Law360, New York (April 18, 2011, 7:49 PM ET) -- A MoneyGram International Inc. shareholder lodged a proposed class action Friday in Delaware over a planned recapitalization of the wire-transfer company, saying the deal provides a windfall for controlling stockholders at the expense of minority interests.
The controlling stockholders — private equity firm Thomas H. Lee Partners LP and affiliates of Goldman Sachs Group Inc. — will convert their preferred stock into common stock in the recapitalization, receiving $218 million in cash and another $109 million “in additional stock in excess of their contractual conversion preferences,”...
MoneyGram Investor Sues Over Recapitalization
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