Newspaper article The Florida Times Union

Bakery Emails Show Khan as Majority Owner; Message in June Has Edgewood Operator Agreeing to Stache Deal

Newspaper article The Florida Times Union

Bakery Emails Show Khan as Majority Owner; Message in June Has Edgewood Operator Agreeing to Stache Deal

Article excerpt

Byline: Drew Dixon

Emails last spring show that Jacksonville Jaguars owner Shad Khan had a majority ownership of a popular bakery that has served the Murray Hill area for decades, Khan's attorneys say.

The emails came to light Monday, the same day that Duval Circuit Judge James Daniel gave the operators of Edgewood Bakery more time - until Friday - to respond to Khan's lawsuit seeking control of the business he invested in under his investment firm Stache Investments.

The emails show a June 5 exchange between Tom Rykalsky and Jim Zsebok, the representative for Stache.

"I [Stache] will own 56 percent ... of U.S. [Culinary] and your holding company with Mike [Zimmerman] will own 44 percent," Zsebok said while explaining in the email his interpretation of the ownership agreement of Edgewood Bakery.

"That sounds correct," Rykalsky said in an email reply sent from his smart phone.

U.S. Culinary & Beverage is the company of Tom and Carol Rykalsky and their partner Mike Zimmerman, who are running Edgewood Bakery. Those emails were filed with court documents Dec. 31.

"They [U.S. Culinary] have filed and verified the complaint that sets out their version of the case. It does not, however, address some emails from Mr. Rykalsky that set forth his agreement to terms of Stache being the individual owner of this entity," Stache attorney Bill Adams told Judge Daniel at Monday's meeting. "Unless Mr. Rykalsky denies these two emails, that may bring this to a rapid conclusion."

On Monday, the judge merged two competing lawsuits: the first was filed in early December by Khan and his investment firm Stache Investments seeking sole ownership of the business. The other was a countersuit by the Rykalskys, also seeking ownership.

Khan contends that since Stache Investments provided $800,000 of seed money to the Rykalskys to buy the bakery in June, the court should appoint his company as the majority owner and grant control of the business to the firm.

The suit says the Rykalskys and Zimmerman, under the business entity U.S. Culinary & Beverage, have hurt the business through waste. …

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