Investors Short $44M In Oil Deal: Pride International

Law360, New York (December 16, 2009, 1:53 PM EST) -- Pride International Inc. has accused Brazilian equity firm GP Investments Ltd. of coming up $44 million short on a $1 billion agreement to acquire the oil and gas services company's Latin America onshore properties.

In a complaint lodged Monday in the U.S. District Court for the Southern District of New York, Pride contends that it has transferred $255 million in working capital to GP instead of the $208 million preliminarily agreed on before the deal closed.

The Brazilian company is required to reimburse Pride the difference,...
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