Thursday, March 01, 2012

Kochs file suit against Cato Institute

Strange but true. The Koch brothers filed suit against their own think tank yesterday in a bid to seize control of Cato Institute.

Details are sketchy at the moment, but at issue are the Cato holdings of the recently deceased former chairman of Cato, which represent 25% of the shares. It's clear the Kochs want to wrest control of Cato by preventing the grieving widow from gaining control over the shares. It's possible Cato’s current president Edward Crane is siding with the widow, as he is a named defendant. Otherwise, since there's only four shareholders, there would be nothing to litigate and the Kochs would automatically gain majority control under a three person board. Imagine what they could do with that.

Money is certainly not the issue here as the shares are only worth one dollar each. Clearly it's about power. Think Progress has a link to the Koch's complaint and supporting exhibits.

[More posts daily at the Detroit News.]

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