Complaint / review text:
Arturo R Moreno is the Billionaire Owner of the Los Angeles Angels Baseball Team.
Mr. Moreno made his fortune in the Billboard business.
Mr. Moreno was the President and CEO of Outdoor Systems, Inc., where he, shrewdly, acquired many of his competitors making Outdoor Systems, Inc into a Billboard juggernaut.
One of his biggest conquests was the acquisition of Gannet Outdoor, ironically, the same Company for whom Mr. Moreno worked before taking over Outdoor Systems, Inc.
In order for Mr. Moreno to complete the nearly $750, 000, 000.00 acquisition, the Department of Justice (DOJ) had to approve the deal, so as to preserve competition in the Denver, Colorado Market.
PRESS RELEASE: https://www.justice.gov/archive/atr/public/press_releases/1996/0791.htm
The DOJ and Outdoor Systems, Inc made an agreement that Outdoor Systems, Inc, in order to preserve competition in the Denver Market, had to divest themselves of their Denver, Colorado Operation.
Moreover the asset had to be sold to a legitimate BUYER, an independent 3rd party.
The DOJ required this, which would ensure competition in the lucrative Denver market.
However, Outdoor Systems, Inc., reneged on that agreement and "Sold" the Outdoor Systems, Inc Operation to a friend of Mr. Moreno, Gregory Charles Riggle.
Mr. Riggle was and is a close friend and business partner of William Levine, who was the Chairman of Outdoor Systems, Inc. In fact, Mr. Riggle and Mr. Levine were partners in another Billboard deal in Phoenix, Arizona and many other ventures as well. All of this is a matter of public record.
Mr. Moreno, known for attention to detail and hands on management style, was the President and CEO, carefully managing Outdoor Systems, Inc at this time.
Mr. Riggle hastily formed an Arizona and Delaware Corporation, Colorado Outdoor, Inc. aka Mile High Outdoor.
The "new" Company was stocked with "former" Outdoor Systems, Inc. employees.
The entire "divestiture" was a sham.
Outdoor Systems, Inc., basically, sold this Operation to itself!
Soon after, this charade, on May 28, 1999, Mr. Moreno sold Outdoor Systems, Inc to Infinity where he made over a Billion dollars in cash and Stock.
Clearly, in the acquisition of Gannet Outdoor, antitrust laws were broken.
One only has to pull the Delaware Corporate Records to Confirm Ownership of Colorado Outdoor, Inc.
Ironically, Major League Baseball is EXEMPT from the antitrust laws of the United States.