Fired by his board of directors, the founder of a "supercar" company changed the locks, posted armed guards and holed up at his corporate compound in what investors are calling "Wall Street's Waco."
Gerald A. Weigert refused to budge from Vector Aeromotive Corp., which makes high-performance cars from materials used in spaceships and fighter jets.He built his dream company by selling stock to the public, including Indonesian investors - who now own more stock than he does and want him out.
His fellow directors had asked him to step aside over the weekend for alleged mismanagement and financial abuses. Weigert instead seized four Vector buildings near the waterfront in a standoff likened to the one at the religious cult compound in Waco, Texas.
Weigert issued a press statement Wednesday night with the headline: "VECTOR AEROMOTIVE FIGHTS OFFSHORE TAKEOVER ATTEMPT." He said he continued to run the company, and he went on to promote its latest models.
"He refuses to recognize he is terminated," said Robert Braner, a Vector vice president. "He has sent out faxes saying everyone is fired."