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twitterDispute with state settled
Monday, March 29, 1999 | 12:37 p.m.
The settlement says control of Del Mar, which is still operated by Shustek, is being turned over to CapSource Inc., 6550 S. Pecos Road. CapSource President Steve Byrne is a former Wells Fargo Bank vice president who has worked for Del Mar since July.
CapSource and Del Mar are being acquired by Sunderland Acquisition Corp., for which Shustek serves as chairman and chief executive officer.
The agreement terminates a state order taking possession of Del Mar last month, when the state claimed misconduct, including concealing information from investors.
The agreement also reduces a fine levied against Del Mar in November from $100,000 to $50,000.
Lawsuits filed by Shustek and investors challenging the possession order were withdrawn as have allegations of sexual misconduct made against state auditors.
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