IDT Seeks To Revive Suit Over $42.5M Winstar Deal

Law360, New York (August 26, 2010, 1:34 PM EDT) -- IDT Corp. and Winstar Holdings LLC are trying to revive their lawsuit accusing Blackstone Group LP and two other financial firms of misrepresenting the value of bankrupt Winstar Communications prior to its $42.5 million sale to IDT.

Winstar Holdings and IDT filed a notice of appeal Wednesday in the U.S. Bankruptcy Court for the District of Delaware, saying the companies plan to appeal the dismissal of their claims against Blackstone, Impala Partners LLC and Citigroup Inc.

The lawsuit accuses the financial companies of costing IDT more...
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