Problems With Corporate Management
Initially, the corporation was provided $52 million in settlement money, half of which was disbursed to shareholders. The corporation for investment on behalf of its shareholders retained the remainder. However, the corporation's early losses led to charges of mismanagement of corporate assets. According to a 1998 special report by the newspaper Juneau Empire, the 13th Regional Corporation "still can't say exactly what happened to the remaining $27 million of land claims the corporation kept—records are incomplete. Present management and past management both say mismanagement by administrators or the board of directors was to blame for the 13th's early losses." The Juneau Empire followed with, "Lawyers looked into the corporation's books. They determined that there may have been enough evidence of dubious activity to pursue lawsuits but proceeding with litigation would have cost more than would be recouped, Engelstad said."
Read more about this topic: The 13th Regional Corporation
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