Coho Energy Files Suit Against Hicks Muse Affiliates.DALLAS--(BUSINESS WIRE)--May 27, 1999-- Coho Energy Inc. (Nasdaq:COHO) today announced that it has filed suit against five affiliates of Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. , Muse, Tate & Furst seeking damages of more than five hundred million dollars ($500,000,000). The suit, which was filed on Coho's behalf in state court by the noted Dallas trial firm of Thomas & Culp, L.L.P., alleges that HM4, a limited partnership formed by Hicks Muse on behalf of the Hicks, Muse, Tate & Furst Equity Fund IV, reneged on a contract to inject in·ject v. 1. To introduce a substance, such as a drug or vaccine, into a body part. 2. To treat by means of injection. $250,000,000 of equity capital into the Company. The deal would have given HM4 control of Coho through the purchase of 41,666,666 shares of newly issued common stock at $6.00 per share. The suit alleges that HM4 waited until after Coho's public stockholders had approved the agreement, then reneged on the deal at the last minute in order to renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. the price down to $4.00 per share in order to increase the number of shares that HM4 would have received for the $250,000,000. Then according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the allegations, HM4 walked away from the new agreement. The Company has opened a Web page at www.coholawsuit.com in order to keep the public and its stockholders informed of progress in the case. The petition filed in court will be available in full text at the Web site at approximately 2:00 p.m., CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT , today. |
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