A fight over control of the U-Haul truck rental company has resulted in a bankruptcy filing by the chairman of the company’s parent and four directors.
Edward J. Shoen, chairman of Reno, Nev.-based Amerco, and the others filed late Tuesday after a state judge ordered them to pay $461.8 million. The money is to be used to buy out another group of U-Haul owners led by its founder, L.S. Schoen.
The judgment was reduced from $1.48 billion awarded by a jury in October.
The jury found that Edward Shoen and the other directors had acted improperly in turning back plans by L.S. Shoen and his faction to use their stock majority to sell the company in 1988.