Liquid says it's back on track: 'Not true,' says musicmaker.com
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
"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."
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