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Going, going, gone…

A few weeks ago, I posted about Adesa (KAR) the large automobile auction company that was suing the son of its No. 2 executive for defaulting on a loan. Well, a reader points out that earlier today, Adesa announced that the executive, James Hallett, left the company on Friday as part of a “management realignment” instead of the usual “personal interests” excuse. The company didn’t provide any other information, which seems kind of surprising given that Hallett once served as chairman and was the No. 2 at the company. It’s not clear from Adesa’s earlier filings how much Hallett will receive on the way out the door. Last year, his salary was $447K and he received a $265K bonus, so using the typical 3 times multiple, it should work out to around $2 million. Then again, he could get a better deal from his son, who in his suit against Adesa, claims that the company owes Junior $6 million. It’s probably too early to figure out what’s really going on behind the scenes, but something smells fishy in Carmel, Indiana.