Law360, New York (November 27, 2006, 12:00 AM EST) -- After litigation from Korean authorities delayed the deal numerous times, Texas-based Lone Star Funds has decided to terminate its $7.4 billion agreement to sell the Korea Exchange Bank to Kookmin Bank.
The decision comes after the Korean Special Prosecutor’s Office indicted KEB and Lone Star for allegedly orchestrating a stock manipulation scheme that allowed the fund to acquire the bank for a below market price.
Korean prosecutors also issued warrants for Lone Star vice chairman Ellis Short and general counsel Michael Thompson in an ongoing investigation...
Lone Star Gives Up On Bank Sale
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