On Aug. 20, 2015, Gaskins sent an email to Bonan II at his Peoples email address with the subject “PLAN” that outlined the intended terms of the acquisition of Grand Rivers by Market Street and Peoples. On Aug. 24, 2015, Market Street, at the direction of the elder Bonan, its chairman, entered into a letter of intent to acquire the outstanding stock of Grand Rivers. Bonan II executed the letter of intent on behalf of Grand Rivers. On Oct. 20, 2015, Bonan II abruptly resigned from the Grand Rivers Board of Directors, the lawsuit claims.

The day after his resignation, in a telephone conversation with Grand Rivers CEO Whitney Stringer, Bonan II said he would consider reinstating himself as chairman of the board to get the merger on track, but advised that CEO Stringer would need to speak with the elder Bonan to determine whether the merger was going forward. On Oct. 21, 2015, Bonan confirmed that Market Street would go forward with the acquisition if Botsch, the CPA, resigned from the board, according allegations in the lawsuit.

That same day, Bonan II advised CEO Stringer that, for the merger to proceed, everyone except for board member Jake Campbell would have to resign; Bonan II would be able to choose his own board, and he would be paid $10,000 per month as chairman.