Phillip Frost seeks to rescind December 2018 deal in which he sold 51 million shares to Ladenburg at $2.50 a share and enjoin its $3.50-per-share merger deal with Advisor Group.
Two separate suits alleging inadequate proxy information on valuation decisions and company financials have been filed.
David Pintaric, a Daytona Speedway habitue, hopes to recruit brokers to his new business on the eve of Ladenburg Thalmann’s takeover by Advisor Group.
Merger document with Advisor Group restricts aggregate payments to Ladenburg’s 4,400 brokers and prospects to $5 million in aggregate and $500,000 individually.
New company will preserve the nine brokerage brands and multi-clearing model for Ladenburg and Advisor Group’s almost 11,500 independent brokers.