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Cherokee puts $31 million in Argy's peace pipe SUNLAND, Calif. (FNS) -- Cherokee Group founder James P. Argyropoulos walked away with $31 million after agreeing not to fight the recently completed buyout of the company by GRN Industries, Los Angeles, for about $170 million.
A notice to shareholders regarding the cash-and-debentures purchase delineated the settlement reached, under which the founder resigned his position as chairman and chief executive officer. He was paid $800,000 in cash in connection with the termination of his employment contract, and also received a promissory note of $2,150,000, to be paid in monthly installments over 30 months.
In addition, Argyropoulos got $2.7 million in cash and debentures …