Jimmy Flynt Doesn’t Own 50% of LFP, Judge Says
By Rhett Pardon of Xbiz.com
Thursday, May 12, 2011
CINCINNATI — A federal judge today ruled against Jimmy Flynt’s argument that he owns 50 percent of LFP Inc. and dismissed his case.
In the case at U.S. District Court in Cincinnati, Larry Flynt’s brother, Jimmy Flynt, said he was a partner in the business and asked a judge to give him half the company.
But U.S. District Judge William Bertelsman said Larry Flynt has been the clear leader of the company for most of its 40 years and that he officially became its sole shareholder in the 1970s.
“After a trial to the court sitting without a jury and the filing of extensive briefs by both parties, the court concludes that Jimmy has adduced no credible evidence that there ever was a partnership,” Bertelsman said in his ruling. “Further, any interest claimed by Jimmy was released as part of a global settlement between the brothers in 1988.”
Bertelsman said that he believed Larry Flynt’s testimony that there was never any partnership agreement, noting that Larry Flynt’s testimony on the issue was “positive and unambiguous.”
“Jimmy’s testimony, on the other hand, was vague, evasive and inconsistent, and impeached by his own sworn testimony in other court proceedings,” he said.
Bertelsman also noted that Jimmy Flynt admits there were never any tax returns filed as a partnership; nor was there ever a written partnership agreement.
Michael Klein, president of LFP, told XBIZ that the company is pleased with the ruling.
“Obviously, we are happy with the decision and we believe it is the right one,” he said. “We proved victorious, and this puts to bed the question who owns LFP. And that would be Larry Flynt.”