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Imagine this Father’s Day…

I know they make Hallmarks for virtually every occasion. But what kind of Father’s Day card do you get the dad whose company you’re suing? And whose company is suing you? In its recent proxy, Adesa (KAR) provided additional disclosure on an embarrassing incident involving the company’s No. 2 executive, James Hallett, and his son, Sean, who used to have a business relationship with the wholesale auto auction company before the company shut down his three credit lines. According to the proxy, Sean, who runs Erinwood Ford, a dealership in Toronto’s suburbs, is in default on $1.7 million. The proxy notes that only a little over half of that is secured, which prompted the company to write off $800,000 during the second half of 2004. Since November, the younger Hallett and Adesa have been duking things out in court up in Toronto, according to the proxy, which notes that Sean Hallett believes Adesa owes him $6 million. Still following this? The two sides have been in mediation, most recently in early March, according to the proxy, but still can’t come to an agreement. Perhaps they’ll be able to resolve things by Father’s Day.