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Liquid says it's back on track: 'Not true,' says musicmaker.com
By Jon Newton, p2pnet.net
(more articles from this author)
2002-08-06
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Music Industry News - as it happens
Source: Mi2N - August 5, 2002

Liquid Audio claims musicmaker.com dropped its motion requesting that the Delaware Chancery Court enjoin Liquid Audio from consummating the proposed merger with Alliance Entertainment Corp. and the related self-tender offer.

On the eve of the August 1 hearing on musicmaker.com's motion, and in the face of Liquid Audio's letter to the court arguing that the motion was without merit, musicmaker.com - now MM Companies - withdrew its motion, states Liquid, adding, "Accordingly, Liquid Audio stockholders will be permitted to consider and vote on the proposed merger with Alliance Entertainment at the September 26, 2002 annual meeting."

However, "Nothing is further from the truth," states James Mitarotonda, MM President and CEO.

"MM Companies still strongly opposes the proposed merger with Alliance Entertainment. Although we decided to withdraw our motions for expedited proceedings and a preliminary injunction, MM Companies intends to continue the litigation and amend its complaint to allege claims for, among other things, breach of fiduciary duty against the individual members of Liquid Audio's Board of Directors relating to their conduct in connection with the proposed merger.

"In our opinion, the termination fee and tender offer provisions contained in the merger documents are outrageous."

MM says it intends to, "go forward with its efforts to elect its nominees to the Liquid Audio Board at the September 26, 2002 Annual Meeting."

Related News from Mi2N:
» MM Companies, Inc. Continues Lawsuit Against Liquid Audio, Inc.
» Musicmaker.com Drops Its Motion To Enjoin Alliance Entertainment Merger And Self-Tender Offer


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