytech Corporation
Craig Smith is accused by his former employers, the Raytech Corporation
, of making up to $12m (about pounds 8.
Rather, the judgment proofing was consummated by the next-to-last transfer, which occurred when Raytech Corporation
, the indirect owner of 100% of Raymark's shares, caused Raymark to sell its valuable assets to Raytech for inadequate consideration, consisting primarily of worthless stock and unsecured promissory notes of Raytech.
Court officials in Connecticut confirmed Mr Smith, managing director of Friction Dynamex, had reached an out-of-court agreement with the Raytech Corporation
Craig Smith, managing director of Friction Dynamics at Caernarfon, was to appear in the US District Court in Hartford, Connecticut, in the latest round of legal action brought by his former employer, the Raytech Corporation
The T&G fear that the court action, being brought against Mr Smith by his former employer Raytech Corporation
, may impact on the Caernarfon factory.
Craig Smith, managing director of Friction Dynamics at Caernarfon, is to appear in a district court in Hartford, Connecticut, USA, on November 6 in the latest round of legal action brought by former employer the Raytech Corporation