As IBJ reporter Cory Schouten first reported, Don Marsh is accused of taking expensive trips around the world, charging the company for his family’s Christmas cards and otherwise milking the public company for his personal benefit. Wall Street execs have nothing on this guy if the suit is representative of what happened before Sun Capital Partners bought the company in 2006.
There’s an uncomfortable question left unaddressed in the lawsuit: How much did the directors know?
Some Marsh Supermarkets directors are name-brand people in the Indianapolis area, where the company is still headquartered. Cathy Langham runs a well-known logistics company and has been elected to top offices in the Greater Indianapolis Chamber of Commerce. Steve Huse is a co-owner of the landmark restaurant St. Elmo Steak House and a former president of Indianapolis-based Steak n Shake.
What’s your take? To what extent are the directors culpable?