Fight Over Argo Tea Share Sale Lands In Federal Court

Law360, New York (November 1, 2011, 1:51 PM EDT) -- Walnut Private Equity Fund LP's suit seeking to block Argo Tea Inc.'s plan to sell common shares was removed Monday to Ohio federal court by the tea company, which said Walnut's $3.65 million preferred share stake exceeds the limit for state court.

Cincinnati-based Walnut Private Equity's suit, lodged Oct. 5 in Ohio's Hamilton County Court of Common Pleas, claims Argo Tea and another investor, Mosaix Ventures LP, have embarked on a "destructive and oppressive" plan to sell common shares without seeking its consent.

Argo Tea is...
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