Law360, Wilmington (February 11, 2019, 9:39 PM EST) -- Vintage Capital Management LLC’s founding partner branded Rent-A-Center’s directors and management “a bunch of crooks” Monday in the opening hour of an edgy, two-day Chancery Court trial over Rent-A-Center’s December declaration that the private equity firm’s $1.4 billion buyout agreement had lapsed.
The Rent-A-Center walkaway potentially put both Vintage and backstop investor B. Riley Financial Inc. on the hook for a $126.5 million reverse termination fee, despite Vintage's arguments that the buyers and sellers jointly agreed to actions earlier that had the effect of extending the Dec. 17, 2018, end date used by Rent-A-Center to declare the deal expired.
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