ATA Investor Goes After FedEx Over Dropped Deal

Law360, New York (February 24, 2011, 6:55 PM EST) -- FedEx Corp. and an investor in now-defunct ATA Airlines Inc. sparred Thursday before a New York appeals court over whether FedEx broke a promise to the investor by reneging on a deal over a military contract that sent ATA into bankruptcy.

MatlinPatterson ATA Holdings LLC, which is affiliated with the private equity firm MatlinPatterson Global Advisers LLC, never would have invested in ATA if it had known that FedEx would pull out of the lucrative military contract, MatlinPatterson's attorney, White & Case LLP's Kenneth Caruso, told...
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