11th Circ. Nixes Order Giving News-Journal Assets To Cox

Law360, New York (January 4, 2012, 7:38 PM EST) -- The Eleventh Circuit on Wednesday vacated a lower court's ruling that called for the distribution of News-Journal Corp.'s assets to a shareholder, citing a Florida statute prohibiting distributions to shareholders if doing so renders the corporation insolvent.

In remanding the case to Florida federal court, a three-judge panel found that the judge inaccurately interpreted the statute in ordering News-Journal to distribute shareholder Cox Enterprises Inc. all of its assets, which the district court valued at $129.2 million.

These developments occurred after News-Journal failed to repurchase Cox's...
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