Arrow Announces Settlement; CFO Discusses Company's Founding
Late this afternoon Arrow Auto Glass announced that a dispute among former Diamond co-chairperson and number-one shareholder Ken Levine, Arrow and Belron US has been resolved via a settlement. According to the press release, the dispute was about "Arrow Auto Glass's right to conduct business in the vehicle glass repair and replacement industry."
"The parties will proceed in accordance with the terms of their confidential settlement agreement," reads the release. (CLICK HERE for full statement.)
Belron US had reported in an objection in the Diamond bankruptcy case in October that it "believed that Kenneth Levine, the Debtors' former president and chief executive officer, had taken inappropriate actions in seeking to establish a competing business." (CLICK HERE for related story.) The same court document also noted that the company was in the midst of settling the dispute with Levine.
Arrow chief financial officer (CFO) Richard Bunchalk, who previously served as CFO of Diamond Glass, refused to discuss any details of the dispute or settlement in an interview with glassBYTEs.com/AGRR magazine this afternoon.
"I'd prefer not to talk about the settlement in any way," he said. "It was confidential and we'd like to keep it that way."
However, Bunchalk was able to provide more information on the company, which he co-founded with Levine and Marty Walsh, who served as senior vice president of information technology for Diamond.
The company got its start in late July of this year.
"We actually started to do business in early August," said Bunchalk.
Bunchalk said about 20 of the company's employees were previously with Diamond.
"Arrow is made up of former Diamond employees who had been reaching out for awhile at getting back to a company founded on a family type of arrangement," he said. "Diamond was family-oriented and the people who chose to be a part of [Arrow] were people who liked that approach of business."
He added, "Many of the people at Arrow are former Diamond district managerssuccessful Diamond district managers."
The company currently has twelve locations in the Northeast and plans to open a thirteenth location in Florida in a few months, according to Bunchalk.
Belron US spokesperson Jenny Cain was unable to comment on the terms of the settlement, but did confirm that the dispute had been resolved.
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