Top business leaders in the Quad Cities blame Kevin Krause for costing them more than half of their investment in the community's minor-league baseball team, saying he also reneged on promises to bring his family's Kum & Go convenience stores and Liberty Bank branches to the area.Skipping ahead.
According to Krause, at least $450,000 remains in dispute between partners in the former Swing of the Quad Cities baseball franchise and new owners of the team — now called the Quad Cities River Bandits.
Investors in the Swing — now the Quad Cities River Bandits — represented a who's who of top business leaders in the Davenport area. Rob Fick, president of Mel Foster Co., the largest real estate company in the area, invested, as did Stan Bright, a former MidAmerican Energy executive who provided more than $200,000 and was instrumental in swaying Midwest Capital Group Inc., a subsidiary of MidAmerican Energy, to invest $400,000.Also among 20 Davenport businessmen and companies that bought into the franchise was Mike Duffy, founder of PerMar Security Inc. in Davenport, who formed a partnership of other city business leaders called Came N Went LC that invested $575,000.
Entering April, those investors had received only $607,214 on their overall $1.8 million investment from the sale of the team, records show. Late Friday, however, the Register learned that Kevin Krause unexpectedly distributed more money to partners late last week.
Krause, when contacted by the Register on Saturday, confirmed that he distributed $675,000 to all partners based on percentage of overall ownership. Davenport investors received about $240,000, Krause said. Krause, his family members and related businesses that invested in the club received the remaining $435,000, he said.
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