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Banks sue former Kmart CEO, alleging unpaid loans

Sat May 30, 2009 6:42 PM EDT
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Associated Press
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PONTIAC — Former Kmart Corp. chairman and CEO Joseph Antonini is being sued by five banks accusing him of defaulting on more than $2.3 million in loans and promissory notes.

Antonini's wife Kathleen and two of his businesses, JEA Automotive Group and JEA Enterprises, are co-defendants in the lawsuits filed in Oakland County Circuit Court. The Detroit News says the banks are demanding payment for personal loans ranging from $25,000 to more than $1 million.

The 68-year-old Antonini's home telephone number in Bloomfield Hills is unpublished. Listings for JEA Automotive Group and JEA Enterprises could not be located.

Antonini was ousted as Kmart chairman in 1995 amid declining profits and eroding support from the board of directors. He received $1.3 million in severance pay and a $527,000 annual pension for life.

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Information from: The Detroit News, http://www.detnews.com

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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