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DealZone

Behind the deals and deal-makers

March 27th, 2008

Clear Channel - the fight begins

Posted by: Megan Davies
Tags: DealZone

joe1.gif

Six Wall Street banks are being sued by Clear Channel and the private equity firms trying to buy it, and this is the guy they’re up against.

“I grew up loved. And I grew up fighting,” proclaims lawyer Joe Jamail, who represents the buyers, on his website. “I have never been able to stand by and let someone abuse another person. I have to go in and help. And win.”

This picture, taken from his website, we’re assuming is more than 20 years old as the Pennzoil case Jamail famously won was in 1985.

Clear Channel scored a first-round victory this morning by getting a temporary restraining order from judge John D. Gabriel preventing the banks reneging on their commitments — in other words, maintaining the status quo. (Read the document here)

That follows the lawsuits filed last night in Texas (full document here) and one in New York (full document).

Meanwhile, tracking down the documents the lawsuits cite isn’t an easy task. The commitment letter is on the SEC web site, but only if you know just where to look. Save yourself some work by clicking here instead.

2 comments so far

[…] * The Clear Channel lawsuit basically revolves around the original financing commitment letter, and the banks’ attempt to ammend it. Here’s the actual letter, if you’d like to read it (hat tip: my soon-to-be colleague Megan Davies). […]

- Posted by Private Equity HUB - peHUB First Read

The commitment letter - with exhibits - is on the Covenant Review site here:

http://www.covenantreview.com/Resources/ Resources.aspx

- Posted by Anonymous

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