M.C. Carrington Obtains Unanimous Verdict in Four Month Trial
January 6, 2016 12:24 PM
IADC member M.C. Carrington, a shareholder at Mehaffy Weber, recently concluded a 4 ½ month trial in which he led a team that obtained a unanimous verdict in favor of a private equity firm involved in a leveraged buyout. The jury deliberated eight days before finding that the Defendant, another private equity firm acting as a lender, failed to act in good faith and that its actions in an attempt to take control of the company made the subject of the leveraged buyout were invalid, violated Texas corporate law and did not comply with Texas corporate governance. As a result, the attempted corporate takeover by the Defendant private equity firm was invalid and Carrington’s client still is the legal owner of the company. In addition, the jury unanimously found in favor of Carrington’s client on each of the counterclaims filed by the Defendant which sought damages in excess of $157,000,000 dollars. The case was tried in the 60th District Court of Jefferson County, Beaumont, Texas.