A family feud between the brothers Zildjian actually created the cymbal company Sabian way back in 1981, and now it looks like another family feud could possibly tear it apart. Bill Zildjian, son of Sabian founder Robert Zildjian, has filed a lawsuit claiming that his father and brother have mismanaged, misdirected, and mishandled millions of dollars in company funds. Unable to sell his shares without dad’s approval, Bill is looking to be bought out by the family or to be paid dividends with interest. Another alternative, according to the lawsuit, is to
wind up, dissolve and liquidate the company and assets as a whole.
Yikes. Not surprisingly, the company has denied the allegations and has requested that the suit be dismissed. An official statement should be coming soon.
Lawsuits take eons, so there’s probably no need to run out and buy Meinl stock just yet. But if you got any cracked Sabians under warranty, you might just want to take care of those now.
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