PE Firm Prevails In $4M Suit Over Fla. Energy Deal Exit

Law360, London (October 21, 2019, 8:14 PM BST) -- A London judge on Monday ruled that an investment vehicle ACON Equity Management LLC used to buy a Florida energy company has to pay $4 million in fees for the stake the private equity firm later sold in the company.

In her ruling, High Court Judge Sara Cockerill said she wasn’t persuaded by Apple Bidco Ltd.’s argument that the private equity firm had violated the terms of their agreement requiring audits to be filed on time, meaning that the investment vehicle wouldn't have to pay up. The judge noted that Bidco initially argued there were several reasons why the $4 million would...

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