Velocity Express Equity Holder Balks At ComVest Sale

Law360, New York (October 20, 2009, 1:36 PM EDT) -- TH Lee Putnam Ventures LP, the holder of the largest equity stake in Velocity Express Corp., has balked at the sale of the bulk of the bankrupt package delivery company to private equity firm ComVest Investment Partners III LP.

In an objection filed Monday in the U.S. Bankruptcy Court for the District of Delaware, private equity firm TH Lee said the proposed sale and sale process may be fundamentally flawed.

According to the objection, the sale motion filed in connection with the deal doesn't articulate why...
To view the full article, register now.