Chicago Alderman Urges Park District to Sue Tripp Lite's Ex-Owner
Barre Seid sold the surge-protector maker through a nonprofit structure in a deal valued at $1.65 billion in March 2021, according to an SEC filing.
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Chicago Alderman Timmy Knudsen said he is pressing the Chicago Park District to take Barre Seid to court over wildlife feeding in Lincoln Park that he says has drawn rats, Fortune reported on Oct. 13. Park District officials said they had not decided how to proceed, according to Axios.
Knudsen sent Seid a letter on Aug. 25 describing it as a last warning and giving him 15 days to stop, citing city rules against accumulations of food that can sustain rats, Block Club Chicago reported. City staff had photos and video of nuts being set out daily, according to WGN. Streets and Sanitation inspected the property over several years and issued warnings and citations; Seid paid the fines without challenging them and the feeding continued, Axios reported. "Typically, when you ticket somebody, it stops their bad behavior," Knudsen told WGN.
Seid, 94, built his fortune as owner of Tripp Lite, a Chicago manufacturer of surge protectors and power equipment. ProPublica reported he moved the company to a nonprofit run by Leonard Leo before it was sold to Eaton for $1.65 billion in March 2021, per an SEC filing, a structure tax specialists told ProPublica may have avoided as much as $400 million in taxes. City documents indicate taxpayers could bear repair costs.
This story was first reported by Fortune.
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