JC Flowers Defends Role In Failed $104M Insurer Buyout

Law360, New York (November 16, 2011, 6:03 PM EST) -- Private equity firm J.C. Flowers & Co. told a New York appeals court Wednesday that Metalmark Capital Holdings LLC derailed a $104 million stock purchase agreement of an insurance company with its "pedantic lawyers' fight" against Connecticut insurance regulators.

The dispute centers on a failed deal by J.C. Flowers and others to buy $104 million worth of stock in Direct Response Corp. from funds formerly affiliated with Morgan Stanley's private equity arm that are now a part of Metalmark.

The Metalmark funds were responsible for the...
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