Loan to Relative of CEO: In 2005, RCI Hospitality filed a debt collection
case against Patrick Langan, a relative of the CEO (RCI v Langan, Patrick). Why is the company giving loans
to relatives of the CEO? How many other loans are out there? It would be highly
unlikely that the first and only loan to a relative ended in default and a
legal case.
Car Allowances: RIck's Cabaret gives its executives car
allowances, including an egregiously high $55,140 for its CEO last year. It was
hard to fathom how the number could be so high until I came across this additional
disclosure in the 2014 10-K: “Mr. Langan and his family also received
the use of certain automobiles in each year.“
Apparently the
CEO’s relatives get company loans AND automobiles.
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