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Cherokee Group founder and Chairman James P....

Cherokee Group founder and Chairman James P. Argyropoulos filed suit in federal court to block other Cherokee executives from proceeding with their $174-million offer to buy the Sunland apparel and shoe concern. The suit alleged that the offer violates federal securities and state corporation laws by, among other things, “forcing” shareholders to tender their stock “whether or not they view the price as fair.” The executives, as part of an investor group called Green Acquisition, are offering $14 a share in cash and securities. Daniel Zuckerman, Cherokee’s general counsel, declined comment because he had yet to review the suit.


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