Sabian Family Feud
A cymbal family feud goes to court! Big Drum Thump is reporting on a Daily Gleaner article that talks about a Sabian (Zildjian family) lawsuit.
In his notice of action, Bill, Robert’s [Zildjian] eldest son, alleges his father is misusing company funds for personal expenses and that his brother Andy is actively undermining his position and influence on the business.
“Bill has justifiably lost the trust and confidence in his father Robert and his brother Andy on which their business relationship has been premised,” court documents state. “Bill has no way to exit on fair terms from this situation without the assistance of the Court. Some form of corporate divorce is the only practical solution.”
That’s Bill Zildjian (as in the “BI” of “Sabian”) and Andy Zildjian (the “AN” of “Sabian”). No words on Sally’s take on all this. The article goes on to state:
He’s asking the court to force the company and his family to pay him dividends for his shares equal to those paid to other shareholders from 2002 to 2005, plus interest.
He also requests that an independent party determine the fair value of his interest in Sabian Canada and affiliated corporate entities so the defendants can buy him out.
An alternative, the lawsuit suggests, is to wind up, dissolve and liquidate the company and assets as a whole.
Whoa, that’s some hefty demands. It’s doubtful this will be wrapped up any time soon, but this is murky family business to say the least. It will be interesting to see if Andy (whom we’ve met and interviewed on Drummer Talk) is all smiles come November at PASIC 08.
Apr 10, 2008 @ 18:23:35
Ok… what?! If I’ve read this right, this is only a Sabian company feud. Zildjian (the company) isn’t involved in this one right?
Apr 10, 2008 @ 18:31:26
Correct .. one Sabian owner suing another Sabian owner.
Apr 10, 2008 @ 18:36:12
Kinda makes you wonder if it was something like this that caused the Zildjian/Sabian split the first time…
If it was, it was handled a lot quieter than this.
Apr 14, 2008 @ 12:15:15
JABB: see the original article at http://soft.com.sg/forum/gear-drums/21422-zildjian-sabian-history.html
It appears to have been some pretty vast differences in both management and cymbal making philosophies. It wouldn’t be too surprising that Bill is asking for dissolving Sabian as a means of last resort. Depending on the number of shares he holds, he can, in theory, ask to be bought out. If the Sabian corporate board refuses, Bill can seek to dissolve the company to recover the value of his ownership in the company through the court system.
Cross your fingers because I really hope Sabian doesn’t go out of business. I think competition is great and in terms of market share, it would be a great loss if Sabian were to fold up shop.
Apr 14, 2008 @ 20:17:54
You’re completely right.
I just hope that the other two have enough liquid assets to do the deal.
Apr 24, 2008 @ 15:26:11
I do not understand why this whole disaster is taking place? Bill is a good man and for the professional drummers I know and the time I have been in the business, Bill has done nothing but good things for us drummers. Working with family might be difficult sometimes, but as long as you’re honest and upfront, there should not be any problems that you cannot resolve. Bill is an honest man and does not deserve this type of treatment!