July 29, 1999 |
The federally funded Los Angeles Community Development Bank is asking the City Council to raise its $20-million cap on loans to individual borrowers, months after it exceeded that limit in its largest and most controversial deal to date. The bank is considering loaning additional funds to that borrower, a South Los Angeles dairy.
April 29, 1999 |
The federally funded Los Angeles Community Development Bank has lent an additional $3 million to its largest and arguably most controversial borrower, bringing the total lent to Copeland Beverage Group in South Los Angeles to at least $18 million. Half of the $3-million infusion was used for the acquisition of Commerce-based Pacific Dairy Products Inc., a producer of yogurt products, and half will be used for operations, a source familiar with the deal said Wednesday.
May 3, 2000 |
The founder of a South-Central dairy processing plant sued the Los Angeles Community Development Bank on Tuesday, alleging that it improperly meddled in his business, caused his ouster and ruined the company. The lawsuit was filed in Los Angeles County Superior Court by Kevin Copeland, whose Copeland Beverage Group received one of the bank's earliest loans but became its greatest embarrassment when the deal soured, costing taxpayers $20 million.
August 19, 1999 |
In a blow that could cost the beleaguered Los Angeles Community Development Bank--and potentially taxpayers--as much as $18 million, its largest borrower notified employees Wednesday that it will close. Copeland Beverage Group, a South Los Angeles dairy, announced the imminent closure to more than 100 workers early in the day, a company source said.
August 14, 1998 |
In a potential embarrassment for the Los Angeles Community Development Bank, the nation's only African American owner of a full-service dairy has been ousted by his South-Central Los Angeles beverage company's board of directors. Kevin Copeland, 37, said he was fired as president and chief executive in a hostile meeting Wednesday after the three other directors expressed concern that Copeland Beverage Group was nearing default and needed a proven turnaround team at the helm.
July 10, 1999 |
Baskin-Robbins USA Co. will close or sell one of its primary ice cream manufacturing plants in Vernon as part of its plan to shift some production to outside vendors.The plant's 110 employees received notice last week of the Glendale company's intention to close the plant by Sept. 1 and transfer production to its other two plants in Kentucky and Texas.