Peter Karmanos Jr.
Peter Karmanos Jr., co-founder and former CEO of Compuware, is being sued by his three adult sons for $105 million, the Detroit Free Press reports.
A lawsuit filed last week in Oakland County Circuit Court accuses Karmonos, 73, of failing to repay money used for his hockey team and other purposes to a family stock partnership that was set up to benefit the sons from his first marriage, writes JC Reindl of the Detroit Free Press.
The Freep reports:
They contend that their father stopped making payments nearly three years ago on a $101-million promissory note to the stock partnership. Although the lawsuit says that the missed payments equal $4.3 million, the lawsuit claims that the entire principal and interest — $105.6 million — is now due because of the default.
The three sons in the partnership are Peter Karmanos III, Nick Karmanos and Jason Karmanos, who are from Karmanos' first marriage to Barbara Ann Karmanos, who died of cancer in 1989.
Karmanos is the co-founder of MadDog Technology in Birmingham.
He is a minority investor in Deadline Detroit.
