Dossier
Equity Conversion
Coverage of Equity Conversion in the Nexus archive.
- New details emerge in lawsuit against Sky owner Michael Alter
Steven Rogers sued Sky principal owner Michael Alter for breaching the team’s operating agreement and fiduciary duties by converting $29 million in loans into equity, which Rogers claims unfairly transferred value to Alter. Alter argues the conversion was authorized and necessary to secure capital, citing conflicting provisions in the operating agreement and Delaware law on loan valuation.