George Wight Jr.
companies, Armada Enterprises and Armada Group of Florida
, were named as a defendant in a three-count suit alleging breach of contract and tortious interference, filed Aug. 31 in U.S. District Court in Illinois.
Sellers planned to sell Wight
his majority stake in Premier
for $16.2 million.
signed an agreement Oct. 15, 2014, to buy 15,430,179 shares at $1.05 per share by Nov. 20 after initially proposing a deal in March and signing a letter of intent in April, according to the suit and Securities and Exchange Commission documents.
allegedly reneged after trying to add deal conditions Nov. 19.
Per the filing, Sellers claims Wight used his
Armada corporate entities as a sham to mislead the Premier board and shareholders into believing he
had the money and the means to complete the deal.
The filing alleges Wight
"never had sufficient cash on hand" to complete the deal and might never have been "capitalized at all."
is the son of a former Bank of Illinois
director and CEO of Armada Enterprises
, a limited partnership "with diversified interests in aerospace, energy, entertainment, fashion, maritime, real estate and sporting," according to its website, which lists a Wall Street address in New York City but no phone number.
did not reply to an email seeking comment.
After the deal with Wight
went bust, Premier
pursued a merger with Dinoking Tech
, a Canadian exhibitor that showcases animatronic dinosaurs in museums around the world.
Andrew Shapiro, president of San Francisco-based Lawndale Capital Management, which holds about 5 percent of Premier shares, said "it's not clear to me what happens" to the proposed Dinoking merger if a federal judge were to force Wight to consummate the original deal with Sellers Capital.