A group of Merisel shareholders is suing Stonington Partners, the company set to plough $152 million into the distributor, for interfering with their alternative recovery plan.
The group, the Merisel Ad Hoc Noteholders? Committee, was set to gain a large interest in Merisel as a result of its plan to help the company out of debt. Stonington?s investment of $152 million, which would give it a 70 per cent stake in Merisel but leave the Committee's influence unchanged, is interfering with these plans, the lawsuit alleges. Stonington said it will defend the suit, sources said.
The decision on Stonington?s investment will be made by Merisel shareholders in four weeks? time.
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