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November 26, 2009

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Brief: Suit over failed merger to be heard in Nevada

Tuesday, Dec. 1, 1998 | 11:53 a.m.

A federal judge in Las Vegas on Monday granted a Station motion to transfer its lawsuit against Crescent to Clark County state court, rejecting a Crescent motion that the case be tried by a federal court in Texas.

Station wants Crescent to buy $115 million in Station preferred shares as stipulated in the companies' merger agreement. In a separate Texas lawsuit, Crescent is suing Station for a $54 million merger breakup fee.

No trial date has been set in either case. Station is also asking a federal court in Texas to move that case to Clark County District Court.

Though the merits of neither case have been heard, Station clearly feels it stands a better chance of winning a lawsuit argued on its home turf.

"We are gratified that the Nevada federal court validated our selection of the Nevada state court forum, and we look forward to moving ahead expeditiously to trial," said Glenn Christenson, Station executive vice president and chief financial and administrative officer.

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