Relief For A Poisoned Dart GroupAmy Barrett
The end may be in sight for the Haft family feud. On Apr. 22, Herbert Haft, 76, reached a conditional settlement to give up control of Dart Group and its three subsidiaries, Shoppers Food Warehouse, Trak Auto, and Crown Books.
Herbert triggered the battle in 1993 when he fired son Robert from Dart management and replaced him with his other son, Ronald. There followed a series of suits in which the Hafts battled for control of Dart. Herbert and wife Gloria divorced. The Haft real estate company filed for bankruptcy protection.
Under the tentative deal, Herbert will give up his post as chairman of Dart and sell back all his stock and options netting him roughly $42 million. Talks are under way to resolve the remaining disputes between Dart and Haft's children and former wife, including bringing the real estate company out of bankruptcy--and possibly selling off pieces of the empire. "This settlement is good for Dart because it will eliminate the involvement of the Haft family," says analyst Robert E. Robotti. And it's not bad for Herbert, either.