The Blackstone Group is suing Vinod Gupta, the founder of business-to-business marketing company infoUSA, for $6.8 million, Reuters reported, citing a complaint filed with a New York state court. According to the complaint, Blackstone says Gupta owes the money as an advisory fee, even after the $463 million takeover of his company last July by private equity firm CCMP Capital Advisors, Reuters wrote.
Chicago firm Wind Point Partners portfolio company Summit Business Media Holding has filed for Chapter 11 bankruptcy protection after agreeing with creditors on a plan to eliminate $140 million of debt from its balance sheet, Reuters reported. The New York-based company publishes 16 magazines, 20 Web sites and 150 reference titles, Reuters said. Wind Point Partners controls 85 percent of the company’s equity.