T'Wolves Owner Glen Taylor Being Sued By Former GM Kevin McHale
T'Wolves Owner GLEN TAYLOR is being sued by former coach and GM KEVIN MCHALE in a "dispute over control of a Minnesota hearing-device company called Envoy Medical," according to Joe Carlson of the Minneapolis STAR TRIBUNE. McHale and a group of investors, including the company's former CEO, "accuse Taylor of 'self-dealing' following a series of business deals that gave Taylor control of Envoy." Taylor and current Envoy Medical CEO BRENT LUCAS "deny the allegations." The crux of the alleged scheme is that Taylor "issued unpayable loans to Envoy, and secretly gained control over a majority of the privately held company by having it issue preferred shares to him." The lawsuit claims that Taylor effectively paid $20M to "acquire a company" once valued at more than $1B. Taylor and Lucas said that the lawsuit is "without merit" (Minneapolis STAR TRIBUNE, 2/4).