New Management Team Sends Letter To Builders, Buyers, Vendors

The new management team at Lancair has sent a letter to its customers and vendors saying former owner Joe Bartels has been "terminated", while explaining their position on what could become a sticky legal situation which is embroiling the company.

In the letter forwarded to ANN by a third party, Company CEO Bob Wolstenholme and other senior managers say that the ownership of Lancair was restructured on 7 June 2010 and publicly announced on 1 July 2010 in which Gene Wolstenholme and the Wolstenholme family (the Wolstenholmes) assumed majority ownership of all Lancair companies as a result of a substantial infusion of cash capital.

The letter indicates that Joe Bartels retained a minority position. In concert with this ownership restructure, Gene Wolstenholme appointed Bob Wolstenholme as CEO/President for the Lancair companies. Joe Bartels was named Vice President - International Sales for the Lancair companies.

"Over the past few months (since 7 June 2010), there have arisen several unresolved disputes between the two owners of Lancair (the Wolstenholme Family and Joe Bartels)," the letter states. "As a result of these disputes and continuing irreconcilable differences regarding the future direction of the company, Bob Wolstenholme has terminated the employment and services of Joe Bartels in any official Lancair company capacity, on behalf of Lancair and all affiliated companies, and/or representing the Lancair companies in any manner. However, it is the Wolstenholme's hope that an appropriate agreement with Joe Bartels regarding the resolution of ongoing disputes can be reached in the near future."

ANN had been sent a copy of a legal proceeding (without comment) filed by Eugene Wolstenholmes against Bartels in the Bucks County, PA Court of Common Pleas accusing him (Bartels) of "calculated fraud" in the transaction involving Lancair. In the court filing, Bartels is accused of having the company pay for almost the entirety of his own investment. "In a remarkable scheme of self-dealing, Bartels caused the Company to borrow money to pay for virtually all of his share of the purchase price, gave himself corporate perks such as salary, personal credit card payments, and payments to his law firm without any corporate review," the filing states.

FMI: www.lancair.com, www.buckscounty.org/courts/courtinfo/commonpleas.aspx