Friday, February 24, 2012
Golden Temple CEO Kartar Singh Khalsa and five other top company executives have filed for Chapter 11 bankruptcy protection.
Khalsa and the other executives sought the protection of the bankruptcy court in anticipation of large claims being filed against them after they lost a lawsuit in December.
Multnomah County Circuit Judge Leslie Roberts ruled that Khalsa breached his fiduciary duties to the Sikh religious community founded by the late Yogi Bhajan and that he and other Golden Temple Management members were unjustly enriched, when they gained ownership of 90 percent of the prosperous company in 2007.
Read more at The Register-Guard.