Chancery Keeps Fraud Claims In $200M Trucking Sale Row
Law360, Wilmington (February 23, 2016, 8:25 PM EST) -- A Delaware Chancery judge on Tuesday knocked some of the claims out of a dispute stemming from the $200 million purchase of Kentucky-based trucking company A&R Logistics Inc. and found the private equity buyer should return a tax refund, but ruled the seller will still have to face certain fraud allegations.
In a 42-page opinion, Chancellor Andre G. Bouchard rejected arguments from the selling group — consisting of Old A&R’s majority owner FdG Logistics LLC, which was deemed by the merger agreement the security holders’ representative, and several stakeholders, including founder James E. Bedeker — that the buyer was asserting fraud...
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