Live Nation Files Contract Suit V. Ex-Chairman

Law360, New York (October 28, 2009, 1:12 PM EDT) -- Concert promoter Live Nation Worldwide Inc. has filed a breach of contract suit against former Chairman Michael Cohl and his company S2BN Entertainment Corp., accusing S2BN of failing to make $5 million in payments due under a 2008 asset purchase and noncompete relief agreement.

Live Nation filed the complaint in the U.S. District Court for the Southern District of Florida on Tuesday.

Under the fall 2008 purchase agreement at issue, S2BN bought "certain assets" from Live Nation for a base purchase price of $9.85 million and...
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