The acquisition by Siemens Information Systems Inc of virtually all the operating units of the former Telecom Plus International Inc has turned horribly sour and Siemens is suing the remaining cash shell, now called TPI Enterprises Inc in US District Court in New York alleging that TPI breached agreements between the two, defrauded Siemens and breached its fiduciary duty to the Munchener. Siemens still hasn’t paid $66m of the $173m purchase price set under the March agreement, and as well as damages, is asking the court to allow it to retain $56m of the $66m outstanding. Rank Organisation Plc holds a stake of about 20% in TPI, based in Boca Raton.
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