Coho Energy Announces Settlement of Lawsuit Against Affiliates of Hicks, Muse, Tate & Furst.Business Editors DALLAS--(BUSINESS WIRE)--Aug. 5, 2002 Coho Energy, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CHOH CHOH Chesapeake and Ohio Canal National Historic Park (US National Park Service) ) announced today that the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. has approved the settlement agreement between Coho and five affiliates of Hicks, Muse, Tate & Furst ("Hicks Muse") related to litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matters between such parties. Under the settlement agreement, Hicks Muse agreed to pay Coho $8.5 million and to dismiss its claims against Coho's former officers under separate litigation. In exchange, Coho agreed to release Hicks Muse in full from any and all claims under its litigation against Hicks Muse and dismiss such litigation. The $8.5 million settlement payment was paid into the bankruptcy court registry in May 2002 because disputes are still pending associated with pending contingency claims by third parties. Additionally, pursuant to Coho's March 2000 plan of reorganization, Coho is required to distribute 20% of the proceeds of the settlement, after fees and expenses, to Coho Energy shareholders as of February 7, 2000. It is expected that Coho will receive proceeds, net of legal fees and the shareholder distribution, ranging from a low of approximately $2.8 million to a high of approximately $4.3 million depending on the outcome of these pending contingency claims. Coho's net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the settlement are an asset in its bankruptcy proceeding. Such proceeds will be a portion of Coho's assets that will be used to pay creditors pursuant to bankruptcy court approval. |
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