Robert Austin

last updated 12/26/2017

Robert C. Austin

Disable at AUSTIN'S WATCHES INC.

Location:
631 S. Olive St., Los Angeles, California, United States
HQ Phone:
(213) 627-7353

General Information

Experience

Owner - Unaka Company

Affiliations

Other Representative - Austin

Founder - Nothung , Inc.

Recent News  

Greene County Online

The Unaka Company, which is owned by Robert C. Austin Jr., has appealed the decision rendered a month ago by U.S. District Judge Ronnie Greer.Thus, the long-running legal battle between Austin and two former executives of the Unaka Company, Jerald K. Jaynes and Gordon H. Newman, will continue.Although not formally a plaintiff or a defendant, a central figure in the lawsuit and the years of legal skirmishes preceding the trial has been Robert C. Austin Jr. Since 1997, Austin Jr., of Garland, Texas, has been the owner of the Unaka Company, holding about 99 percent of its stock.Employee Profit-Sharing Plan, acted properly or improperly then when they declined to sell Austin 14,000 shares of Unaka Company stock owned by the profit-sharing plan.At the time, Austin was battling a sister, Christy Austin Fagan, for control of the company, and sought the 14,000 shares in order to gain majority ownership of Unaka.

Read More
Greene County Online

Although not formally a plaintiff or a defendant, a central figure in the lawsuit and the years of legal skirmishes preceding the trial has been Robert C. Austin Jr.Since 1997, Austin Jr., of Garland, Texas, has been the owner of the Unaka Company, holding about 99 percent of its stock.Employee Profit-Sharing Plan in 1997, acted properly or improperly when they declined to sell Austin 14,000 shares of Unaka Company stock owned by the profit-sharing plan.At the time, Austin was battling a sister, Christy Austin Fagan, for control of the company, and sought the 14,000 shares in order to gain majority ownership of Unaka.Continuing, Judge Greer recalls in the decision, "[Robert] Austin Sr. died in August 1990.Prior to his death, he had been involved in discussions with Unaka's corporate attorney about how to structure management of the companies after his death."The only one of the Austin children who had shown interest at that time was Lisa . . . "Just prior to his death, Austin Sr. had been involved in discussions about how to structure Lisa's involvement in the company without giving her absolute control over the interest of her siblings.

Read More
Greene County Online

Austin thus owns and oversees Meco Corporation, Sopakco and Unaka's other subsidiaries.A native of Greeneville, he resides in Garland, Texas, a Dallas suburb, but frequently visits Greeneville.In the spring of 1997, seven and a half years ago, Austin fired Jaynes and Newman from their executive positions with Unaka.That lawsuit, which Austin has backed, is what is now before Judge Greer.Employee Profit-Sharing Plan, acted properly or improperly in 1997 in declining to sell to Austin 14,000 shares of Unaka Company stock owned by the profit-sharing plan.Austin at the time was battling a sister, Christy N. Austin, of London, England, for control of the company, and sought the 14,000 shares to gain majority control of Unaka."On Sept. 22, 1995, Richard Roberts (Lisa Austin's transferee) filed a shareholder derivative action in the Greene County Chancery Court against Rolich, Unaka and their respective officers and directors, including Robert Austin."Tennessee Law ChangesThe defendants continue, "Prior to Jan. 15, 1997, the estate of Mary T. Austin owned approximately 31 percent of Rolich's stock.Under Tennessee law, that stock would pass equally to the three Austin siblings . . ."Robert and Christy Austin took the position that the Rolich stock should be distributed in kind among the three children, while Lisa Austin insisted that the stock be sold and that the proceeds be distributed to the children."The Tennessee Supreme Court's decision was significant because the block of Rolich shares owned by the estate was sufficiently large that its acquisition by either Robert or Christy Austin, when combined with the block of shares Robert or Christy then owned, would result in Robert or Christy having a majority of Rolich's outstanding shares, thus giving one of them control over both Rolich and Unaka." "The Tennessee Supreme Court's decision was significant because the block of Rolich shares owned by the estate was sufficiently large that its acquisition by either Robert or Christy Austin, when combined with the block of shares Robert or Christy then owned, would result in Robert or Christy having a majority of Rolich's outstanding shares, thus giving one of them control over both Rolich and Unaka." "The Tennessee Supreme Court's decision was significant because the block of Rolich shares owned by the estate was sufficiently large that its acquisition by either Robert or Christy Austin, when combined with the block of shares Robert or Christy then owned, would result in Robert or Christy having a majority of Rolich's outstanding shares, thus giving one of them control over both Rolich and Unaka." The defendants continue, "Robert Austin formed Nothung, Inc. on or about Oct. 15, 1996.Nothung never had more than $1,000 in total assets.Robert Austin was Nothung's sole shareholder."At an Oct. 17, 1996, (Unaka) Administrative Committee meeting, Robert Austin proposed on behalf of Nothung to purchase the (Profit-Sharing) Plan's stock at $413 per share."Robert Austin owned 10 percent or more of the outstanding shares of Rolich, which was then Unaka's majority shareholder.Robert Austin was an officer and director of Rolich and Unaka."The defendants continue, "At an Oct. 21, 1996, special meeting of the Administrative Committee, Gordon Nichols, (then the Committee's attorney), advised the Committee that selling the (Profit-Sharing) Plan's stock to a company wholly owned by Austin would violate ERISA's prohibited transaction rules unless the sale price was at least equal to the stock's fair market value on the sale date."But then, the defendants say, a Nov. 22, 1996, letter from John Konvalinka (then Austin's attorney) "presented a proposal by Austin to infuse $11 million in capital into Rolich."However, the defendants say, "There is no evidence that Konvalinka, Austin or any other representative of Austin or Nothung ever presented the NationsBank letter (mentioning the $11 million in possible financing) to Jaynes and Newman as evidence of Austin's or Nothung's financial ability to purchase the (Profit-Sharing) Plan's Unaka stock . . ." However, the defendants say, "There is no evidence that Konvalinka, Austin or any other representative of Austin or Nothung ever presented the NationsBank letter (mentioning the $11 million in possible financing) to Jaynes and Newman as evidence of Austin's or Nothung's financial ability to purchase the (Profit-Sharing) Plan's Unaka stock . . ." The defendants continue that Robert Austin on Dec. 27, 1996, "outbid Christy Austin with a $4 million offer for the 382 Rolich shares owned by the estate" of his mother.The defendants continue, "On Jan. 13, 1997, Robert Austin entered into a letter of agreement with Christy Austin and William Fagan ( her husband) . . . Robert Austin agreed to pay $5.1 million to acquire the Rolich and Unaka stock owned by Christy Austin and William Fagan."The defendants continue, "On Jan. 13, 1997, Robert Austin entered into a letter of agreement with Christy Austin and William Fagan ( her husband) . . . Robert Austin agreed to pay $5.1 million to acquire the Rolich and Unaka stock owned by Christy Austin and William Fagan."They continue, "Unaka, acting under the control of Robert Austin, manipulated the consideration paid for the (Profit-Sharing) Plan's Unaka stock and the assignment of claim in the July 13, 2000, transactions to have the defendants (or their insurers) pay for its acquisition of the stock, and in so doing, breached its duty under ERISA."

Read More

Browse ZoomInfo’s Directories