Geothermal founder files $50 million suit
OREGON - The founder of a Bend geothermal energy company has filed a $50 million lawsuit against investors he claims fraudulently took over the company.
Stephen Munson filed the suit against investment funds created by Merrill Lynch Commodity Partners and Denham Capital Management, as well as board members they appointed.
Munson founded Vulcan Power Co. in 1991, and served as its president, CEO and chairman until new directors, appointed by the new investors, ousted him in October and fired him on November 20.
Vulcan Power officials say the complaint is without merit while investors declined to comment.
Munson portrays himself in the lawsuit as a visionary entrepreneur who built up privately held Vulcan Power so that it had one of the largest geothermal portfolios in the country.
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