Winnipeg Free Press
There was a bittersweet element to the recent acquisition of Arctic Beverages by a group led by Marv Tiller after Tribal Councils Investment Group placed the Pepsi distributor in creditor protection.
Tiller was instrumental in the creation of TCIG, was the CEO when it originally acquired Arctic Beverages, helped grow it by double digits and created the model for TCIG to become a $100-million-per-year business.
The loss of Arctic could spell the end of TCIG. Its remaining assets are the Famous Dave's barbecue restaurant in Winnipeg and First Canadian Health Management Corp. in Toronto.
Former CEO Allan McLeod is in the midst of a bitter wrongful-dismissal suit seeking millions of dollars in damages.
Three other former managers of TCIG are also seeking damages.
TCIG's counter-claim against McLeod makes a number of accusations, including:
That he used TCIG funds "to purchase assets, which he then used for his personal use."
That he "regularly diverted funds as reimbursement for expenses which were not for the benefit" of TCIG "but for his own personal benefit."
That he paid himself "an egregiously high salary and bonuses."
That he "converted funds, raised purportedly for charitable purposes" in the name of TCIG, "to the benefit of himself and/or his family member and/or his friends."