Anthony Ostlund has filed suit on behalf of Bart Zibrowski seeking an equitable buyout of Mr. Zibrowski’s minority share in CMI Oxbow Partners LLC, a holding company for Bloomington, Minnesota-based microchip manufacturer SkyWater Technology Foundry, Inc.
Mr. Zibrowski and his former business partner, Loren Unterseher, acquired SkyWater on behalf of CMI Oxbow Partners in 2017. Since that time, SkyWater has, among other things, won a $170 million grant from the U.S. Department of Defense to manufacture radiation-hardened microchips and recently announced a planned initial public offering. The suit filed by Anthony Ostlund alleges that the majority owner, Mr. Unterseher, wrongly attempted a “squeeze out” Mr. Zibrowski from the business in 2019, including through fraud. The suit seeks a dissolution of CMI Oxbow Partners or an equitable buyout of Mr. Zibrowski’s share, as well as damages arising from fraud, breach of fiduciary duty, breach of contract, and other claims. Mr. Zibrowski is represented by Richard T. Ostlund, Joseph R. Richie, and Joseph T. Janochowski of Anthony Ostlund.
News article by Minneapolis / St. Paul Business Journal.