Tecnol v. Anago
This article was originally published in The Gray Sheet
Executive Summary
Federal District Court in Dallas rules that Tecnol is "not entitled to possess, directly or indirectly," rights to approximately 31% of Anago stock that Tecnol attempted to purchase in January 1992. In June, Tecnol sought court confirmation of its ownership of the stock ("The Gray Sheet" June 15, p. 23). Without the 533,000 disputed shares, Tecnol's stake in Anago is reduced to approximately 24%. Anago also is challenging Tecnol ownership of a "large" portion of the remaining stock, according to the company. In addition, Anago is seeking roughly $70 mil. in civil damages from Tecnol, alleging "tortious interference," breach of contract and civil conspiracy on the part of Tecnol. Remaining arguments in the dispute will be heard by the district court at a trial slated for September.